Strong competitive position; Strong capitalization; and Strong operating performance in non-life insurance. Relatively weaker financial profile in life and health business; and Moderate expense efficiency. The ratings on Germany-based non-life insurer Gothaer Allgemeine Versicherung AG (Gothaer Allgemeine) reflect its role as a core entity within Germany-based composite insurance group Gothaer, and are based on the group's strong competitive position, strong capitalization, and strong operating performance in non-life insurance. These strengths are partially offset by the relatively weaker financial profile of the group's life and health businesses and Gothaer's moderate expense efficiency. As Gothaer's main non-life entity, Gothaer Allgemeine is an integral part of group strategy, contributing significantly to its competitive position and earnings. In 2004, Gothaer reported consolidated gross premiums
