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1992 BEST'S RATINGS ASSIGNED TO 380 COMPANIES INCLUDING 23 LARGE INSURERS

 1992 BEST'S RATINGS ASSIGNED TO 380 COMPANIES
 INCLUDING 23 LARGE INSURERS
 OLDWICK, N.J., June 22 /PRNewswire/ -- A.M. Best Company today released the 1992 Best's Ratings for 380 insurance companies, including 11 large life/health insurers and 12 large property/casualty insurers.
 Based on the evaluation of year-end 1991 financial results and subsequent relevant events, 1992 Best's Ratings will be released on a weekly basis through Monday, July 6. To date, ratings have been released for 876 life/health insurers and 1,325 property/casualty insurers. Best's Ratings are continuously monitored throughout the year with formal rating reviews performed on annual, six-month and nine-month financial results.
 Brief rating rationales are presented below for the 23 large insurance entities.
 Allendale Group, Johnston, R.I. was assigned a 1992 Best's Rating of "A+" (Superior). The group's financial strength was affirmed, and its rating level was upgraded from "A+" to "A++". This rating applies to the group's three inter-company pool members.
 The group, led by Allendale Mutual Insurance Company, continued to produce outstanding profitability with a five-year average combined ratio of 100. Very strong underwriting results of on-going business were tempered by conservative reserve strengthening measures taken by management on its discontinued lines, which added 16 points to the group's combined ratio of 113 in 1991. The group has maintained very conservative leverage and liquidity with $333 million in writings supported by $678 million in surplus.
 The Allendale Group, which is a member of the Factory Mutual System, is a commercial lines insurer specializing in property insurance coverages for commercial properties worldwide. The group is one of the 100 largest property/casualty underwriters in the United States and has $1.3 billion in assets.
 American United Life Insurance Company, Indianapolis, was assigned a 1992 Best's Rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged.
 This rating assignment reflects the company's well established position in the group pension market, favorable overall earnings performance, and excellent balance sheet quality and capitalization. Over the past five years, operating profits totaling $106.6 million have enabled American United Life to nearly double its surplus base. The company maintains a strong liquidity position supported by good operating cash flow and over $2.8 billion of investment-grade bonds, cash and short-term securities held at year-end 1991. American United Life ranks among the 70 largest life/health insurers in the United States when measured by total assets.
 California Casualty Group, San Mateo, Calif. was assigned a 1992 Best's Rating of "Qualified A" (Excellent). The group's financial strength was affirmed, and its rating level of "A" was unchanged. This rating applies to the group's four inter-company pool members.
 The pool, led by the California Casualty Indemnity Exchange, a reciprocal exchange, has maintained good profitability as evidenced by an average operating ratio of 95 over the past four years. Operating earnings, combined with investment gains, have increased policyholders' surplus by 38 percent to $155 million since year-end 1987 and have more than supported premium volume that has declined 5 percent during that period to $325 million. Leverage measures have improved substantially in recent years. Short-term liquidity measures are lower than industry levels but are enhanced by the pool's strong cash flows.
 California Casualty Group, one of the 100 largest property/casualty groups in the United States, writes personal and commercial lines for affinity groups on a direct basis in California and has $681 million in assets.
 California State Auto Association Inter-Insurance Bureau, San Francisco, was assigned a 1992 Best's Rating of "A" (Excellent). The company's excellent financial strength was affirmed, and its rating level of "A" was unchanged.
 This reciprocal exchange experienced underwriting losses in 1991 due to $100 million of losses from the Oakland fire. Nevertheless, the exchange continued its payment of historically large dividends to subscribers and was able to increase surplus by 16 percent in 1991, mainly from large investment gains. The exchange operates with prudent leverage and conservative liquidity with over $500 million of cash and short-term investment balances.
 California State Auto Association Inter-Insurance Bureau, one of the 40 largest property/casualty companies in the United States, writes personal lines almost exclusively in Northern California and has more than $3.2 billion in assets.
 Christiania General Insurance Group, New York, was assigned a 1992 Best's Rating of "A+" (Superior). The group's superior financial strength was affirmed, and its rating level of "A+" was unchanged. The rating is based on Christiania General Insurance Corporation's results which include its indirect majority ownership interest in Belvedere American Reinsurance Company.
 The group, which produced negative operating income of $3 million in 1991, was negatively impacted by unfavorable loss reserve development and catastrophe losses. Nevertheless, surplus increased 4 percent in 1991 to $166 million from large investment capital gains. Despite 1991's results, profitability has been excellent for the group, which has a five-year average operating ratio of 91. The group's leverage, while increasing in recent years, remained prudent with $163 million of net premiums supported by $166 million of surplus. The group holds high quality investments and maintains sound liquidity, which is enhanced by $41 million of cash and short-term investments.
 Belvedere American Reinsurance Company, an affiliate, was assigned an initial Best's Rating of "A-" (Excellent). The rating is based on its continued profitability, conservative leverage, and favorable liquidity.
 The Christiania General Insurance Group is one of the 20 largest professional property/casualty reinsurers in the United States and has $342 million in assets.
 Crum and Forster insurance companies, Basking Ridge, N.J. was assigned a 1992 Best's Rating of "A-" (Excellent). The group's excellent financial strength was affirmed, and its rating level of "A-" was unchanged. The rating applies to five inter-company pool members and 14 affiliates that either reinsure with the pool or receive the rating of a parent that is a pool member.
 The consolidated group, led by United States Fire Insurance Company, continued to produce below average underwriting results with a five-year combined ratio of 115. However, the group's underwriting results have improved moderately in the last two years which is reflective of corrective actions taken to reduce unprofitable business results. Surplus increased 22 percent to $1.5 billion in 1991 from improved operating results and large investment gains. Operating leverage improved in 1991, as the group reduced its net writings nearly 20 percent as part of an ongoing restructuring to focus on its core commercial businesses. However, the group's leverage remains higher than its peers with significant reinsurance recoverables. The group maintains adequate liquidity with $0.6 billion in cash and short-term investments with a high quality investment portfolio.
 Constitution Reinsurance Corporation, an affiliated professional reinsurer, was assigned a 1992 Best's Rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged. The rating assignment reflects the company's continued strong profitability, prudent leverage, and favorable liquidity.
 Viking Insurance Company, an affiliated non-standard auto carrier, was assigned a 1992 Best's Rating of "A-" (Excellent). The company's excellent financial strength was affirmed, and its rating level was lowered from "Contingent A" to "A-." The rating action reflects the company's downward trend in profitability and increased leverage.
 The Crum and Forster insurance companies, a multi-line insurer, is among the top 20 property/casualty underwriters in the country and has $10.5 billion in assets.
 Employers Mutual Companies (property/casualty), Des Moines, Iowa, was assigned a 1992 Best's Rating of "A" (Excellent). The group's excellent financial strength was affirmed, and its "A" rating level was unchanged. The rating applies to the group's six inter-company pool members.
 The pool, led by Employers Mutual Casualty Company, continued to produce excellent overall profitability with a five-year operating ratio of 91. However, increasing underwriting losses within its workers' compensation and auto liability lines have caused net operating income to decline over the last four years. Over the last five years, surplus increased 141 percent to $275 million from operating earnings and strong investment gains. This surplus growth has improved the group's leverage measures with $505 million in net writings supported by $275 million in surplus in 1991. The group maintains excellent liquidity with over 75 percent of the bond portfolio invested in U.S. Government obligations.
 The Employers Mutual Companies, a multi-line insurer operating predominantly in the Midwest, is the 68th largest property/casualty underwriter in the United States and has over $900 million in assets.
 The Equitable Life Assurance Society of the United States, New York, was assigned a 1992 Best's rating of "A-" (Excellent). The company's excellent financial strength was affirmed, and its rating level of "A-" was unchanged.
 This rating assignment anticipates a favorable initial public offering and the successful demutualization of "The Equitable" during the third quarter of 1992. Subsequent to the demutualization, the company's total statutory capital will be significantly increased. In conjunction with the demutualization, The Equitable conservatively evaluated its investment portfolio and took significant mortgage, real estate and bond write-downs during 1991. The A.M. Best Company anticipates investment losses to continue in the near term, however, the company's strengthened capital base and improved operating profitability will provide additional cushion to absorb future investment write-downs. Although The Equitable continues to maintain investment risk in its bond and real estate portfolios, improved earnings performance and its strengthened capitalization will provide greater flexibility in managing and offsetting these risks. The company's liquidity position is favorable with investment-grade bonds, cash and short-term securities totaling in excess of $10 billion at year end 1991. The Equitable is the fifth largest life/health insurer in the United States when measured by total assets.
 Due to their strategic marketing roles as subsidiaries of Equitable Life Assurance, Equitable Variable Life Insurance Company, New York, and Equitable of Colorado, Inc., Colorado Springs, Colo. were assigned 1992 Best's Ratings of "A-" (Excellent). The companies' excellent financial strength was affirmed, and their rating level of "A-" was unchanged.
 The Equitable is currently in its final stages of demutualization. Policyholder and New York State approval of the plan of demutualization was given on May 6, 1992 and May 12, 1992, respectively. In conjunction with the plan, on July 18, 1991, AXA, a large French insurance holding company invested $1.0 billion in Equitable Life through the purchase of a $750.0 million secured note and a $250.0 million surplus note. Upon demutualization, the AXA Notes will be converted to capital stock of The Equitable Companies Incorporated, a holding company established as the parent concern of "The Equitable." AXA will be the largest stockholder of the holding company.
 General Accident Insurance Group, Philadelphia, was assigned a 1992 Best's Rating of "A+" (Superior). The group's superior financial strength was affirmed, and its rating level of "A+" was unchanged. The rating applies to the group's predominant operation with is led by the General Accident Insurance Pool with 10 inter-company pool members. and the Hawkeye-Security Pool with three inter-company pool members.
 The consolidated group, led by General Accident Insurance Company, continued to produce superior overall profitability with a five-year operating ratio of 92. Underwriting results, however, have moderately deteriorated in recent years as the combined ratio rose to 112 in 1991 due to continuing rate inadequacies in its dominant private passenger auto line and increased price competition within its commercial lines.
 Since year-end 1986, net operating earnings and substantial realized capital gains have generated over $1 billion in total earnings, 60 percent of which were paid as dividends to its parent, General Accident (U.K.) Despite the large dividends, the group operates with conservative leverage with $2 billion in net writings supported by $1.7 billion in surplus. Liquidity remains excellent and is enhanced by strong cash flows. Over 92 percent of the group's surplus is invested in high quality common stocks.
 The Hawkeye-Security Group, a multi-line insurance group operating under an inter-company pool led by Hawkeye-Security Insurance Company, was assigned a 1992 Best's Rating of "A" (Excellent). The group's excellent financial strength was affirmed, and its rating level of "A" was unchanged.
 The General Accident Insurance Group is one of the country's 25 largest property/casualty groups and has over $5 billion in assets.
 Great Northern Insured Annuity Corporation, Seattle, was assigned a 1992 Best's Rating of "A" (Excellent). The company's excellent financial strength was affirmed, and its rating level of "A" was unchanged.
 This rating assignment reflects the company's favorable earnings performance, excellent asset quality, good capitalization and financial support of its parent concern. During 1991, Great Northern reinsured a substantial portion of its new business with ITT Lyndon Life Insurance Company. Due to this reinsurance transaction, continued operating profits and unrealized capital gains in its subsidiary holdings, Great Northern experienced a significant increase in capital and surplus funds during 1991. The company primarily markets single premium deferred annuities (SPDAs) to customers of financial institutions with the institution's endorsement. Great Northern ranks among the 65 largest life/health insurers in the United States when measured by total assets.
 Due to its strategic marketing role as a New York domiciled subsidiary of Great Northern, First GNA Life Insurance Company of New York, Purchase, N.Y. was assigned a 1992 Best's Rating of "A" (Excellent). The company's excellent financial strength was affirmed, and its rating level of "A" was unchanged. This rating is based on the consolidated performance of the parent and the subsidiary.
 John Alden Life Insurance Company, St. Louis Park, Minn. was assigned a 1992 Best's Rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged.
 This rating designation reflects the company's favorable statutory earnings performance, high quality investment portfolio, and adequate risk-adjusted capitalization. The superior rating also acknowledges John Alden Life's significant presence in the small group accident and health and individual annuity fields.
 John Alden Life has sought to limit its exposure to the cyclical small group accident and health market through risk-transfer reinsurance and an increasing emphasis on its fee based service activities. Earnings have been partially offset by dividends to the parent concern in recent years. However, A.M. Best anticipates that the pending initial public offering of John Alden Financial Corporation will result in lower dividend requirements for John Alden Life and provide for increased flexibility to maintain adequate capitalization.
 John Alden Life's liquidity position is excellent, and the company continues to focus its investments on high quality securities. Although John Alden Life maintains a concentration in mortgages, its conservative lending practices and small average-sized loans have limited the negative impact from the general weakening experienced in this area. Its holdings of investment-grade bonds, cash and short-term obligations comprised 59 percent of 1991 invested assets. John Alden Life ranks among the 85 largest life/health insurers in the United States when measured by admitted assets.
 A subsidiary of John Alden Life, John Alden Life Insurance Company of New York, Suffern, N.Y. was assigned a 1992 Best's Rating of "A" (Excellent). The company's excellent financial strength was affirmed, and its rating level was raised from "A-" to "A." John Alden Life of New York principally markets individual deferred annuities in the State of New York.
 Life Insurance Company of Virginia, Richmond, Va. was assigned a 1992 Best's rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged.
 This rating assignment reflects the company's improved earnings performance, favorable balance sheet quality and strong level of capitalization. Life of Virginia, an interest sensitive marketing unit of AON Corporation, markets traditional life, universal life, SPDAs and fixed and indexed GICs. Due to the direct correlation with the performance of the economy and the internal management of growth, net premium volume has fluctuated in recent years. Prior to 1991, earnings from its group pension and ordinary life lines more than offset the losses reported in the individual annuity line. As a result of a moderation in new SPDA sales during the year coupled with enhanced interest rate spread management, considerable turnaround in annuity profits was reported during 1991. Capital and surplus funds have advanced 86 percent over the past two years due to favorable operating gains, reduced dividend payments and $61.6 million in contributions from the parent company.
 The company maintains a favorable asset profile as nearly 99 percent of bonds are classified as investment-grade. Planned Amortization Classes (PAC traunches), market value adjustments and surrender charges on its policies act as a hedge against the risk of disintermediation. Life Insurance Company of Virginia maintains a favorable liquidity position as operating cash flow, investment-grade bonds and short-term investments totaled $5.3 billion at year-end 1991. When measured by total assets, Life Insurance Company of Virginia ranks among the 50 largest life/health insurers in the United States.
 Metropolitan Life Insurance Company, New York, was assigned a 1992 Best's Rating of "A++" (Superior). The company's superior financial strength was affirmed, and its rating level was raised from "A+" to "A++."
 This rating assignment is based on the company's substantial distribution channels and the prominent position which is maintained in its principal lines of business, its excellent liquidity posture and strong capitalization. Metropolitan Life maintains extremely conservative financial management strategies. As a result of its emphasis on building reserves, statutory earnings and surplus have been understated. A.M. Best anticipates that the strength of its core lines of business and the diversity of its investment portfolio will provide adequate insulation for the company from the negative impacts of further weakening in the real estate and mortgage markets. At year end, Metropolitan Life maintained $51.7 billion in investment-grade bonds, cash and short-term obligations (55 percent of invested assets). The company ranks as the second largest life/health insurer in the United States when measured by admitted assets.
 Due to its strategic marketing role as a subsidiary of Metropolitan Life, Metropolitan Tower Life Insurance Company, Newark, Del. was assigned a 1992 Best's Rating of "A++" (Superior). The company's superior financial strength was affirmed, and its rating level was raised from "A+" to "A++." This rating assignment is based on the consolidated performance of the parent and the subsidiary. Metropolitan Tower Life has served as a marketing arm of Metropolitan Life Insurance Company, through which a significant volume of variable universal life insurance policies have been sold.
 Metropolitan Insurance and Annuity Company, Newark, Del., a subsidiary of Metropolitan Life, was assigned a 1992 Best's Rating of "A" (Excellent). The company's excellent financial strength was affirmed, and its rating level of "A" was unchanged. The activities of Metropolitan I & A had been principally concentrated on the sale of universal and single premium life and individual annuities. The majority of this business is currently either underwritten or reinsured by Metropolitan Life.
 Motorists Mutual Group, (property/casualty), Columbus, Ohio was assigned a 1992 Best's Rating of "A" (Excellent). The group's excellent financial strength was affirmed, and its rating level of "A" was unchanged.
 The group, led by Motorists Mutual Insurance Company, has been profitable in four of the past five years with a strong operating ratio of 91 generated over this period. The group's underwriting results improved significantly as the combined ratio declined six points to 103 in 1991, largely due to more favorable loss experience in its predominant personal auto line. On a five-year basis, surplus more than doubled from operating earnings producing conservative leverage measures with $290 million in net writings supported by $158 million in surplus. Liquidity is excellent and is enhanced by $50 million of cash flow in 1991.
 Motorists Mutual Group, which is among the top 125 property/casualty underwriters in the United States, writes predominantly personal lines business in Ohio and has $529 million in assets.
 Pennsylvania National Insurance Group, Harrisburg, Pa. was assigned a 1992 Best's Rating of "B++" (Very Good). The group's very good financial strength was affirmed, and its rating level was raised from "B+" to "B++". The rating applies to the group's two inter-company pool members.
 The pool, led by Pennsylvania National Mutual Casualty Insurance Company, has produced four consecutive years of good operating profits with an operating ratio of 93 over this period which generated a 62 percent increase in surplus since year-end 1987. The group's leverage, while higher than industry norms, has shown steady improvement with net writings of $321 million supported by $151 million of surplus in 1991. The group maintains satisfactory liquidity enhanced by strong cash flows of $40 million in 1991.
 The Pennsylvania National Insurance Group, a multi-line insurer emphasizing automobile and workers' compensation coverages in Pennsylvania, is among the top 100 property/casualty underwriters in the United States and has $732 million in assets.
 Protective Life Insurance Company, Birmingham, Ala. was assigned a 1992 Best's Rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged.
 This rating assignment reflects the company's favorable earnings performance, excellent asset ities in the guaranteed investment contract (GIC) market. While this growth has increased the company's leverage position, Protective Life's capitalization remains conservative. The company's liquidity is supported by strong operating cash flow and nearly $1.2 billion of investment-grade bonds and short-term securities. Protective Life ranks among the 100 largest life/health insurers in the United States when measured by total assets.
 Provident Life and Accident Insurance Company, Chattanooga, Tenn. was assigned a 1992 Best's Rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged.
 This rating assignment reflects the company's prominent market position in the individual disability income market and strong position in its other major business segments, the excellent quality of the bond portfolio and good capitalization. During 1991, Provident Life and Accident experienced a considerable reduction in statutory earnings largely due to higher claim trends and significant claim reserve strengthening in the individual disability income line and reduced group health profits. Although the company experienced a weakening in the performance of its mortgage portfolio during 1991, A.M. Best expects that future investment losses associated with the downturn in the real estate market will have a very modest impact on earnings and capitalization.
 Provident Life and Accident is the second largest writer of noncancellable disability insurance in the United States and ranks among the 50 largest life/health insurers in the country when measured by total assets.
 Provident National Assurance Company, Chattanooga, Tenn. was assigned a 1992 Best's Rating of "A" (Excellent). The company's excellent financial strength was affirmed, and its rating level of "A" was unchanged. This rating assignment acknowledges the company's role as a group pension subsidiary of Provident Life and Accident, its improved statutory earnings performance, and reasonable asset quality and capitalization. Provident National ranks among the 40 largest life/health insurers in the United States when measured by total assets.
 Provident Mutual Life Insurance Company, Philadelphia, was assigned a 1992 Best's rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level was changed from "Contingent A+" to "A+."
 This rating assignment reflects the company's improving profitability associated with better expense management and reduction in policyholder dividends. In addition, Provident Mutual maintains a favorable level of capitalization relative to its insurance and investment exposure. Although the performance of the mortgage portfolio has declined in recent years, problem loans represent a modest portion of general account assets. Based on the information provided, A.M. Best anticipates future investment related losses will be more than offset by improving earnings performance. The company maintains a favorable liquidity position as operating cash flow, investment-grade bonds, cash and short-term holdings totaled $1.03 billion at year-end 1991. Provident Mutual ranks among the 85 largest life/health insurers in the United States when measured by total assets.
 The Re Capital Reinsurance Corporation, Stamford, Conn., was assigned a 1992 Best's Rating of "A-" (Excellent). The company's rating was changed from the rating "Not Assigned" category of "NA-3" (Insufficient Operating Experience) with a Financial Performance Index of 7 (Above Average).
 The company has produced excellent underwriting results with an average combined ratio of 100 in the last five years. Surplus increased 20 percent in 1991 to $103 million from strong operating earnings combined with a $10 million capital contribution. While net writings increased 32 percent to $141 million in 1991, largely from one major client, the company is conservatively leveraged. Liquidity is excellent and is enhanced by strong cash flow that has grown to over $50 million a year.
 Re Capital Reinsurance Corporation, which specializes in providing working layer proportional reinsurance to small and mid-size insurance companies, is among the top 20 professional reinsurers in the country and has over $300 million in assets.
 Security Benefit Life Insurance Company, Topeka, Kan. was assigned a 1992 Best's rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level was changed from "Contingent A+" to "A+."
 This rating assignment reflects considerable improvement in the company's earnings performance primarily due to the sale of its reinsurance business to North American Reassurance Company, New York, during 1991. A.M. Best anticipates the company's favorable earnings performance will continue due to improved spreads in its annuity business, the implementation of expense control measures, strong persistency, the sale of its reinsurance and group health businesses and increased emphasis on separate account products. Also considered in this rating action is the company's improving asset quality and level of capitalization in recent years. Security Benefit Life's strengthened profitability has enabled surplus funds to increase 63 percent since 1989. When measured by total assets, Security Benefit Life ranks among the 100 largest life/health insurers in the United States.
 Standard Insurance Company, Portland, Ore. was assigned a 1992 Best's Rating of "A+" (Superior). The company's superior financial strength was affirmed, and its rating level of "A+" was unchanged.
 This rating assignment reflects the company's conservative operating strategy, improved earnings performance, favorable asset quality and good level of capitalization. Although Standard Insurance Company maintains a considerable investment in mortgage loans, the risk profile of the portfolio is generally conservative and the performance has been excellent. The company maintains a strong liquidity as cash flow, investment-grade bonds, cash and short-term holdings totaled $1.3 billion at year end. Standard Insurance ranks among the top 100 life/health insurers in the United States when measured by total assets.
 USAA Group (property/casualty), San Antonio, Texas was assigned a 1992 Best's Rating of "A++" (Superior). The group's superior financial strength was affirmed, and its rating level was raised from "A+" to "A++." This rating applies to United Services Automobile Association and its two companion carriers.
 The group continued to produce outstanding profitability with a five-year operating ratio of 92, largely due to its efficient and low cost direct distribution system and mass marketing techniques. Consolidated surplus has increased 86 percent over the past five years to $3.2 billion due to sizable investment gains on its stock portfolio and strong net operating earnings. The group operates with very conservative leverage with $3.5 billion in net writings supported by $3.2 billion in surplus. Liquidity measures are favorable and were enhanced by nearly $600 million of cash flow in 1991.
 USAA Group, which specializes in providing personal lines coverages to active, former, and retired military officers and their families, is the 13th largest property/casualty group in the country and has $7.5 billion in assets.
 Zenith National Insurance Group (property/casualty), Woodland Hills, Calif. was assigned a 1992 Best's Rating of "A+" (Superior). The group's superior financial strength was affirmed, and its rating level of "A+" was unchanged. This rating applies to the group's three inter- company pool members.
 The pool, led by Zenith Insurance Company, continued to produce outstanding underwriting results with a five-year combined ratio of 99. Net operating income in 1991 declined nearly 60 percent from the prior year to $25 million, largely from moderate deterioration in its California workers' compensation underwriting results. Nevertheless, substantial investment gains in 1991 enabled the pool to increase its surplus by 31 percent. Over the past five years, surplus grew only 21 percent as strong operating earnings have been mostly paid out by increasing dividends to the parent company. The group maintains prudent leverage with $381 million in net writings supported by $183 million in surplus. Liquidity measures remain favorable, enhanced by strong operating cash flow of $56 million in 1991. The group maintains a well diversified investment portfolio and has improved its bond holdings by reducing non-investment-grade securities from 6 percent to 2 percent of the bond portfolio in 1991.
 Zenith National Insurance Group, a multi-line insurer specializing in workers' compensation coverages in California, is the 86th largest property/casualty group in the country and has $761 million in assets.
 A.M. Best rates and reports on virtually all life/health and property/casualty insurance companies operating in the United States. Best's Ratings reflect A.M. Best's current opinion of insurers' financial strength and ability to meet policyholders' obligations.
 The 1992 Best's Ratings are made available to subscribers and the public as soon as they are assigned, flowing through A.M. Best's publications and its telephone ratings service, BestLine, 900-420-0400. BestLine costs $2.50 per minute and access requires a touch-tone telephone and the company's A.M. Best identification number.
 -0- 6/22/92
 /CONTACT: Christina Stein of A.M. Best Company, 908-439-2200, ext. 5642/ CO: A.M. Best Company ST: New Jersey IN: INS SU: ECO


TS -- NY022 -- 2308 06/22/92 10:45 EDT
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