Slovenian insurance group Sava Re is successfully implementing a derisking strategy, both on the underwriting and investment sides, leading to an improvement in our view of the insurer's risk position. We assume that Sava Re will benefit from healthier credit and macroeconomic conditions in Slovenia and improving scale and efficiency of its operations. We are therefore revising our outlook on Sava Re's core operating entity Pozavarovalnica Sava to positive from stable and affirming our 'A-' ratings. The positive outlook indicates that we could raise the ratings on Pozavarovalnica Sava over the next 12-24 months if Sava Re continues to build a track record of stable capital and earnings, growing its business profitably, further improving its operating efficiency, and maintaining capital
