On Nov. 16, 2005, Standard&Poor's Ratings Services assigned its 'A-' long-term counterparty credit and insurer financial strength ratings to Germany-based non-life insurer Gothaer Allgemeine Versicherung AG (Gothaer Allgemeine). The outlook is stable. The ratings on Gothaer Allgemeine reflect its role as a core entity within Germany-based composite insurance group Gothaer, and are based on the group's strong competitive position, strong capitalization, and strong operating performance in non-life insurance. These strengths are partially offset by the relatively weaker financial profile of the group's life and health businesses and moderate expense efficiency. Major rating factors: Core to Gothaer. As Gothaer's main non-life entity, Gothaer Allgemeine is an integral part of group strategy, contributing significantly to its competitive position and earnings.
