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 its sizable primary insurance operations, which Standard&Poor's Ratings Services views as a core part of the German co-operative banking sector. Standard&Poor's considers the co-operative 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, 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
