Pozavarovalnica Triglav Re, d.d. was established at the end of 1998 and started its operations at the beginning of 1999. Already in the first business year the company achieved a positive operating result and substantially influenced the Slovenian insurance market. During the years from 1999 to 2011, the market share increased from 30% to more than 46%.

1998

  • Triglav Re was established as a fully licensed reinsurance company.

1999

  • Triglav Re achieved a positive result in its first year of operation and
    established itself as an important reinsurer on the Slovenian market.

2000

  • Company started to write business from international markets.

2001

  • Increase of capital. Triglav Re was also recognized as an established reinsurance.
  • Company on the markets of Central and Eastern Europe.

2002

  • Triglav Re’s premium volume exceeded EUR 50.0 million for the first time since its establishment, and the company wrote its first business from Asian markets.

2003

  • Triglav Re’s written premium from abroad represented 9.0% of the premium volume.

2004

  • Systematic strengthening of the company’s presence on international markets.

2005

  • Triglav Re achieved profit after tax in amount of EUR 3.6 million.

2006

  • Triglav Re achieved the best operating result since its establishment with the profit after tax in amount of EUR 4.9 million.

2007

  • Triglav Re’s written premium from abroad represented more than 24.0% of the premium volume.
  • Triglav Re achieved profit after tax in amount of EUR 4.2 million.

2008

  • On 25 September 2008, Standard & Poor's Ratings Services assigned an A- rating with stable outlook to Pozavarovalnica Triglav Re, d.d.

2009

  • In August 2009 the Standard&Poor's Credit rating agency raised the credit assesment of Pozavarovalnica Triglav Re, d.d. from A- to A with a stable medium-term forecast.

2010

  • Triglav Re achieves net profit or loss of 6 mio EUR.
  • The company employs 38 people.

2011

  • On November 21, 2011, Standard & Poor’s Rating Services affirmed the rating A (stable outlook) on Pozavarovalnica Triglav Re, d.d. and Zavarovalnica Triglav, d.d.
  • On December 9, 2011, Triglav Re was placed on CreditWatch with negative implication. Due to expected lowering of ratings of some Eurozone member countries, a number of insurers were placed on CreditWatch.

2012

  • On 18 April 2012, on the meeting of the Supervisory Board of Triglav Re, Gregor Stražar, M.Sc. was appointed the President of the Management Board. On the same date, the term of office of the former President, Mr Gojko Kavčič, had expired.
  • Zavarovalnica Triglav, d.d. has purchased the shares of Pozavarovalnica Triglav Re,d.d., and on 15 May 2012, when the transfer of shares was entered in the register of the Central Securities Clearing Corporation (KDD, Ljubljana), Zavarovalnica Triglav, d.d. has become the 100 % owner of Pozavarovalnica Triglav Re, d.d.
  • Standard & Poor's Rating Services downgraded a long-term rating of Triglav Re by one notch to A - and issued a warning about the potential negative change in the credit rating of Triglav Re. The reason for downgrading was the drop in the national credit rating of Slovenia which was a reflection of the general fiscal situation and economy in Slovenia.

2013

  • On 13 February 2013, Standard & Poor's downgraded the long-term rating of Triglav Re by one notch from A - to BBB +, removed the warning about a possible downgrade and issued a positive medium-term outlook. On 4 July 2013, Standard & Poor's again upgraded the rating by one notch from BBB + to A - and issued a stable outlook.
  • On 21 March 2013, Triglav Re obtained a credit rating of A - by the credit rating agency A.M. Best with a stable outlook, which was renewed on 18 October 2013.

2014

  • In July 2014 Standard & Poor's Rating Services confirmed the long-term credit rating and financial strength rating "A -" of Triglav Re. Both ratings have a stable medium-term outlook.
  • On 26 September 2014, Standard & Poor's reaffirmed the existing long-term credit rating "A -" and financial strength rating "A -" . Both assessments have a stable medium-term outlook.
  • On 3 October 2014 at the regular annual review of Triglav Re, the credit rating agency A.M. Best confirmed the financial strength rating "A -" and credit rating of the issuer “A - ". Both assessments have a stable medium-term outlook.

2015

  • In July 2015, Standard & Poor's Ratings Services confirmed the existing long-term credit rating "A -" (positive) and financial strength rating "A -" (positive) of Triglav Re. The Agency has upgraded the medium-term outlook from stable to positive, which provides good prospects for the future.

  • On 16 October 2015, in the regular annual review, the credit rating agency A. M. Best again granted the financial strength rating "A -" (positive) and the credit rating of the issuer's creditworthiness "A -" (positive) and thus confirmed the key role and performance of Triglav Re in the implementation of strategic objectives of the Triglav Group. Both ratings have a stable medium-term outlook.

2016

  • On 1 July 2016, the Standard & Poor’s Ratings Services raised the long-term credit rating and the financial strength rating of “A-” to “A”. Both credit ratings have a stable medium-term outlook.
  • On 2 November 2016, the credit rating agency A.M. Best improved the Company’s financial strength rating of “A-” to “A” (excellent) and the issuer credit rating of “a-” to “a” (excellent). Both credit ratings have a stable medium-term outlook.

2017

 

  • In April 2017, after the prior approval of the members of the Supervisory Board of Triglav Re, d.d, the term of office of the President of the Management Board, Gregor Stražar (MBA), was extended for one further five-year term.
  • In accordance with the regulatory reporting requirements of the Solvency II, the Company for the first time published the Report on the solvency and financial position of the Company for 2016.
  • On 23 June 2017, within the framework of the amended dividend policy, the Company paid out EUR 4,557 million of dividends for the business year 2016 to its owner Zavarovalnica Triglav d.d.
  • In August 2017, a four-year term of office was extended to Sebastjan Debevc, a representative of the employees in the Supervisory Board of Triglav Re, d.d.
  • On 8 September 2017, the rating agency Standard and Poor’s (the S&P) reaffirmed the longterm credit rating and the financial strength rating “A” to the Triglav Group, and thus to the parent company Zavarovalnica Triglav, d.d. and its subsidiary Triglav Re, d.d.. The credit ratings have a stable medium-term outlook.
  • At a regular annual review on 2 November 2017, the credit rating agency A.M. Best confirmed the credit rating of the financial strength “A” (excellent) and the credit rating of the issuer “a” (excellent) to Zavarovalnica Triglav, d. d. and Triglav Re, d. d. The credit ratings for both companies have a stable medium-term outlook.
  • Following the successful performance of the pre-implementation analysis and the negotiations in November 2017, the Company concluded a contract for the implementation of the new reinsurance information technology system.
  • On 18 December 2017, at the General Meeting of the shareholders of Triglav Re, d.d. the shareholders elected Andrej Slapar, Tomaž Žust and David Benedek as the members of the Supervisory Board of Triglav Re, d.d. (the shareholder’s representatives) for a four-year term of office.

2018

  • In June 2018, the Company paid out EUR 4.4 million of dividends for the business year 2017 to its owner Zavarovalnica Triglav d.d. in compliance with the amended dividend policy.
  • On 7 September 2018, the rating agency, Standard and Poor’s, reaffirmed the long-term credit rating and the financial strength rating “A” to the Triglav Group, and thus to the parent company Zavarovalnica Triglav, d.d. and its subsidiary Triglav Re, d.d.. Both credit ratings have a stable medium-term outlook.
  • On 29 November 2018, the 31st General Meeting of Triglav Re, d.d. took place, at which the shareholders were briefed on the resignation statement of David Benedek, a member of the Supervisory Board of Triglav Re d.d., and the Supervisory Board appointed a new member, Janko Šemrov.
  • At a regular annual review on 3 December 2018, the rating agency A.M. Best reaffirmed the long-term credit rating and the financial strength rating “A” to the parent company Zavarovalnica Triglav, d.d. and its subsidiary Triglav Re, d.d. The credit ratings have a stable medium-term outlook. Considering a high credit rating of our company Triglav Re, d.d., the rating agency A.M. Best stressed its key reinsurance role in all the companies of Triglav Group. Triglav Re, d.d. has already started to implement the new IT system. At the end of 2018, the Company was in the follow-up phase of data migration process, and it started with the functional system testing.

2019

  • In June 2019, Triglav Re, d.d. paid out dividends of EUR 3.2 million for the business year 2018 to its owner Zavarovalnica Triglav d.d. in compliance with the adopted dividend policy.
  • On 31 July 2019, the rating agency, Standard and Poor’s, reaffirmed the long-term credit rating and the financial strength rating “A” to the Triglav Group, and thus to the parent company Zavarovalnica Triglav, d.d. and its subsidiary
    Triglav Re, d.d.. Both credit ratings have a stable medium-term outlook.
  • In July 2019, after the prior approval by the members of the Supervisory Board of Triglav Re, d.d., the term of office of Management Board member Stanislav Vrtunski was extended for a new five-year term.
  • At a regular annual review on 19 November 2019, the rating agency A.M. Best reaffirmed the financial strength rating “A” and long-term credit rating assigned to an issuer “a” to the parent company Zavarovalnica Triglav, d.d. and
    its subsidiary Triglav Re, d.d. The credit ratings have a stable medium-term outlook. In the review, A.M. Best has emphasised the Company’s key strategic importance as a Reinsurer of all Triglav Group companies.
  • At the end of 2019, the Company implemented the final phase of the Renewal Project in the reinsurance IT system. The functional testing procedures were carried out by users, migrated data verified and the reports required upon transition to production were produced and tested.

2020

  • In February, the Company completed the final phase of the Renewal Project in the reinsurance IT System. The full use of the new system started on 24 February 2020, when the project team formally confirmed it. The financial
    year 2019 was concluded in the old IT system, but in February 2020, the Company started production in the new system.
  • On 11 March 2020, the World Health Organization (WHO) declared the Covid-19 outbreak a global pandemic as the novel coronavirus continued to spread rapidly worldwide, causing enormous damage to the global economy. Since then, the (re)insurance sector is also facing the impact of a regressing economy and the need to come up with the products to suit the demand with Covid-19 specific policies. Detailed information on the impact on the Company’s performance is presented in Section 3.2.2., Analysis of the Covid-19 Impact on the Company’s Performance.
  • In March 2020, the Supervisory Board of Triglav Re, d.d. extended the term of office of Tomaž Rotar, a member of the Management Board, for another next five-year period.
  • A severe impact of the coronavirus pandemic showed a negative effect on the global economy. Therefore, on 22 April 2020 the Insurance Supervision Agency requested all (re) insurance companies operating in Slovenia to recalculate the capital requirements and capital adequacy, taking into account the new crisis. At the same time, the Agency recommended a temporary suspension and postponement of the dividend payment for the financial year 2019.
  • On 11 September 2020, the rating agency, Standard and Poor’s, reaffirmed the long-term credit rating and the financial strength rating “A” of the Triglav Group, and thus to the parent company Zavarovalnica Triglav, d.d. and
    its subsidiary Triglav Re, d.d.. Both credit ratings have a stable medium-term outlook.
  • At a regular annual review on 19 October 2020, the rating agency A.M. Best also reaffirmed the financial strength rating “A” and long-term credit rating assigned to an issuer “a” to the parent company Zavarovalnica Triglav, d.d. and its subsidiary Triglav Re, d.d. Both credit ratings have a stable medium-term outlook.

2021

The Covid-19 pandemic continued in 2021. The Company was operating normally, which was facilitated by the preventive measures taken. The analysis of the impact of the new coronavirus on the business in 2021 is presented in more detail in the section 3.2.2.

  • On 5 March 2021, Triglav Re, d.d. received a recommendation from the Insurance Supervisory Agency expressing the expectation that, due to the uncertain situation regarding the spread of the Covid-19 pandemic and the resulting uncertain consequences for the economy and the insurance sector, no dividends will be paid out of the balance sheet profits of insurance companies, pension companies and reinsurance companies until 30 September 2021, as well as no irrevocable commitment to pay dividends. Based on the above, the Management Board of Triglav Re, d.d., on 18 March 2021 adopted a resolution that, in accordance with the Agency’s recommendation,
    the total balance sheet profit at the end of the 2020 financial year of EUR 73,711,969.61 shall constitute unallocated profit and shall be carried forward to the following year.
  • On 9 July 2021, the 34th General Meeting of Triglav Re, d.d. was held, at which the shareholders took note of the resignation of the President of the Supervisory Board, Andrej Slapar, appointed a new member of the
    Supervisory Board, Tadej Čoroli, and extended the term of office of the member of the Supervisory Board, Tomaž Žust. The Annual General Meeting also took note of the appointment of Katja Modec as the new employee
    representative in the Supervisory Board of Triglav Re, d.d..
  • At the first constitutive meeting of the Supervisory Board on 23 August 2021, Tadej Čoroli was elected as the new President of the Supervisory Board of Triglav Re, d.d., and Tomaž Žust as his deputy.
  • Following its regular annual review on 13 September 2021, S&P Global Ratings reaffirmed Triglav Group’s, and therefore also Zavarovalnica Triglav d.d. and Triglav Re, d.d., long-term credit rating and financial strength rating of “A” with a stable medium-term outlook.
  • On 13 October 2021, the rating agency A.M. Best reaffirmed the financial strength rating of “A” (excellent) and the issuer long-term credit rating of “a” to Zavarovalnica Triglav d.d. and Triglav Re, d.d. at the time of the regular annual review. The ratings have a stable medium-term outlook.

2022

The year 2022 was marked by the consequences of Russia's military aggression against Ukraine. This was strongly reflected in rising inflation and in the increase in energy and food prices. On an annual basis in the euro area, inflation stood at 9.2% in 2022. A more detailed analysis of the impact of inflation on the business in 2022 is presented in Section 6.8. Climate changes are also increasingly affecting the business of (re)insurance companies.

  • The Russia-Ukraine crisis, which escalated into an armed attack on 24 February 2022, has severely shaken political, economic, financial and social stability around the world. The Management of Triglav Re, d.d. immediately adopted a ban on concluding new or renewing existing reinsurance contracts with the cedants and reinsurers domiciled in Russia. An analysis of the Company's exposure to business with Ukraine, Russia and Belarus was carried out. The Company replaced all Russian reinsurers already in the first quarter of 2022, the same applies to the active contracts with the Russian cedants. A more detailed analysis of the impact of the war on the business in 2022 is presented in Section 6.7.
  • In accordance with the dividend policy, Triglav Re d.d. paid on 25 July 2022 a dividend of EUR 2.3 million to its owner, Zavarovalnica Triglav, d.d. for the financial year 2021.
  • Following its regular annual review on 5 September 2022, S&P Global Ratings reaffirmed Triglav Group's credit rating and financial strength rating of 'A' with a stable medium-term outlook, and thus also to the parent company Zavarovalnica Triglav d.d. and its subsidiary Triglav Re, d.d.
  • On 28 September 2022, the rating agency A.M. Best reaffirmed the credit rating of financial strength 'A' (excellent) and the long-term issuer credit rating of 'a' (excellent) for Zavarovalnica Triglav d.d. and Triglav Re, d.d. at the time of the regular annual review. Both ratings have a stable medium-term outlook, reflecting the agency's expectation that Zavarovalnica Triglav d.d. and its subsidiaries will deliver strong operating results over the medium term and maintain a very strong financial position and a leading market position in Slovenia and the wider region.
  • On 15 November 2022, the term of office of the member of the Supervisory Board, Tomaž Žust, ended based on his resignation statement.
  • On 15 December 2022, the 36th General Meeting of Triglav Re, d.d. was held, at which the shareholders extended the term of office of the member of the Supervisory Board, Janko Šemrov, and appointed a new member of the Supervisory Board, Nataša Veselinovič.