AM Best withdraws credit ratings of two Russian insurers

AM Best has downgraded and withdrawn the credit ratings of two Russian insurance companies, and placed a third under review with negative implications.

Ingrosstrakh has had its long-term issuer credit rating downgraded from BB+ to BB, with its financial strength rating affirmed as B.

GIC Perestrakhovanie’s long-term issuer credit rating has been downgraded to BB+ from BBB- and its financial strength rating to B from B+ and its.

Russian Re’s long-term issuer credit rating of BB- and its financial strength rating of B- have been put under review with negative implications.

“Concurrently, AM Best has withdrawn these ratings for commercial reasons that include, but are not limited to, the sanctions recently imposed by the European Union that will ban the provision of ratings to legal persons, entities or bodies established in Russia,” AM Best said.

These ratings downgrades and withdrawals reflect what AM Best said would be the “significant fallout” from Russia’s invasion of Ukraine.