R+V Versicherung AG (RVV) is the holding company of Germany-based R+V primary insurance group and as such its rating is based on its ownership in, and the financial strength of, its sizable primary insurance operations. Standard&Poor's Ratings Services views these operations as a core part of the German cooperative banking sector, which we consider to be a single economic group. RVV is 74%-owned by DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank; A+/Stable/A-1). We apply a zero-notch gapping between the holding company, RVV, and the group's overall financial strength. RVV acts as a captive reinsurer for the group's reinsurance needs and assumes third-party reinsurance business, mostly from small and midsize insurers. The nonstandard gapping is also based on the
