November 13 (SeeNews) - Standard & Poor's has assigned 'A-' (excellent) issuer credit and financial strength ratings, with a positive outlook, to Slovenian insurer Zavarovalnica Sava, the holding company of the Sava Re Group said.
The ratings agency regards Zavarovalnica Sava as a core subsidiary of Sava Re and the largest contributor to the group's premiums and profits, Zavarovalnica Sava said in a filing to the Ljubljana Stock Exchange late on Friday.
Zavarovalnica Sava has a strong position in the Slovenian insurance market, where it is the second largest player with a 17 % market share.
"The positive outlook reflects the outlook on Sava Re's core operating entities with a potential that the ratings improve over the next two years provided the group maintains a stable capital position, ensures growth in premiums and earnings, cost efficiency and capital adequacy above the agency's 'AAA' threshold", the Slovenian company said, citing S&P.
Outside Slovenia, the Ljubljana-based group has subsidiaries in Kosovo, Macedonia, Serbia, Croatia, and Montenegro.