The ratings on Gothaer Allgemeine Versicherung AG (GA), Gothaer Lebensversicherung AG (GL), and Gothaer Krankenversicherung AG (GK) reflect the core status of GA, GL, and GK to the strategy of the Gothaer group (Gothaer), due to their close integration in terms of operational management and their significant contributions to the group's overall competitive position and financial strength. The ratings also reflect continued strong management commitment and execution of value-based management principles, the group's continued strong non-life underwriting discipline, and its strong capitalization based on recovered earnings in life and health business as well as capital measures. These strengths are partially offset, however, by the need to demonstrate a track record of sustained profitable growth--particularly in life insurance--and the sensitivity of
