Rating changes, top 15 commercial lines writers, United States--July 2003-July 2004.

Rating Changes, Top 15 Commercial Lines Writers,
United States--July 2003-July 2004

Rank is based on net premiums written in 2003.
($ Millions)

                                                     2003 Net
       Rating                                        Premiums
Rank   Change (1)   Rating Entity                     Written

 1     -            Travelers PC Pool                 $13,173
 2     -            Harleysville Ins                    1,218
 3     -            PMA Capital Ins Group               1,013
 4     -            General Cas Cos.                      998
 5     -            MLMIC Group                           892
 6     -            Royal&SunAlliance USA Ins Pool        876
 7     -            Clarendon Ins Group                   833
 8     -            Atlantic Mutual Cos.                  737
 9     -            Virginia Surety Group                 717
10     -            Medical Protective Co.                714
11     -            Gulf Ins Group                        663
12     -            TNC Ins Group                         635
13     -            PMA Ins Group                         518
14     +            RLI Group                             474
15     +            Rural Community Ins Co.               395

                                        A.M. Best Rating

Rank   Rating Entity                    July 2004   July 2003

 1     Travelers PC Pool                A+          A++ u
 2     Harleysville Ins                 A-          A
 3     PMA Capital Ins Group            B+ + u      A-
 4     General Cas Cos.                 A-          A u
 5     MLMIC Group                      B-          B
 6     Royal&SunAlliance USA Ins Pool   B           A- u
 7     Clarendon Ins Group              A-          A
 8     Atlantic Mutual Cos.             B+          A- u
 9     Virginia Surety Group            A-          A
10     Medical Protective Co.           A-          A
11     Gulf Ins Group                   A-          A u
12     TNC Ins Group                    A           A+ u
13     PMA Ins Group                    B++ u       A-
14     RLI Group                        A+          A
15     Rural Community Ins Co.          A           A-

(1) (+) Rating upgrade; (-) Rating downgrade.

Source: A.M. Best Co.