A.M. Best Assigns Best's Syndicate Rating to Lloyd's Syndicate 609.

Business Editors

OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 6, 2002

A.M. Best Co. has assigned a Best's Syndicate Rating of A (Excellent) to Lloyd's Syndicate 609, managed by Atrium Underwriters Limited.

The outlook is stable.

The rating reflects syndicate 609's excellent operating performance and business position, in addition to the financial strength of the Lloyd's market--rated A- (Excellent)--which underpins the security of all Lloyd's syndicates. Partially offsetting these rating factors is the relatively modest business profile of the syndicate compared with larger more composite competitors. The rating is based on A.M. Best specific syndicate criteria. (See A.M. Best's Rating Methodology for Lloyd's Syndicates at www.ambest.com.)

Excellent operating performance--Syndicate 609 has been consistently profitable in every closed underwriting year since it began trading in 1984. A.M. Best expects a small profit for the 2000 year of account and a break-even position for the 2001 year of account as a result of World Trade Center related claims. The syndicate also has an excellent track record of conservative reserving which has frequently enabled it to make substantial releases. As with many Lloyd's syndicates focused on relatively specialist high risk areas, the syndicate is now well placed to exploit the current positive market conditions. It has achieved significant rate increases on renewal business and has developed new business opportunities in areas where it has made substantial profits in the past.

Excellent Business Profile-- The syndicate has an excellent market profile in certain specialist areas of marine insurance, such as hull 'total loss only', submarine cables and ports. It also has a meaningful presence in several other sectors including: non-marine property, marine liability, energy and aviation war. A.M. Best recognises that the syndicate's modest size results from a strict strategy of avoiding growth during the soft market and maintaining a disciplined line structure.

The syndicate will write an estimated 75% increase in gross premium volume in 2001 followed by a further 83% in 2002 and 28% in 2003 with the syndicate continuing its practice of writing most of its business on a facultative basis. However, A.M. Best considers that this growth does not present a potential strain on management as resources have been strengthened in the last two years and risk count is comparable with previous hard market levels.

Expectations:

- A.M. Best believes the syndicate will continue to achieve results consistent with its rating level.

- The business plan may vary materially in some classes from the amounts currently forecast as the syndicate employs a flexible strategy adapting to opportunities and threats quickly as they materialise.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.