The binding agreements will give Sava Re deeper access to risks originating from Africa, the Middle East and developing markets, allowing ASR to further its mission of enabling sustainable economic development by fulfilling unmet insurance needs.
Under the agreements, Sava Re provides capacity for the binding authority, with each agreement providing up to $10m in line size across all core ASR classes.
The binding agreements went live for risks with effect from 20 March 2025.
Sava Re chairman Marko Jazbec said, “This agreement with ASR will enable us to increase our footprint in Africa, the Middle East and developing markets. ASR has a strong distribution network across these regions, and we can add geographic diversification to our portfolio, while knowing that we’re partnering with a diligent and leading underwriting focussed firm.”
Sava Re is the operating holding company of the Sava Insurance Group, one of the largest reinsurance companies domiciled in southeastern Europe, servicing more than 450 partners in over 100 reinsurance markets worldwide. It maintains long-term financial strength ratings of ‘A’, with a positive outlook by S&P Global Ratings and stable outlook by AM Best.
ASR CEO Mikir Shah said, “Sava Re is one of the strongest reinsurers in CEE with excellent risk and capital management, demonstrated by their financial strength ratings. Entering into this partnership gives us further access to leading capacity, which we can deploy to developing markets.
“Throughout Africa, the Middle East and growth economies, there’s a huge demand for specialty insurance solutions.”