Summary: Gothaer Group

Gothaer is a mutual multiline insurer in the primary insurance market in Germany, writing life, P/C, and health business. Beside the Gothaer brand, the group operates through Janitos. Gothaer also has a small presence in Romania. The presence in Poland was sold in 2018. The ultimate parent is a mutual company Gothaer Versicherungsbank VVaG (not rated). Gothaer has actively decreased its credit risk and interest risk exposure over the past years, aligning its risk levels with those of its peers in the German insurance market. We anticipate that the group will maintain a reduced appetite for credit and market risk exposure, allowing Gothaer's capital adequacy to remain firmly in the 'A' range of our model. We also expect that Gothaer

...Gothaer is a mutual multiline insurer in the primary insurance market in Germany, writing life, P/C, and health business. Beside the Gothaer brand, the group operates through Janitos. Gothaer also has a small presence in Romania. The presence in Poland was sold in 2018. The ultimate parent is a mutual company Gothaer Versicherungsbank VVaG (not rated). Gothaer has actively decreased its credit risk and interest risk exposure over the past years, aligning its risk levels with those of its peers in the German insurance market. We anticipate that the group will maintain a reduced appetite for credit and market risk exposure, allowing Gothaer's capital adequacy to remain firmly in the 'A' range of our model. We also expect that Gothaer will continue to prioritize earnings generation over growth and maintain its well-diversified product portfolio and distribution channel as a basis for its sound competitiveness. Outlook The stable outlook reflects our expectation that the Gothaer group will...

Summary