The ratings on R+V Versicherung AG (RVV) reflect RVV's role as the reinsurer and holding company of Germany-based R+V insurance group (R+V). The ratings on RVV also reflect the status of R+V as an integral part of the German cooperative banking sector, which Standard&Poor's Ratings Services considers as a single economic group. RVV is 74%-owned by DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A/Stable/A-1). The counterparty credit rating on RVV is one notch higher than that on DZ BANK, reflecting DZ BANK's commitment to maintain R+V's independent financial integrity and R+V's superior stand-alone operational characteristics. Given the very low financial leverage, strong operating cash flows from subsidiaries, very strong group capitalization, and RVV's ability to generate its own
