R+V Versicherung AG

Our rating on R+V reflects its well-established position in the German insurance market, backed by its successful bancassurance business model. We expect R+V to again outperform its peers in terms of business growth with an increase in premiums of 7%-10% in 2020. The group targets the same retail and SME markets as the cooperative banks to drive its business growth. We believe R+V benefits from its extensive distribution network and strong competitive presence in all segments. Despite the pandemic-led weaker economic environment and missed sales opportunities, we expect R+V to report strong premium growth in all of its business lines. This underscores its strong market position and sophisticated multi-channel distribution strategy in German primary insurance and global reinsurance. Over 2021-2022

...R+V Versicherung AG continues to be integral to the DZ Bank. R+V is the largest 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 and central bank of the German cooperative sector, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (##-/Negative/A-1+). R+V's core status is further supported by its strategic role within the sector and its commission-generating capacity, cost-sharing function, and comprehensive integration in risk management. In addition, KRAVAG-LOGISTIC Versicherungs AG (KLog) remains a core entity of R+V. Our rating on R+V reflects its well-established position in the...

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