Following a review of Germany-based R+V Versicherung AG (RVV) under our revised insurance criteria, we are affirming our 'AA-' ratings on the company and its core subsidiary, KRAVAG-LOGISTIC Versicherungs AG (KLog). The ratings predominantly reflect our view that the R+V group is core to the German cooperative banking sector and its parent, DZ Bank. Our view is based on R+V group's successful bancassurance business model in Germany and its other contributions to the cooperative banking sector's business generation and profitability. The stable outlook on RVV and KLog reflects that on DZ BANK. We expect the R+V group to remain an intrinsic part of the German cooperative banking sector. On June 12, 2013, Standard&Poor's Ratings Services affirmed its 'AA-'
