The ratings on Germany-based reinsurer, R+V Versicherung AG (RVV) reflect Standard&Poor's Ratings Services' view on RVV's intrinsic role as the holding and reinsurance company of the Germany-based R+V insurance group (R+V). We also view R+V as an intrinsic part of its majority shareholder DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A+/Stable/A-1) and of the German cooperative banking sector. We regard RVV's Germany-based insurance subsidiary, KRAVAG-LOGISTIC Versicherungs AG (KLog), as a core subsidiary of RVV because it is the group's dedicated carrier for business with the German road-haulage sector. The main rating factor is R+V's integral role within the cooperative sector. In addition, we recognize that the stand-alone credit profile of R+V stems primarily from the financial strength of
