S&P Ratings on Moscow Re Unchanged By New Ownership

February 22, 2007

Standard & Poor’s Ratings Services announced that its ratings and outlook on Russian reinsurer Moscow Reinsurance Co. (Moscow Re), rated “B+” with a stable outlook, are unchanged following Russia-based Insurance Group’s acquisition of 100 percent of Moscow Re shares.

S&P said it “expects that the new shareholders will not take actions that will adversely affect the financial strength of the company, in particular with regard to the quality of Moscow Re’s investments and capitalization, which are key rating factors for the company. The ownership may have a potential positive impact depending on the strategic role of Moscow Re in the group and support from the new shareholders.”

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