Fitch ups Russian Insurance view to stable

Fitch Ratings said it revised the outlook on Russian Insurance Centre's ratings to stable from negative.

The agency also said it affirmed its insurer financial strength rating at B and national insurer financial strength rating at BBB-(rus).

The outlook revision reflects the sustainability of the company's operating performance during the recessionary period and its relative resilience to the challenges in its operating environment, supported by the stable volumes of business written in its niche of insurance of defense and space enterprises, Fitch said.

The ratings continue to take into account the low quality of the insurer's investment portfolio and its moderate capital strength, the agency said.

To some extent, these concerns are offset by the bank's solid underwriting expertise, prudent reinsurance program and strong position in its niche, Fitch said.

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