S&P Says Sava Re Ratings Unaffected by Recent Acquisitions
Standard & Poor’s Ratings Services stated that “its ratings and outlook on Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re – BBB+/Stable/–) are unaffected by the Jan. 4 announcement that Sava Re has acquired 53.65 percent of the third-largest Macedonia-based insurer, Tabak Osiguranje A.D.
“This follows Sava Re’s earlier announcements of insurance acquisitions of 98.2 percent of Polis Osiguranje d.d. in Serbia and 51 percent of Kompania e Sigurimeve Dukagjini in Kosovo.”
S&P said it “believes that the acquisitions will potentially improve Sava Re’s competitive position by providing geographic diversification. There will, however, be some risks associated with the integration process of the new subsidiaries, although these are expected to be largely mitigated through the formation of dedicated subsidiary management teams at Sava Re.”
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- 2024 Wildfire Forecast Calls for ‘Below Average’ Season