Fitch Ratings have placed Ceska Pojistovna (CP) on 'A-' IFS rating and 'BBB' long-term rating, on Rating Watch Negative.
The rating action reflects the possible impact on CP of the recent floods in Europe.
Fitch said that despite placing its reinsurance with highly rated insurers, it was concerned about the speed of payment and collect ability of reinsurance recoveries.
Due to the floods' positive impact on CP's net assets, Fitch has placed the ratings of Watch Negative. Fitch also raised concerns over the maintenance of investment values, their announcement said.
Fitch also expects that the net impact will be reduced by catastrophe reinsurance protections, with the Rating Watch to be resolved in the closing months of 2002.
