Pozavarovalnica Sava dd : Early Partial Redemption of Subordinated Debt by Pozavarovalnica Sava
January 10, 2014 at 08:44 am EST
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Friday, 10/01/2014
Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and relevant legislation, Pozavarovalnica Sava, d.d., Ljubljana ("Sava Reinsurance Company") hereby announces the following:
Sava Reinsurance Company redeemed € 8.000.000 of its subordinated debt prior to its scheduled maturity date. In this regard, the Company realised capital gains in the fourth quarter of 2013. The Company thus reduced its debt and the related future financing costs. After this partial redemption of the subordinated debt, the total nominal value of the remaining subordinated debt of Sava Reinsurance Company amounts to € 24.000.000.
This early redemption of subordinated debt does not affect the capital adequacy of the Company (under current legislation), as the amount of subordinated debt included in the capital adequacy statement is limited to 25 % of the Company's required solvency margin, i.e. € 5,8m at 30 June 2013. Accordingly, capital adequacy remains at a high level.
This announcement will be available on the Company's website at www.sava-re.si, at least five years from the date of the announcement.
Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Companyâs activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Companyâs non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.
POZAVAROVALNICA SAVA, D.D. 
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