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FOR IMMEDIATE RELEASE
LONDON - JUNE 01, 2018 08:44 AM (EDT)
A.M. Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). These Credit Rating (rating) actions follow the company’s announcement on 25 May 2018 that it has entered into an agreement with the VTB Group, a Russian financial services group, to acquire its insurance subsidiary, VTB Insurance Limited.
The transaction is expected to close in the third quarter of 2018, subject to required approvals. The ratings will remain under review until the deal closes and A.M. Best completes its assessment of the impact of the acquisition on SOGAZ’s rating fundamentals.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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