Good competitive position overall and market leader in Slovenia. Conservative investment profile. Moderately high likelihood of support from the Slovenian government. Modest underwriting performance. High concentration in competitive Slovenian insurance market. The ratings on Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re) reflect Standard&Poor's Ratings Services' view of its good competitive position in the Western Balkans, and in particular its strong competitive position in Slovenia (AA/Stable/A-1+) and conservative investment profile. These strengths are offset, however, by Sava Re's modest underwriting performance and its high concentration in the competitive Slovenian insurance market. The 'A-' ratings are based on the Sava Re's stand-alone credit quality (SACP), which we assess at 'bbb+', plus one notch of uplift reflecting the "moderately high" likelihood
