Group analytic psychotherapy is one of the principle forms of psychotherapy offered within the NHS. One of the main reasons for referral for psychotherapy is for the treatment of depression. There is growing evidence that for certain depressed patients group analytic treatment is effective and capable of producing lasting beneficial change although the mechanisms by which this occurs are not fully understood. In this paper I examine factors which I propose are of particular benefit to the depressed patient. I suggest that within the highly supportive set of relationships that the group comprises, themes of loss and failure can paradoxically lead to integration and increased coherence leading group members to a new perspective on the intersubjective nature of their lives.