International rating agency Fitch Ratings has confirmed the financial stability ratings of GEFEST insurance company at B+ by the international scale and at A by the national scale, with positive outlook.
Fitch continues to regard GEFEST’s experience at underwriting and loss adjustment as one of competitive advantages, which allowed the company to take the leading position in Russian CAR/EAR insurance market.
Fitch views GEFEST’s reinsurance protection efficiently covering company’s actions in insuring CAR/EAR risks. The agency believes that the quality and capacity of GEFEST’s general reinsurance program are among those key advantages that allow GEFEST to successfully compete in CAR/EAR insurance with Russia’s largest non-specialized insurers. The reinsurance protection has de facto proven its efficiency.
According to Fitch experts, GEFEST’s capital adequacy grew after raising the company’s charter capital in 1Q 2011, to a level more than sufficient for ratings required for an insurance company.
GEFEST insurance company was established in 1993. Company’s main lines of business include insurance of unique and high-technology engineering and property risks in different industries as well as compulsory liability insurance for owners of hazardous facilities and reinsurance.
