September 30 (SeeNews) - US-based credit rating agency AM Best has affirmed the financial strength rating of Slovenian reinsurer Sava Re [LJE:POSR] of 'A' (Excellent) and the long-term issuer credit rating of 'a', both with stable outlook, Sava Re said.
"The balance sheet has been assessed as very strong, the operating performance as strong, the impact of the business profile on the ratings as neutral and the enterprise risk management as developed and appropriate to risk profile and operational scope," the reinsurer said in a statement on Thursday.
AM Best assesses the balance sheet of Sava Re as very strong, based on the strongest level of risk-adjusted capitalisation, the liquid investment portfolio, prudent reserving and good internal capital generation with low reliance on reinsurance, sound financial flexibility and access to equity and debt markets, the reinsurer said.
The agency finds that Sava Re has a track record of generating strong and stable operating results driven by sound non-life and life underwriting performance and supplemented by healthy investment income, despite ever more challenging market conditions, Sava Re noted.
Sava Re is the parent company of the Sava Insurance Group, which has operations in Croatia, Kosovo, North Macedonia, Montenegro and Serbia, as well as in Slovenia.