A North Korean reinsurance firm is weighing whether to enter the Russian market following the exodus of Western companies over the war in Ukraine, with a group of potential partners calling the move “promising.”

The DPRK reinsurer Future Re Company approached the All-Russia Insurance Association with a presentation outlining plans to expand its business and enter the Russian market in late July, according to the association, shortly before Moscow and Pyongyang ramped up talks on military cooperation.

The umbrella association of several Russian insurance companies told NK Newslast week that Future Re Company primarily seeks to provide “reinsurance