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.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Bermuda insurers increase cat resilience

Marriott sued for $12.5bn in data breach case

California Woolsey fire insured losses exceed $2.5bn: AIR

US insurers retain coal support

New digital Allianz Europe unit to serve as beacon, says CEO

Gallagher expands in Indonesia, Singapore with IBS stakes

ArgoGlobal appoints international chief actuary from Aspen

Don't miss our insurtech email newsletter - sign up today