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28 March 2022News

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AM Best has downgraded and withdrawn the credit ratings of two Russian insurance companies, and placed a third under review with negative implications.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“Concurrently, AM Best has withdrawn these ratings for commercial reasons that include, but are not limited to, the sanctions recently imposed by the European Union that will ban the provision of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.




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More on this story

News
16 March 2022   The rating agency’s report states that managers are being forced to re-underwrite and de-risk.
ILS
14 March 2022   The agency gives a stable outlook for Bermuda’s largest multi-line reinsurer.
article
1 April 2022   The entity is being added as a member of the Wilton Re Group.