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MOSCOWMoody's Investors Service Co., the New York-based ratings agency, has withdrawn its ratings of Moscow-based Ingosstrakh Insurance Co. it said in a statement.
It has withdrawn its Ba1 insurance financial strength rating of Ingosstrakh Insurance Co. with a positive outlook and its Aa1.ru national scale rating for business reasons, the company said. A spokesman for Moody's was unable to elaborate further on the reasons for the rating action.
The insurance company had shareholders' equity of $382 million under international financial reporting standards as of Dec.31 2006. It reported gross premiums written of 37.956 billion Russian rubles ($1.472 billion) and a net income of 2.322 billion Russian rubles ($901 million) for the full year of 2006.