3 December 2018Insurance

Sava Re upgraded to ‘A’ by AM Best

AM Best has upgraded the financial strength rating of Sava Re to “A” (Excellent) and its issuer credit rating to “a”, both with a stable outlook.

The balance sheet has been assessed as very strong, its operating performance as strong, Sava Re noted.

AM Best noted that the upgrading reflects the group’s strong balance sheet and risk-adjusted capitalisation. Its strong financial position also reflects solid internal capital generation, low reliance on retrocession and good financial flexibility, with access to capital and debt markets, the agency added.

In addition, AM Best finds that the Sava Re Group achieved solid technical results, with an “excellent” five-year (2013–2017) average loss ratio of 60 percent. The agency expects the group’s operating performance to remain strong over the medium term, supported by disciplined underwriting and good risk selection.

Furthermore, AM Best noted that the group continues to cautiously develop its competitive position in the international reinsurance market. It also assesses as positive the group’s strong position in the Slovenian market and its solid profile in the Western Balkans.

AM Best estimates that Sava Re’s risk management framework is appropriate given the complexity of its operations, as its risk management capability is aligned with its risk profile and risk governance is appropriately embedded across the entire group.

Save Re believes that the improved rating will assist it in delivering on its strategy of selective and profitable growth in international reinsurance markets.

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More on this story

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23 October 2018   It has enjoyed solid growth and an upgrade this year, which it describes as an historic achievement. But Sava Re remains wary of market forces as it heads into Baden-Baden, says the firm’s Aleš Mirnik.
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10 September 2018   On the back of expansion through acquisitions, an upgrade, investments in technology and solid organic growth, Sava Re is heading into this year’s renewal season in a buoyant mood, says CEO Marko Jazbec.