In our view, Pozavarovalnica Sava's (Sava Re's) acquisition of Maribor enhances its strong competitive position, and Sava Re's capital and earnings are strong and likely to improve. We still see moderate risk for Sava Re, although its investments in Slovenian banks have reduced, and note its potential exposure to large claims from the regional and international reinsurance books and catastrophe risk. We are affirming our 'BBB+' long-term ratings on Sava Re. The stable outlook reflects our view that Sava Re will maintain what we regard as a satisfactory business risk profile and its now moderately strong financial risk profile. MOSCOW (Standard&Poor's) July 21, 2014--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' long-term insurer
