OREANDA-NEWS. National Rating Agency has withdrawn its reliability rating on ASK-Petersburg Insurance Company (ASK-SPB) after lowering it to ‘CC+’.

The rating downgrade and withdrawal followed the suspension of the powers of the company’s executive bodies and initiation of external administration, as well as ASK-SPB’s failure to provide requested information. In our opinion, the chance of returning the revoked license is very low.

ASK-SPB was assigned an individual reliability rating of ‘BBB+’ (adequate-Level 1 reliability) in July 2014. In February 2015, the rating was lowered to ‘BB’ and placed on the Watchlist with indefinite implications.

In 2014, ASK-SPB wrote RUB1 billion in premiumand paid out RUB0.4 billion in claims, according to the company’s statistical report.