A.M. Best Withdraws Ratings of Attorneys' Title Insurance Fund Inc.

OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating to C- (Weak) from C (Weak) and issuer credit rating to "cc" from "ccc" of Attorneys' Title Insurance Fund Inc. (Fund) (Orlando, FL). The outlook for both ratings is negative.

The downgrades reflect the reduced capitalization of the Fund as reflected by a reduction of policyholders' surplus from $27 million at year-end 2008 to approximately $6 million as of second quarter 2009.

Concurrently, A.M. Best has assigned a category NR-4 to the FSR and an "nr" to the ICR in response to a request from the Fund's management to withdraw from A.M. Best's interactive rating process.

This request follows the formation of a joint venture between the Fund and Old Republic National Title Insurance Company (Old Republic), whereby effective July 1, 2009, a managing title agent (MTA) is responsible for issuing all new policies written exclusively on Old Republic's paper. Consequently, the Fund will no longer write any new business but will continue to cover claims on previously issued Fund policies.

For more details on the Fund's previous ratings, please see the press release dated March 31, 2009.

For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.