S&P rates Ingosstrakh

Standard & Poor's said it assigned its BB long-term counterparty credit and insurer financial strength ratings to Russian insurer Ingosstrakh Insurance Co. The outlook is stable. At the same time, S&P assigned its ruAA Russia national scale rating to the insurer.

"The ratings on Ingosstrakh reflect the high level of industry risk associated with the company's concentration in and exposure to the underdeveloped and rapidly growing Russian insurance market, and the significant investment risk due to the relative immaturity of the Russian financial markets," said S&P credit analyst Ashley Gill. "These factors are partially mitigated by Ingosstrakh's strong competitive position, particularly in commercial risks, good operating performance, and satisfactory capitalization."

Ingosstrakh is part of a composite insurance group that operates primarily in the Russian Federation (foreign currency BB+/stable/B, local currency BBB-/stable/A-3), although its activities in the Commonwealth of Independent States and Europe are increasing. Shareholdings are widespread, with the majority of shares held by two individuals and Russia-based investment group Basic Element (not rated).

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