Fitch: Rossiya on evolving watch

Fitch Ratings said it placed Rossiya Insurance Co.'s insurer financial strength rating of B- and national insurer financial strength rating of BB-(rus) on rating watch evolving.

The action follows the acquisition of Rossiya by investment advisory group EastOne, beneficially owned by one individual, whom now has full control, Fitch said.

The agency said it is in the process of evaluating the strategy and commitment of the new shareholder to support the development of Rossiya. The evolving watch will be resolved once the agency has assessed the impact of the changes in ownership on the insurer's financial strength, Fitch said.

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