Fitch has rating actions on seven Russian insurance companies

International rating agency Fitch Ratings has taken several actions against seven Russian insurance companies. This is stated in a press release agency. Thus, the agency downgraded the rating of Moscow Insurance Company (IIC), and revised its outlook to "negative" from "stable", placed the rating of IC "Russia" in the list to review with negative implications, confirmed the current ratings of UK AlfaStrakhovanie, SC "Hephaestus" and "Russian Insurance Centre (RIC) at the same time lowering projections for him to" negative "from" stable. " The agency affirmed the ratings of "ACE Insurance Company and Insurance Sogaz, leaving the forecast" stable ". The rating actions reflect deterioration in the terms of the Russian insurance market, which is awaiting the agency could lead to a significant reduction in fees, especially in the retail segment, despite the fact that the insurers and so compete for a small premium. The agency also expects lower profits in the insurance sector in 2009 due to the ongoing crisis. Fitch drew attention to the deteriorating quality and reduced liquidity Investment Portfolio Russian insurers because of the potential losses with increased probability of defaults on corporate bonds and the continuing volatility in the stock market. The largest shareholders of MSC are the Bank of Moscow and metropolitan government, and the downgrade was the result of an attempted Fitch downgrades both indicated owners. Most of the taxes falls on the car insurance segment, where competition is very high, which could lead to write-offs and investment losses. In the case of IC Russia "Fitch drew attention to the change management team in March. Lowering of the ratings outlook SC AlfaStrakhovanie due to a high proportion of income earned in the retail segment, particularly in motor insurance, which can affect the lower income. Previously, the agency downgraded the rating to one of the company's shareholders - Alfa-Bank. Reducing the ratings outlook SC Gefest caused by deterioration of the terms of insurance-related facilities to transport infrastructure. Although the insurance industry risk in the defense and aerospace industry may be less affected by the economic crisis than the insurance facilities in other industries, the forecast rating RIC has been reduced. The rating outlook SC "ACE" on stable because of the support to a foreign parent company. The affirmation and forecast SC Sogaz due to a stable position of the company in the market and the support of shareholders - the majority - of the bank "Russia" and a minority - OAO Gazprom. Portal Bank.ru Materials Rihanna.