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Nov 03, 2017 10:50 EEST
November 3 (SeeNews) - Ratings agency A.M. Best has affirmed the financial strength rating of Slovenian reinsurer Sava Re [LJE:POSR] at A- (Excellent) and the issuer credit rating at a- (Excellent), both with a stable outlook, the holding company of the Sava Re Group said.
The affirmed ratings reflect Sava Re's very strong balance sheet and risk-based capitalisation, which point to excellent internal capital generation in the group, a diversified and conservative investment portfolio, prudent reserving and access to capital markets, the reinsurer said in a filing to the Ljubljana bourse late on Thursday, citing the A.M. report.
A.M. is expecting Sava Re to generate a modest premium growth in 2017, in view of the challenging macroeconomic conditions in Slovenia and very competitive international reinsurance market.
"A.M. Best estimates that Sava Re's risk management was appropriate as its risk management capability was aligned with its risk profile, consisting mainly of short-tail business, and was supported by conservative reserving."
Outside Slovenia, the Ljubljana-based group has subsidiaries in Kosovo, Macedonia, Serbia, Croatia, and Montenegro.
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