On Aug. 31, 2005, Standard&Poor's Ratings Services assigned its 'BBB+' long-term counterparty credit and insurer financial strength ratings to Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re). The outlook is stable. Sava Re is Slovenia's leading reinsurer. At Dec. 31, 2004, Sava Re had a 55% share of the Slovenian reinsurance market, with total assets of Slovenian tolar (ST) 57.5 billion ($297 million) and gross premium income of ST21.3 billion. The ratings on Sava Re are driven by the company's strong capitalization, good and sustainable competitive position, and conservative investment profile. The ratings are offset, however, by the geographical limitation of the competitive position and a high level of exposure to insurance affiliates. Major rating factors: Strong capitalization. Capitalization
