Guide to best's financial strength ratings.

GUIDE TO BESTS'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 Financial
Strength Ratings are not a warranty of a company's
financial strength and ability to meet its ongoing
obligations to policyholders.

Financial Strength Ratings

A Best's Financial Strength Rating (FSR) is an opinion
as to an insurer's financial strength and ability to
meet its ongoing obligations to policyholders.

Secure

Rating    Descriptor       Definition

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
                           ongoing 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
                           ongoing 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
                           ongoing 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
                           ongoing obligations to policyholders
                           and are financially extremely vulnerable
                           to adverse changes in underwriting and
                           economic conditions.

E         Under            Assigned to companies (and possibly their
          Regulatory       subsidiaries/affiliates) that have been
          Supervision      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
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.

Rating Modifiers

Modifier   Descriptor        Definition

u          Under Review      A modifier that generally is
                             event-driven (positive, negative
                             or developing) and is assigned
                             to a company whose Beet's Rating
                             opinion is under review and may
                             be subject to 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 [??] 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 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. Public Data
Ratings are not assigned an Outlook. 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) 2005 by A.M. Best Company, Inc.
Version 062305