Bulletin: Gothaer Financial Strength Currently Unchanged On Announcement Of A Potential Merger With Barmenia

FRANKFURT (S&P Global Ratings) Sept. 29, 2023--Today's announcement by the two Germany-based multiline mutual insurance groups Gothaer (core operating entities rated A/Stable) and Barmenia (unrated) that they are starting a due diligence process on a potential mutual merger will not affect the financial strength of Gothaer. We understand that this process will take many months and depend on approvals by the mutual owners' assemblies and regulatory authorities. Our view of Gothaer's financial strength remains unchanged at this stage. Given the materiality of the potential transaction, we will closely monitor the impact on Gothaer's business and financial risk profiles. The transaction has the potential to strengthen business lines and client diversification of the combined group. Like Gothaer, Barmenia has a product

...September 29, 2023 FRANKFURT (S&P Global Ratings) Sept. 29, 2023--Today's announcement by the two Germany-based multiline mutual insurance groups Gothaer (core operating entities rated A/Stable) and Barmenia (unrated) that they are starting a due diligence process on a potential mutual merger will not affect the financial strength of Gothaer. We understand that this process will take many months and depend on approvals by the mutual owners' assemblies and regulatory authorities. Our view of Gothaer's financial strength remains unchanged at this stage. Given the materiality of the potential transaction, we will closely monitor the impact on Gothaer's business and financial risk profiles. The transaction has the potential to strengthen business lines and client diversification of the combined group. Like Gothaer, Barmenia has a product range combining health, life, and property & casualty insurance. While Gothaer has a focus on property & casualty insurance, Barmenia would add a large health...

Bulletin