LONDON (Standard&Poor's) Jan. 5, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re; BBB+/Stable/--) are unaffected by the Jan. 5 announcement that Sava Re has acquired 53.65% of the third-largest Macedonia-based insurer, Tabak Osiguranje A.D. This follows Sava Re's earlier announcements of insurance acquisitions of 98.2% of Polis Osiguranje d.d. in Serbia and 51% of Kompania e Sigurimeve Dukagjini in Kosovo. Standard&Poor's believes that the acquisitions will potentially improve Sava Re's competitive position by providing geographic diversification. There will, however, be some risks associated with the integration process of the new subsidiaries, although these are expected to be largely mitigated through the formation of dedicated
