...Integral Part of Sparkassen-Finanzgruppe: All public-sector insurers in Germany are owned by and are an integral part of the Sparkassen-Finanzgruppe (SFG) (Issuer Default Rating (IDR): A+/Stable). The Provinzial NordWest group (PNW) and therefore the ratings of Westfaelische Provinzial Versicherung AG (WPV) and Provinzial NordWest Lebensversicherung AG (PNW Leben) benefit from being owned by SFG. We align their implied IDRs with SFG's. Leading Position in Germany: Consolidated public-sector insurers form the second-largest sub-group in the primary insurance market in Germany. They have a strong market position, which is supported by most of SFG's savings banks (Sparkassen), exclusively distributing public-sector insurers' products. Strong Ownership and Support: PNW is fully owned by SFG and public-sector institutions. PNW's insurance activities form a core part of SFG's products for its customers in a specified large area. For example, two-thirds of PNW Leben's life business is sold by...
