OREANDA-NEWS. Fitch Ratings has affirmed ACE Insurance Company CJSC (Russia)'s (ACE Russia) Insurer Financial Strength (IFS) rating at 'BBB-' with Negative Outlook and simultaneously withdrawn it. Fitch has also affirmed ACE Russia's National IFS rating at 'AAA(rus)' with Stable Outlook.

KEY RATING DRIVERS
Fitch has chosen to withdraw ACE Russia's IFS rating for commercial reasons. However, Fitch will continue to provide analytical coverage and maintain the insurer's National IFS rating.

ACE Russia is part of ACE Group, a global insurer and reinsurer. The ultimate parent of the group is ACE Limited, domiciled in Switzerland (Long-Term IDR AA-/Stable). Fitch views ACE Russia as "Important" to ACE under its group rating methodology. This is explained by the small size of the insurer relative to ACE Group and support from the parent being 'informal' rather than provided though a formal support agreement.

ACE Russia's ratings reflect Fitch's expectation that ACE Group would be willing and able to provide capital support to ACE Russia if needed. To date, ACE Russia has received capital support from the group as and when required. It also benefits from group support and close monitoring in all key areas, including underwriting, reinsurance, claims, actuarial, investment and IT.

RATING SENSITIVITIES
The National IFS rating could be downgraded if, in Fitch's view, the importance of ACE Russia to ACE Group reduces.