Pozavarovalnica Sava d.d. (Sava Re) has a strong competitive position, mainly because it is the second largest primary insurer in Slovenia, complemented by the group's international reinsurance business. Moderate industry and country risk, mainly due to elevated risk in Slovenia's financial system. Very strong capital and earnings. In Standard&Poor's Ratings Services' base-case scenario, the company will maintain extremely strong capital adequacy after expected dividend payments and share buybacks. However, the company has a moderate risk position, reflecting the concentration of investments in domestic assets (about 40% of its investment portfolio), and complexity of risk written through its reinsurance business. Adequate financial flexibility, due to the group's earnings-generation capacity and low leverage. We consider Sava Re to be a
