Guide to best 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 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

Secure       A++, A+     Superior
             y

             A, A-       Excellent

             B++, B+     Very Good

Vulnerable   B, B-       Fair

             C++, C+     Marginal

             C, C-       Weak

             D           Poor

             E           Under
                         Regulatory
                         Supervision

             F           In Liquidation

             S           Suspended

Rating                   Definition

A++, A+      Assigned to companies that have, in our opinion, a
y            superior ability to meet their ongoing obligations to
             policyholders.

A, A-        Assigned to companies that have, in our opinion, an
             excellent ability to meet their ongoing obligations to
             policyholders.

B++, B+      Assigned to companies that have, in our opinion, a good
             ability to meet their ongoing obligations to
             policyholders.

B, B-        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+      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-        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            Assigned to companies that have, in our opinion, a poor
             ability to meet their current obligations to policy-
             holders and are financially extremely vulnerable to
             adverse changes in underwriting and economic conditions.

E            Assigned to companies (and possibly their subsidiaries/
             affiliates) that 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            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            Assigned to companies that have experienced sudden and
             significant events affecting their balance sheet
             strength or operating performance and whose 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

Rating       u           Under Review
Modifiers

             pd          Public Data

             s           Syndicate

             Affiliation Codes

Modifier     Definition

u            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 be
             subject to change in the near-term, generally defined
             as six months.

pd           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            Assigned to syndicates operating at Lloyd's.

Affiliation  g   Group   p   Pooled   r   Reinsured
Codes

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    NR-2: Insufficient Size and/or   NR-3: Rating
Data.                 Operating Experience.            Procedure
                                                       Inapplicable.

NR-4: Company         NR-5: Not Formally Followed.
Request.

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.