Guide to best's financial strength ratings.

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 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.

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 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 and 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 and 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 placed
          Supervision   by an insurance regulatory authority under a
                        significant form of supervision, control or
                        restraint where-by 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            Assigned to companies that have been placed
          Liquidation   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) or that
the rating is assigned to a syndicate operating at Lloyd's. Affiliation
codes (g, p, and r) are 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        A modifier that generally is event-driven
           Review       (positive, negative or developing) and is
                        assigned to a company whose Best's Rating
                        opinion is under review and may be subject to
                        change in the near-term, generally defined as
                        six months.

pd         Public       Assigned to insurers that do not subscribe to
           Data         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 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] 2006 by A.M. Inc.