...The ratings on R+V Versicherung AG (RVV) reflect its role as the reinsurer and holding company of Germany-based R+V primary insurance group (R+V). The ratings on RVV are derived from its ownership in and the financial strength of its sizable primary insurance operations, which Standard & Poor's Ratings Services views as a core part of the German cooperative banking sector. We consider the cooperative banking sector as a single economic group. RVV is 74%-owned by DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank; A+/Stable/A-1). Given the very low financial leverage, sound operating cash flows from subsidiaries, strong group capitalization, and RVV's ability to generate its own cash flows from reinsurance activities and nonaffiliated investments, Standard & Poor's applies a zero-notch gapping between the holding company, RVV, and the group's overall financial strength. RVV benefits from strong capitalization at the group level, although because of effects from the financial market...
