RUSSIA: A.M. Best Affirms Ratings of Insurance Company of Gaz Industry SOGAZ

A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). The outlook for each rating remains negative. SOGAZ is the ultimate operating parent of the SOGAZ Group, which provides a range of insurance and non-insurance related services.

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

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