Sources about three-quarters of its premiums from the local market. Dominant competitive position in the Turkish reinsurance market, with some international presence. Low dependence on brokers. Operating performance continues to be affected by the run-off motor third-party liability (MTPL) line of business. Capital adequacy will likely remain around the 'AA' level, as per our risk-based capital model. Modeling of earthquake risk causes volatility of results, even in years that were not affected by catastrophes. Marginal quality of investments due to deposits with local financial institutions and investments in government bonds. Moderate strategic importance to its parent Türkiye Is Bankasi AS (Isbank; BB/Negative/B). The ratings on Milli Re do not benefit from any support from the parent. Milli Re owns a
