Sava Re's business risk profile is "satisfactory," supported by the group's sound position in Slovenia, where it has a 17% market share. The group's business risk profile has been strengthened by the full acquisition of insurance company Zavarovalnica Maribor (Maribor), but remains pressured by moderate industry and country risk in Slovenia. Sava Re's financial risk profile is "moderately strong," supported by strong capital and earnings but a somewhat constrained risk position due to concentrations in Slovenian assets. We regard Pozavarovalnica Sava d.d., the reinsurance and operating holding company of the wider Sava Re group, as a core entity of Sava Re. We consider Pozavarovalnica Sava d.d. to be a government-related entity (GRE) with an "important" role for the Slovenian economy
