R+V Versicherung AG

The negative outlook on RVV and its subsidiary KRAVAG-LOGISTIC Versicherungs AG (KLog) reflects that on DZ BANK AG and Germany's cooperative banking sector. We expect both entities will remain integral to DZ BANK AG, owing to their role and contributions to the cooperative sector's business strategy. The ratings on RVV and KLog consequently move in tandem with those on the core subsidiaries of the cooperative banking sector. Our negative outlook on the core group members of Germany's cooperative banking sector reflects the potential that increasing economic and industry risk will likely put additional pressure on the sector's risk exposures and risk-adjusted profitability in the medium term. The negative outlook indicates that we could lower our ratings within the next 12-24

...R+V Versicherung AG is an integral member of the R+V group (R+V), the key insurance provider for Germany's large cooperative banking sector. 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 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 offering, and KRAVAG-LOGISTIC Versicherungs AG (KLog) as a core...

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