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S&P gives Zavarovalnica Sava A- credit rating

Ljubljana, 10 November (STA) - The rating agency Standard & Poor's has issued the Slovenian insurance company Zavarovalnica Sava a financial and credit strength rating of A-, with the medium-term outlook assessed as positive.

The same rating was given in July to reinsurance group Sava Re, which owns Maribor-based Zavarovalnica Sava.

The rating agency treats Zavarovalnica Sava as the key subsidiary of Sava Re which contributes the largest share of premiums and profit in the entire group, the insurer said in a press release on Friday.

Zavarovalnica Sava became operational in November last year with the merger of Slovenian insurers Zavarovalnica Maribor and Tilia and Croatia's Velebit osiguranje and Velebit životno osiguranje.

With a 17% market share in Slovenia, it is now the second-biggest insurer in the country after Zavarovalnica Triglav.

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