The ratings on Germany-based Gothaer Allgemeine Versicherung AG (GA), Gothaer Lebensversicherung AG (GL), and Gothaer Krankenversicherung AG (GK) reflect our view of the core status of these companies 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 management's strong commitment to focus growth on profitable lines of business, its continued strengthening of enterprise risk management (ERM), and strong capitalization. These strengths are partly offset, however, by Gothaer's limited overall organic growth potential and a lower investment result that we believe is likely to impede the future earnings outlook. Gothaer's strong commitment to focus growth
