AM Best suspends activity in Russia
Rating agency acts in advance of EU sanction deadline because of invasion
AM Best has become the latest company to cease operations in Russia as a direct result of the Russian invasion of Ukraine.
The rating agency has suspended all commercial activities to clients in Russia and has withdrawn all credit ratings on Russia-based re/insurance companies, subject to sanctions imposed by the European Union and in advance of the bloc's April 15, 2022 deadline.
In addition, AM Best has terminated the provision and redistribution of all information products and services to clients in Russia with immediate effect.
Earlier this month AM Best downgraded the ratings of Russian insurers Ingosstrakh Insurance and GIC Perestrakhovanie for the second time in three weeks because of the invasion of the Ukraine.
The EU, the US and the UK, as well as other nations and organisations, have announced a wide range of sanctions against Russia because of its invasion, which has now entered its second month amid signs the Russian advance has slowed as a result of logistical difficulties and fierce Ukrainian resistance.
A number of re/insurers, rating agencies and brokers have also suspended their activities in Russia since the invasion started, including S&P Global, Munich Re, Allianz, Swiss Re and WTW.