The ratings on Germany-based Gothaer Allgemeine Versicherung AG (GA), Gothaer Lebensversicherung AG (GL), and Gothaer Krankenversicherung AG (GK) reflect our view that these companies are core 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 business and financial profile. The ratings also reflect the group's well diversified portfolio across lines of business, management's strong commitment to focus growth on profitable lines of business, and its strong underwriting performance in property/casualty insurance. We consider these strengths to be partly offset by Gothaer's relatively high exposure to credit risk (versus that of its peers) and the sensitivity of its financial profile to continued low interest
