January 11, 2009 |
|Fitch Ratings, London-07 January 2009: Fitch Ratings has today affirmed Russia-based Rossiya Insurance Company’s (Rossiya) Insurer Financial Strength (IFS) Rating of ‘B+’ and National IFS Rating of ‘A-(rus)’ (A minus). At the same time, the agency has removed the ratings from Rating Watch Negative (RWN). The Outlook on both ratings is Stable.|
The resolution of the RWN follows the successful completion of a RUB1bn share issue that had been temporarily suspended by Russia’s Federal Financial Markets Service (FFMS) in December. Fitch believes that Rossiya’s capital adequacy is now closer to that expected for the current rating level. However, the agency notes that a rapid pace of premium growth in 2009 has the potential to outstrip the company’s ability to maintain capital at a level commensurate with its current rating.
Rossiya’s underwriting performance remains very good and the combined ratio was 80.9% for 9M08. Fitch believes that the company’s strong earnings generation offsets, to some extent, its relatively modest current capital position. The agency will monitor Rossiya’s capital adequacy in line with the expansion of the company’s underwriting exposure.
Società: Rossiya Insurance Company
|Nome completo della società||Rossiya Insurance Company|