...The insurance group complements the sector's full financial services offering by distributing property/casualty (P/C), life, and health insurance products to the cooperative banks' customers. The R+V group (R+V) mainly operates in the same retail and SME target markets as the cooperative banks and is one of the largest insurance groups in Germany, generating 16.1 billion of premium income in 2018. The ratings on R+V Versicherung AG (RVV) reflect our view of its intrinsic role as the operating holding and reinsurance company of R+V, which, in our view, is a core business of its majority shareholder, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (##-/Negative/A-1+), which is in turn the central bank of the German cooperative banking sector. Due to R+V's strategic role within the sector and its commission-generating capacity, cost-sharing function, and comprehensive integration in risk management, S&P Global Ratings regards R+V as a core member of the cooperative sector's financial services...
