RUSSIA: A.M. Best Affirms Ratings of Insurance Company of Gaz Industry SOGAZ
The rating affirmations reflect SOGAZ's solid consolidated risk-adjusted capitalisation, strong operating performance and robust competitive position in its local market.
The negative outlooks for SOGAZ's ratings reflect the material exposure of its underwriting and investment portfolios to weak macroeconomic conditions in Russia. SOGAZ maintains a relatively high investment risk profile, due to the low credit quality of its fixed-income portfolio (by international standards) and the heightened financial system risk in the country. Read the full story