R+V Versicherung AG

Despite the pandemic-led weaker economic environment and missed sales opportunities, R+V Group reported strong premium growth in all of its business lines. This underscores its strong market position and sophisticated multichannel distribution strategy in German primary insurance and global reinsurance. Over 2021-2022 we expect premiums to rise by 3%-5%. The negative outlook on RVV and its subsidiary KLog reflects that on DZ BANK AG and Germany's cooperative banking sector. We expect both entities will remain integral to DZ BANK AG, given 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

...R+V Versicherung AG (RVV) continues to be integral to the DZ Bank. R+V Group 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 P/C, life, and health insurance products to the cooperative banks' customers. The ratings on RVV reflect our view of its intrinsic role as the operating holding and reinsurance company of R+V Group, 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 Group. Our analysis on R+V Group reflects its well-established position in the German insurance...

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