Strong competitive position, due to a well-diversified portfolio. Management's strong commitment to growth of profitable business. Strong non-life underwriting performance. High asset-liability management risk in the life insurance back book that weighs on the group's strong capitalization. Relatively high exposure to credit risk in the bond portfolio. The ratings on Germany-based Gothaer Allgemeine Versicherung AG (GA), Gothaer Lebensversicherung AG (GL), and Gothaer Krankenversicherung AG (GK) reflect Standard&Poor's Ratings Services' view of these companies as core subsidiaries of the Gothaer Insurance Group (Gothaer). Our assessment of the group is based on these companies' aggregate business and financial profiles. The ratings reflect the group's strong competitive position, due to a well-diversified portfolio, which provides a competitive advantage in our view.
