A diversified insurance portfolio, well balanced between primary and reinsurance premium income. Strong liquidity, enhanced by significant cash holdings. Good capitalization. Historically modest, albeit improving, technical performance. Small size in absolute terms in the global reinsurance market and lack of a strong position in at least one sizable and stable insurance market. Difficult economic and financial environment in Slovenia, Sava's domestic and major market. The ratings on Slovenia-based reinsurer Pozavarovalnica Sava, d.d., the parent and major operating company of the Sava Re Group (Sava Re), reflects Sava Re's diversified insurance portfolio, well balanced between primary and reinsurance premium income, strong liquidity, and very good levels of capital. These strengths are offset, however, by Sava Re's lack of a strong position
