Dominant competitive position in the Turkish reinsurance market. Faces moderate industry and country risk owing to its exposure to the Turkish insurance sector. Benefits from its diversification outside Turkey. Owns a majority share in Anadolu Sigorta, the second-largest insurance company in Turkey by gross premium income. Marginal operating performance due to very competitive primary market. Capital adequacy will likely remain in excess of the 'BBB' (upper adequate) level. High risk position caused by risks associated with modeling earthquake risk and volatility of results, even in years that were not affected by catastrophes. Marginal quality of investments from a global perspective. Moderately strategic to its parent, Turkiye Is Bankasi AS (Isbank). We could lower the ratings on Milli Reasurans T.A.S. (Milli
