Following a review of Germany-based Gothaer Insurance Group under our revised insurance criteria, we are affirming our 'A-' ratings on the company's core subsidiaries. The ratings predominantly reflect our view of the group's strong business profile and moderately strong financial risk profile, based on its diverse business and strong capital and earnings partly offset by a moderate risk position. The stable outlook reflects our expectation that Gothaer's management will continue to pursue a profit-oriented strategy and the group's capitalization and earnings will remain strong. On June 12, 2013, Standard&Poor's Ratings Services affirmed its 'A-' insurer financial strength and counterparty credit ratings on the core subsidiaries of Germany-based multiline insurer Gothaer Insurance Group. The outlook is stable. The ratings
