Sava: Solvency II sub-debt



Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

14 Oct 2019



PSD disclosed:

05 Nov 2019

Translated version of this PSD: Slovenian

Project Description

Investment in the inaugural debt capital market issuance of Pozavarovalnica Sava, d.d. ("Sava") in the form of EUR-denominated, Solvency II compliant, Tier II eligible subordinated bonds ("bonds") with a 20-year non-call 10 ("20NC10") maturity profile. The bonds are rated BBB+ by S&P and will be listed on the Luxembourg Stock Exchange.

Project Objectives

The operation will enable Sava to boost its capital base.

Transition Impact

The main sources of transition impact will stem from supporting capital market development by demonstrating the viability of a Slovenian Solvency II subordinated bond issue and broadening its investor base. The project will diversify Sava's funding sources and better position it for future growth.

Client Information


Pozavarovalnica Sava, d.d. is the holding company of the Sava Insurance Group, which is the third largest insurance group in the Adriatic region with a presence in 6 countries. The group has total assets of EUR 1.8bn and shareholder's equity of EUR 360 million. Sava is listed on the Ljubljana Stock Exchange with a market capitalisation of EUR 290 million and has an assigned long-term financial strength and issuer credit rating of A, by both S&P and AM Best.

EBRD Finance Summary

EUR 10,000,000.00

Total Project Cost

EUR 75,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). Sava is required to comply with EBRD's Performance Requirements 2, 4 and 9, implement EBRD's E&S risk management procedure for insurance and submit Annual E&S Reports to the Bank. 

Technical Cooperation


Company Contact Information

Bla# Garbajs
+386 1 4750 252
Pozavarovalnica Sava, d.d., Dunajska 56, 1001 Ljubljana, Slovenia

Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

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