A diversified insurance portfolio, well balanced between primary and reinsurance premium income. Strong capitalization. Moderately high likelihood of support from the Slovenian government. Modest operating 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. 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 good competitive stemming from a diversified portfolio, well balanced between primary and reinsurance premium income, and strong capitalization. These strengths are offset, however, by Sava Re's modest underwriting performance and its lack of a strong position in at least one sizable and stable insurance market.
