On June 21, 2013, Pozavarovalnica Sava announced that it had successfully completed a €55 million rights issue as part of the planned acquisition of the remaining 51% share in insurer Zavarovalnica Maribor (Maribor). In our view, the successful execution of this capital increase and the purchase of Maribor's remaining shares indicate that the Sava Re group has strengthened its competitive position to strong and capital and earnings to moderately strong levels. We are accordingly removing our 'BBB+' ratings on Pozavarovalnica Sava from CreditWatch negative and affirming them under our revised insurance criteria. The stable outlook reflects our view that the Sava Re group will maintain its strong competitive position and capital and earnings, enhanced by more robust earnings generation. On
