Please note that the ratings covered by this full analysis apply only to R+V Versicherung AG. Above-market-average business growth and sound earnings contribution from primary operations Strong group capitalization and very low financial leverage Bottom-line earnings not fully indicative of competitive profile Over proportional exposure to competitive German motor market The ratings on R+V Versicherung AG (RVV) reflect its role as the reinsurer and holding company of Germany-based R+V primary insurance group (R+V). The ratings on RVV are derived from its ownership in and the financial strength of its sizable primary insurance operations, which Standard&Poor's Ratings Services views as a core part of the German cooperative banking sector. We consider the cooperative banking sector as a single economic
