Moody's may upgrade Ingosstrakh

Moody's Investors Service said it has placed the Ba2 insurance financial strength rating of Russia-based Ingosstrakh Insurance Co. on review for possible upgrade.

Moody's said Ingosstrakh has continued to improve the quality of its invested assets in 2006 by further reducing its exposure to Soyuz Bank. Moody's noted the company's strong operating earnings in 2005 and the first half of 2006, despite a challenging operating environment in several key lines of business, as well as Ingosstrakh's sustained capitalization notwithstanding rapid premium growth.

The review will focus on establishing the degree to which the company can maintain a balanced asset profile, underwriting profitability and sound capitalization over the medium term at a level consistent with a higher insurance financial strength rating. Any upgrade will likely be limited to one notch, Moody's said.

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