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). Given the very low financial leverage, strong operating cash flows from subsidiaries, very 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, RVV, and the group's overall financial strength. RVV benefits from very strong capitalization
