Dominant competitive position in the Turkish reinsurance market. Low dependence on brokers. Faces moderate industry and country risk owing to its exposure to the Turkish insurance sector. International business adds some diversification. Marginal operating performance due to pricing inadequacy in the market and weak performance from the run-off of the Motor Third Party Liability (MTPL) business line. Capital adequacy will likely remain at least slightly below the 'AA' (very strong) level. High risk position caused by modeling earthquake risk and volatility of results, even in years that were not affected by catastrophes. Marginal quality of investments, compared globally. Moderately strategic to its parent Isbank. Ratings do not benefit from any support from the parent. Owns a majority share in Anadolu
