AM Best suspends Russian activities – Business Insurance

March 29, 2022 By admin

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Ratings agency A.M. Best Co. Inc. said Tuesday it has suspended all commercial activities to clients in Russia and withdrawn all credit ratings on Russia-based insurers and reinsurers, subject to European Union sanctions.
The provision and redistribution of all information products and services to clients in Russia have also been terminated, effective immediately, Oldwick, New Jersey-based Best said.
The steps come in advance of the EU’s April 15 deadline to comply with its sanctions, Best said.
Best withdrew the ratings of Russian insurers Ingosstrakh Insurance Co. PJSC and GIC Perestrakhovanie LLC and reinsurer Russian Reinsurance Co. JSC on March 25. It had already withdrawn the ratings of Insurance Company of Gaz Industry Sogaz on March 3.
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