Strong competitive position backed by its market position in Slovenia, reinforced by stable international reinsurance business. Extremely strong capital adequacy levels. Conservative investment portfolio and limited underwriting risk. Limited geographic diversification outside Slovenia of premiums and earnings of its primary insurance business. S&P Global Ratings' issuer credit and financial strength ratings on Pozavarovalnica Sava d.d. (Sava Re) and our financial strength rating on its core subsidiary Zavarovalnica Sava d.d. (formerly Zavarovalnica Maribor d.d.) reflect the group's strong market position in Slovenia, good and stable operating performance, and 'AAA' risk-based capital adequacy according to our capital model, which is also reaffirmed by a Solvency II ratio of 220% at the end of 2017. In our view, Sava Re's market position as
