Best's Rating Changes.

This summary of Best's Rating Changes includes life, health-care and property/casualty insurers domiciled in North America, as well as international insurers that had ratings assigned, changed or placed under review since this section last appeared in the July 2004 edition of Best's Review.

Best's Rating Changes is an abbreviated version of Best's Rating Monitor, which is published in BestWeek, our weekly insurance industry newsletter. See page 18 for the current Guide to Best's Financial Strength Ratings or visit the A.M. Best Co. Web site at www.ambest.com/ratings/guide.html for detailed rating definitions.

The A.M. Best rating of any company and basic company information are also available free of charge at the Web site.

Ratings Changed

Rating                                               Current   Previous
Action   Company Name & Domicile             AMB#    Rating      Rating

Life/Health

+        Amedex Insurance Company            08449   A               A-
         US: Florida
         American Retirement Life            08831   NR-3             A
         Insurance Co
         US: Ohio
+        Bankers Life and Casualty Company   06149   B++              B
         US: Illinois
         Clarica Life Insurance              07244   NR-3            A+
         Company-U.S.
         US: North Dakota
+        Colonial Penn Life Insurance        06240   B++              B
         Company
         US: Pennsylvania
+        Conseco Health Insurance Company    08101   B++              B
         US: Arizona
+        Conseco Insurance Company           06080   B++              B
         US: Illinois
+        Conseco Life Insurance Co of NY     60002   B+               B
         US: New York
+        Conseco Life Insurance Company      06692   B++              B
         US: Indiana
-        Landmark Life Insurance Company     68055   B-               B
         US: Texas
+        Nippon Life Insurance Company of    08419   A-             B++
         America
         US: Iowa
+        Penn Insurance and Annuity          09073   A+               A
         Company
         US: Delaware
+        Penn Mutual Life Insurance          06903   A+               A
         Company
         US: Pennsylvania
         UBS PaineWebber Life Insurance      06882   NR-3            A-
         Company
         US: California
+        Washington National Insurance       07218   B++              B
         Company
         US: Illinois
         Workmen's Benefit Fund of USA *     07260   NR-4           C++
         US: New York

HMO

+        ADVANTAGE Health Solutions Inc      64624   C++ pd       C+ pd
         US: Indiana
+        Amil International (Texas) Inc      64458   C+ pd         C pd
         US: Texas
-        Bluegrass Family Health Inc         68747   B- pd         B pd
         US: Kentucky
         Board of Regents University of      64444   NR-5          D pd
         Oklahoma
         US: Oklahoma
         Botsford Health Plan                64618   NR-5          B pd
         US: Michigan
-        CHA HMO Inc                         64403   B+             B++
         US: Kentucky
+        Children's Mercy's Family Health    64183   C+ pd         C pd
         Partner
         US: Missouri
-        Cimarron Health Plan Inc            64260   C+ pd       C++ pd
         US: New Mexico
         Community Care Plan                 64617   NR-5         B- pd
         US: Michigan
+        Community First Health Plans Inc    64049   C+ pd         C pd
         US: Texas
+        Community Health Plan of            64472   B+ pd         B pd
         Washington
         US: Washington
+        Group Health Cooperative of         64044   B pd         B- pd
         Puget Sound
         US: Washington
-        Healthcare Inc                      64406   NR-5         B- pd
         US: Georgia
-        Healthcare Oklahoma Inc             64166   NR-5             F
         US: Oklahoma
-        Healthplan of Texas Inc             64455   C++ pd        B pd
         US: Texas
-        IHC Health Plans Inc                64078   B- pd         B pd
         US: Utah
-        John Deere Health Plan Inc          68702   B pd         B+ pd
         US: Illinois
-        Metrowest Health Plan Inc           64459   C pd         B- pd
         US: Texas
-        Molina Healthcare of California     64150   C+ pd       C++ pd
         Inc
         US: California
+        Molina Healthcare of Michigan Inc   64685   B- pd       C++ pd
         US: Michigan
+        Mount Carmel Health Plan Inc        64112   B- pd       C++ pd
         US: Ohio
-        Neighborhood Health Partnership     64001   C pd         C+ pd
         Inc
         US: Florida
-        New West Health Services            64398   C+ pd       C++ pd
         US: Montana
         OmniCare Health Plan Inc            64435   NR-5        C++ pd
         US: Tennessee
+        OPTIMA Health Plan                  68821   B pd         B- pd
         US: Virginia
-        Paramount Care Inc                  66579   B+             B++
         US: Ohio
-        Paramount Care of Michigan          64294   B+             B++
         US: Michigan
-        Parkland Community Health Plan      64461   C- pd         C pd
         Inc
         US: Texas
-        Partners National Health Plans      68836   C+ pd       C++ pd
         of In
         US: Indiana
         SecureCare of Iowa Inc              64626   NR-5         C+ pd
         US: Iowa
+        Southwest Texas HMO Inc             68718   A               A-
         US: Texas
+        Superior Health Plan Inc            64457   C pd         C- pd
         US: Texas
-        Three Rivers Health Plans Inc       64104   C++ pd       B- pd
         US: Pennsylvania
         United Dental Care of Michigan      65709   NR-2            A-
         Inc
         US: Michigan
+        University Health Care Inc          64408   C++ pd       C+ pd
         US: Kentucky
-        University Health Plans Inc         60157   C pd         C+ pd
         US: New Jersey

Property/Casualty

+        Algoma Mutual Insurance Company     87771   B pd         B- pd
         Canada: Ontario
         Alistar Insurance Company           11785   NR-5             F
         US: California
         Allcity Insurance Company           02149   NR-5             F
         US: New York
         Alpha Assurance Company             84241   NR-5        B++ pd
         Canada: Quebec
+        American Commerce Insurance         02065   A+               A
         Company
         US: Ohio
+        American Contractors Indemnity      11019   A               A-
         Company
         US: California
         American Horizon Insurance          12274   NR-5             F
         Company
         US: Illinois
New      American Pioneer Title Insurance    12063   A
         Company
         US: Florida
-        Antigonish Farmers Mutual Fire      87735   B+ pd       B++ pd
         Insurance
         Canada: Nova Scotia
         Argonaut Group                      04019   NR-5             A
         US: Texas
New      Argonaut Insurance Group            18639   A
         US: Texas
-        Atlantic Insurance Company          02220   A-             A u
         US: Texas
-        Atlantic Lloyds Insurance Company   02849   B+             B++
         of TX
         US: Texas
-        Atlantic Mutual Companies           00178   B+             B++
         US: New York
-        Atlantic Mutual Insurance Company   02063   B+             B++
         US: New York
         Aviva Insurance Company of Canada   85748   A- pd         NR-4
         Canada: Ontario
New      Campmed C & I Company, Inc of MD    11428   B             NR-2
         US: Maryland
+        Canadian Northern Shield            87024   B pd        C++ pd
         Insurance Co
         Canada: British Columbia
-        Canassurance General Ins Co Inc     87732   B+ pd       B++ pd
         Canada: Quebec
         Casualty Reciprocal Exchange        02141   NR-5             E
         US: Missouri
-        Centennial Insurance Company        02064   B+             B++
         US: New York
         Certas Direct Insurance Company     87026   B pd          NR-2
         Canada: Quebec
+        Clare Mutual Insurance Company      87027   B pd         B- pd
         Canada: Nova Scotia
+        Commerce West Insurance Company     03131   A+               A
         US: California
-        Commonwealth Contractors Group      55025   B++             A-
         Self Ins
         US: Virginia
-        Coregis Insurance Company           01890   B+              A-
         US: Indiana
-        CPA Mutual Insurance Co of          11319   B+             B++
         America RRG
         US: Vermont
+        CUMIS General Insurance Company     85737   B pd        C++ pd
         Canada: Ontario
         Direct Insurance Group              18448   NR-5             B
         US: Tennessee
         Elite Insurance Company             85742   B++ pd        NR-4
         Canada: Ontario
New      Encompass Insurance Company of NJ   12612   A-            NR-2
         US: Illinois
         Equity Mutual Insurance Company     02142   NR-5             E
         US: Missouri
+        Fidelity National Group             18606   A-             B++
         US: California
+        Fidelity National Insurance         12478   A-             B++
         Company
         US: California
+        Fidelity National Lloyds            12582   A-             B++
         US: Texas
+        Fidelity National Prop & Cas Ins    04496   A-             B++
         Co
         US: New York
         Fireman's Fund Insurance Company    02615   NR-3             A
         of NE
         US: Nebraska
         Fireman's Fund Insurance Company    02180   NR-3             A
         of TX
         US: Texas
+        First Mercury Insurance Company     11883   A-            B+ u
         US: Illinois
+        Grain Insurance and Guarantee       85753   B++ pd       B+ pd
         Company
         Canada: Manitoba
         Grange Mutual Insurance Company     10561   NR-5             F
         (OR)
         US: Oregon
         Greater Louisiana Title Insurance   12367   NR-3            A+
         Co
         US: Louisiana
         Groupe Estrie-Richelieu Cia         87710   NR-5        B++ pd
         D'Assurance
         Canada: Quebec
-        Gulf Group Lloyds                   03847   A-             A u
         US: Texas
-        Gulf Insurance Company              02451   A-             A u
         US: Connecticut
-        Gulf Insurance Group                00446   A-             A u
         US: Connecticut
-        Gulf Underwriters Insurance         11208   A-             A u
         Company
         US: Connecticut
         Heritage General Insurance          87051   NR-5        B++ pd
         Company
         Canada: Ontario
         ICI Mutual Group                    18500   NR-5             A
         US: Vermont
New      ISMIE Mutual Group                  18644   B+
         US: Illinois
-        Kentucky National Insurance         03579   C-               C
         Company
         US: Kentucky
+        Legacy General Insurance Company    87059   A- pd       B++ pd
         Canada: Ontario
+        London and Midland General          85764   A- pd       B++ pd
         Insurance Co
         Canada: Ontario
New      MAG Mutual Group                    18635   A-
         US: Georgia
         Massachusetts Title Insurance       11840   NR-3            A+
         Company
         US: Massachusetts
-        Medical Liability Mutual            03667   B-               B
         Insurance Co
         US: New York
+        Medical Mutual Group (NC)           18072   A               A-
         US: North Carolina
+        Medical Mutual Insurance Co of NC   03668   A               A-
         US: North Carolina
-        Medical Protective Company          00591   A-               A
         US: Indiana
+        Medical Security Insurance          10744   A               A-
         Company
         US: North Carolina
         Meridian Citizens Security          00507   NR-3             A
         Insurance Co
         US: Indiana
         Miami Insurance Group               18482   NR-5            A-
         US: Ohio
New      Mitsui Sumitomo Insurance Group     18569   A+
         US: New York
-        MLMIC Group                         18439   B-               B
         US: New York
New      Mortgage Guarantee & Title          11841   A+            NR-5
         Company
         US: Rhode Island
         MS Casualty Insurance Company       10654   NR-3            A-
         US: Mississippi
+        National Interstate Group           18546   A               A-
         US: Ohio
+        National Interstate Insurance       10829   A               A-
         Company
         US: Ohio
+        National Interstate Insurance       12423   A               A-
         Company HI
         US: Hawaii
New      National Title Insurance of NY      12440   A
         US: New York
New      Nationwide Affinity Ins Co of Am    11802   A+ r          NR-3
         US: Ohio
-        New Mexico Mutual Casualty          11527   A-               A
         Company
         US: New Mexico
-        New Mexico Mutual Casualty Group    18292   A-               A
         US: New Mexico
New      North Pointe Casualty Insurance     02657   B+            NR-3
         Company
         US: Florida
+        North Waterloo Farmers Mutual       86612   B++ pd       B+ pd
         Ins Co
         Canada: Ontario
-        OHIC Insurance Company              03778   C++              B
         US: Ohio
         Patterson Insurance Company         03291   NR-5             F
         US: Louisiana
+        Pembridge Insurance Company         85774   B pd         B- pd
         Canada: Ontario
-        Piedmont Mutual Insurance Company   11575   C+            B- u
         US: North Carolina
New      Pinnacle Consortium of Higher Ed    12707   A
         VT RRRG
         US: Vermont
+        Plans' Liability Insurance          10597   B++             B+
         Company
         US: Ohio
-        Primmum Insurance Company           87021   B+ pd       B++ pd
         Canada: Ontario
         Professional Liability Ins Co of    11411   NR-5             B
         America
         US: New York
New      Professional Security Insurance     12670   A-
         Company
         US: Arizona
New      Progressive Agency Pool             18637   A+
         US: Ohio
         Progressive Casualty Pool           04930   NR-5            A+
         US: Ohio
New      Progressive Direct Pool             18638   A+
         US: Ohio
         Progressive Home Underwriters       12462   NR-5            A+
         Ins Co
         US: Texas
-        RBC Travel Insurance Company        86243   B+ pd       B++ pd
         Canada: Ontario
-        Reamstown Mutual Insurance          04744   B               B+
         Company
         US: Pennsylvania
-        Rutgers Casualty Insurance          01838   B-               B
         Company
         US: New Jersey
-        Rutgers Casualty Insurance Group    18507   B-               B
         US: New Jersey
-        Select Insurance Company            02222   A-             A u
         US: Texas
-        Society Group                       18231   A               A+
         US: Wisconsin
-        SOCIETY INSURANCE, a mutual         00896   A               A+
         company
         US: Wisconsin
-        Southwest Casualty Company          11769   A-               A
         US: New Mexico
         TIG Insurance Company of Colorado   03760   NR-5            B+
         US: Colorado
         TIG Insurance Company of New York   02511   NR-5            B+
         US: New York
         TIG Insurance Company of Texas      02510   NR-5            B+
         US: Texas
         TIG Insurance Corporation of        02505   NR-5            B+
         America
         US: Michigan
         Traders General Insurance Company   85795   B+ pd         NR-4
         Canada: Ontario
-        Ulico Casualty Company              02623   B-               B
         US: Delaware
-        Ulico Indemnity Company             11329   B-               B
         US: Arkansas
-        Ulico Insurance Group               18535   B-               B
         US: Delaware
+        Universal Insurance Company (NC)    03680   B               C+
         US: North Carolina
-        Venture Insurance Company           11393   A               A+
         US: Wisconsin
         Vintage Insurance Company           11672   NR-3             A
         US: California
         Warner Insurance Group              18615   NR-5           B++
         US: Illinois
         Washington Casualty Company         11243   NR-1             E
         US: Washington
         West Wawanosh Mutual Insurance      87104   NR-5          B pd
         Company
         Canada: Ontario
New      Western National Title Insurance    12387   A+
         Company
         US: Utah
         White Hall Mutual Insurance         02566   NR-5             F
         Company
         US: Pennsylvania

International

New      Amedex Insurance Company            73172   A-
         (Bermuda) Ltd.
         Bermuda
+        Aseguradora Mundial, S.A.           86149   A-             B++
         Panama
         AXA Corporate Solutions             86926   NR-4           B++
         Assurance *
         France
New      Everest International               86863   A+            NR-3
         Reinsurance, Ltd.
         Bermuda
         Hitachi Capital Insurance           86890   NR-5           B++
         Corporation
         Japan
New      Nippon Life Insurance Company       85457   A+            NR-5
         Japan
+        Travelers Cas and Sur Co Europe     87376   A+             A u
         Ltd
         United Kingdom

* Rating was downgraded from B to C++ on June 7. Current rating
effective June 7.

Rating Action: (+) or (-) Rating upgraded or downgraded; (New) Assigned
initial rating; (u) Rating placed under review

Ratings Under Review

Rating                                                Current  Previous
Action   Company Name & Domicile             AMB#     Rating     Rating

Life/Health

U        AF&L Insurance Company              11131    B+ u           B+
         US: Pennsylvania
U        Lafayette Life Insurance Company    06617    A u             A
         US: Indiana
U        Security Plan Life Insurance        07450    B u             B
         Company
         US: Louisiana
U        Senior American Life Insurance      60294    B+ u           B+
         Company
         US: Pennsylvania

Property/Casualty

U        AXA Corporate Solutions E&S Lines   10785    A- u           A-
         Ins Co
         US: Delaware
U        AXA Corporate Solutions             03718    A- u           A-
         Insurance Co
         US: New York
U        Florists Insurance Company          03711    A- u           A-
         US: Illinois
U        Florists Mutual Group               03977    A- u           A-
         US: Illinois
U        Florists Mutual Insurance Company   03142    A- u           A-
         US: Illinois
U        Realm National Insurance Company    00567    C- u           C-
         UR: New York
U        Security Plan Fire Insurance        11988    B u             B
         Company
         US: Louisiana
U        Springfield Insurance Company       10813    C++ u         C++
         US: California
U        United Farm Family Insurance        10701    A u             A
         Company
         US: New York

* Rating was downgraded from A- to B++ on June 21. Current rating
effective June 21.

Rating Action: (+) or (-) Rating upgraded or downgraded; (New) Assigned
initial rating; (u) Rating placed under review

GUIDE TO BEST'S FINANCIAL STRENGTH RATINGS

A Best's Rating is an independent opinion, based on a comprehensive
quantitative and qualitative evaluation, of a company's balance sheet
strength, operating performance and business profile. Best's Ratings
are not a warranty of a company's financial strength and ability to
meet its obligations to policyholders.

Financial Strength Ratings

A Best's Financial Strength Rating (FSR) is an opinion of an insurer's
ability to meet its obligations to policyholders.

Rating        Descriptor                      Definition

Secure

A++, A+       Superior          Assigned to companies that have, in our
                                opinion, a superior ability to meet
                                their ongoing obligations to
                                policyholders.
A, A-         Excellent         Assigned to companies that have, in our
                                opinion, an excellent ability to meet
                                their ongoing obligations to
                                policyholders.
B++, B+       Very Good         Assigned to companies that have, in our
                                opinion, a good ability to meet their
                                ongoing obligations to policyholders.

Vulnerable

B, B-         Fair              Assigned to companies that have, in our
                                opinion, a fair ability to meet their
                                current obligations to policyholders,
                                but are financially vulnerable to
                                adverse changes in underwriting and
                                economic conditions.
C++, C+       Marginal          Assigned to companies that have, in our
                                opinion, a marginal ability to meet
                                their current obligations to
                                policyholders, but are financially
                                vulnerable to adverse changes in
                                underwriting and economic conditions.
C, C-         Weak              Assigned to companies that have, in our
                                opinion, a weak ability to meet their
                                current obligations to policyholders,
                                but are financially very vulnerable to
                                adverse changes in underwriting and
                                economic conditions.
D             Poor              Assigned to companies that have, in our
                                opinion, a poor ability to meet their
                                current obligations to policyholders
                                and are financially extremely
                                vulnerable to adverse changes in
                                underwriting and economic conditions.
E             Under             Assigned to companies (and possibly
              Regulatory        their subsidiaries/affiliates) that
              Supervision       have been placed by an insurance
                                regulatory authority under a
                                significant form of supervision,
                                control or restraint whereby they are
                                no longer allowed to conduct normal
                                ongoing insurance operations. This
                                would include conservatorship or
                                rehabilitation, but does not include
                                liquidation. It may also be assigned to
                                companies issued cease and desist
                                orders by regulators outside their home
                                state or country.
F             In Liquidation    Assigned to companies that have been
                                placed under an order of liquidation by
                                a court of law or whose owners have
                                voluntarily agreed to liquidate the
                                company. Note: Companies that
                                voluntarily liquidate or dissolve their
                                charters are generally not insolvent.
S             Suspended         Assigned to companies that have
                                experienced sudden and significant
                                events affecting their balance sheet
                                strength or operating performance
                                whereby the rating implications
                                cannot be evaluated due to a lack of
                                timely or adequate information.

Rating Modifiers and Affiliation Codes

A rating modifier can be assigned to indicate that a Best's Rating may
be subject to near-term change (under review), that a company did not
subscribe to Best's interactive rating process (public data) and that
the rating is assigned to a syndicate operating at Lloyd's. Affiliation
codes (g, p, and r) are added to Best's Ratings to identify companies
whose assigned ratings are based on group, pooling or reinsurance
affiliation with other insurers.

Modifier      Descriptor                      Definition

Rating
Modifiers

u             Under Review      A modifier that generally is event-
                                driven (positive, negative or
                                developing) and is assigned to a
                                company whose Best's Rating opinion is
                                under review and may subject change in
                                the near-term, generally defined as six
                                months.
pd            Public Data       Assigned to insurers that do not
                                subscribe to Best's interactive rating
                                process. Best's "pd" Ratings reflect
                                qualitative and quantitative analyses
                                using public data and information.
s             Syndicate         Assigned to syndicates operating at
                                Lloyd's.

Affiliation Codes    g    Group    p    Pooled    r    Reinsured

Not Rated Categories (NR)

Assigned to companies reported on by A.M. Best, but not assigned a
Best's Rating. The five categories are:

NR-1: Insufficient Data.
NR-2: Insufficient Size and/or Operating Experience.
NR-3: Rating Procedure Inapplicable.
NR-4: Company Request.
NR-5: Not Formally Followed.

Rating Outlook

Best's interactive Ratings (A++ to D) are assigned a Rating Outlook
that indicates the potential direction of a company's rating for an
intermediate period, generally defined as the next 12 to 36 months.
Rating Outlooks, which appear in the rating rationale section of the
company's Best's Company Report, are as follows:

Positive    Indicates a company's financial/market trends are
            favorable, relative to its current rating level and, if
            continued, the company has a good possibility of having its
            rating upgraded.
Negative    Indicates a company is experiencing unfavorable financial/
            market trends, relative to its current rating level and, if
            continued, the company has a good possibility of having its
            rating downgraded.
Stable      Indicates a company is experiencing stable financial/market
            trends and there is a low likelihood that its rating will
            change in the near term.

Best's Ratings are distributed via press release and/or the A.M. Best
Web site at www.ambest.com, and are published in the Rating Monitor
section of BestWeek[R]. Best's Ratings are proprietary and may not be
reproduced without permission.

Copyright [c] 2004 by A.M. Best Company, Inc.

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