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Fitch: Russian insurers face challenges
Fitch Ratings said it has taken various rating actions on seven Russian insurance companies.
The actions reflect deteriorating trading conditions within the Russian insurance market, which Fitch said it expects will result in a significant reduction in premium volumes and pressure on premium rates, particularly in the retail segment, as Russian insurers compete for a smaller volume of premiums.
Moscow Insurance Co.'s international insurer financial strength rating was downgraded to BB- from BB, national insurer financial strength rating downgraded to A+ (rus) from AA-(rus). Its outlook was revised to negative from stable.
Rossiya Insurance Co.'s international insurer financial strength rating of B+ was placed on Rating Watch negative, along with its national insurer financial strength rating of A-(rus).
AlfaStrakhovanie plc's international insurer financial strength was affirmed at BB- and national insurer financial strength rating affirmed at A+(rus). Its outlook was revised to negative from stable.
JSIC Gefest's international insurer financial strength rating was affirmed at BB- and national insurer financial strength was affirmed at A+(rus). Its outlook was revised to negative from stable.
Russian Insurance Centre's international insurer financial strength rating was affirmed at B and its national insurer financial strength rating was affirmed at BBB-(rus). Its outlook was revised to negative from stable.
ACE Insurance Co. CJSC's international insurer financial strength was affirmed at BBB- and national insurer financial strength was affirmed at AA+(rus). Its outlook is stable.
Sogaz Insurance Co.'s international insurer financial strength was affirmed at BB and its national insurer financial strength rating was affirmed at AA-(rus). Its outlook is stable.
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