S&P: Sava Re unchanged

Standard & Poor's said its ratings and outlook on Pozavarovalnica Sava, d.d. (Sava Re, BBB+/stable) are unaffected by the Jan. 5 announcement that Sava Re has acquired 53.65% of the, Tabak Osiguranje A.D.

This follows Sava Re's earlier announcements of insurance acquisitions of 98.2% of Polis Osiguranje d.d. in Serbia and 51% of Kompania e Sigurimeve Dukagjini in Kosovo, S&P said, adding that 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, the agency added.

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