LONDON--(BUSINESS WIRE)--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.
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