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AM Best upgrades Dunav-Re’s issuer credit rating to bbb+
AM Best also revised the Long-Term ICR outlook to stable from positive and affirmed Dunav-Re’s Financial Strength Rating at B++.
AM Best upgraded Dunav-Re a.d.o.’s Long-Term Issuer Credit Rating to bbb+ from bbb and affirmed its Financial Strength Rating at B++.
The ratings agency revised the Long-Term ICR outlook to stable from positive, and kept the FSR outlook stable, citing Dunav-Re’s strong balance sheet strength and operating performance.
AM Best said the upgrade reflects a rating lift applied to Dunav-Re from its parent, Dunav osiguranje a.d.o., which it described as strategically important within the group. At year-end 2025, Dunav-Re contributed one-fifth of the group’s consolidated gross written premium.
AM Best attributed the strength to metrics including risk-adjusted capitalisation at the strongest level on its Best’s Capital Adequacy Ratio (BCAR) basis, supported by internal capital generation and financial flexibility as a subsidiary. It also noted partial offsets, including high exposure to Serbia’s financial system and a small capital base, while pointing to mitigation through a stable retrocession panel of excellent credit quality.