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Russian Federation

AM Best downgrades ratings of Russian re/insurers

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Ingosstrakh, GIC Perestrakhovanie and Russian Re hit by downgrades 

AM Best has downgraded the financial strength ratings of Russian insurers Ingosstrakh and GIC Perestrakhovanie and reinsurer Russian Reinsurance Co JSC.

The rating agency also maintained their status of under review with negative implications.

AM Best attributed the cuts to the deterioration of the companies’ balance sheet strength in the face of heightened geopolitical, economic and financial system risk in Russia.

Ingosstrakh’s financial strength rating has been lowered to B (fair) from B++ (good), while Russian Re’s rating has been cut to B- (fair) from B (fair). GIC Perestrakhovanie’s financial strength rating has been lowered a notch to B+ (good) from B++ (good). 

The ratings of GIC Perestrakhovanie also factor in the financial support it receives from its parent, General Insurance Corp of India.

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