Fitch Rates Russia's VSK Insurance
OREANDA-NEWS. Fitch Ratings has assigned Russia-based VSK Insurance Joint Stock Company's (VSK) Insurer Financial Strength (IFS) rating at 'BB-' and National IFS rating at 'A+ (rus)'. The Outlooks are Stable.
The ratings reflect VSK's strong operating profitability, supported by investment returns, and the adequate quality of its investment portfolio. The ratings also factor in the insurer's weak risk-adjusted capital position and its high exposure to a single line with a deteriorating loss ratio (motor third party liability insurance - MTPL), somewhat weak liquidity position and uncertain financial flexibility.