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Best's rating changes.

This summary of Best's Rating Changes includes U.S.-domiciled life, health-care and property/casualty insurers as well as international insurers that had ratings assigned, changed or placed under review since this section last appeared in the April 2003 edition of Best's Review.

Best's Rating Changes is an abbreviated version of Best's Rating Monitor, which is published in Best Week, our weekly insurance industry newsletter. See page 18 for the Current Guide to Best's Ratings or visit the A.M, Best Co. Web site at www.ambest. com/ratings/access.html for detailed rating definitions.

The A.M. Best rating of any company and basic company information are also available free of charge at the Web site.
Ratings Changed

Life/Health

Rating Current Previous
Action Company Name & Domicile AMB# Rating Rating

+ American Community Mutual 06044 B- C++
 Insurance Co
 US: Michigan

+ Amica Life Insurance Company 07464 A+ A
 US: Rhode Island

- Annuity & Life Reassurance 06281 B- u B+ u
 America Inc
 US: Connecticut

- Aviva Life Insurance Company 06337 A A+
 US: Delaware

- Aviva Life Insurance Company 09098 A A+
 of New York
 US: New York

- Commercial Travelers Mutual 07361 B- B+
 Insurance Co
 US: New York

- Cotton States Life Insurance 06292 B++ u A-
 Company
 US: Georgia

- Guaranty Income Life 06504 B+ u B++
 Insurance Company
 US: Louisiana

- Liberty Life Assurance 06627 A- A
 Company of Boston
 US: Massachusetts

 Lincoln National Reassurance 09180 NR-3 A u
 Company
 US: Indiana

- Monitor Life Insurance 08664 B- B+
 Co of NY
 US: New York

- National Health 08392 B u B+
 Insurance Company
 US: Texas

+ Protective Industrial 07941 C+ C
 Insurance Co of AL
 US: Alabama

 Sierra Pacific Life 07997 NR-5 B
 Insurance Co
 US: California

- ULLICO Life Insurance Company 06316 B- B
 US: Texas

- Union Labor Life 07152 B- B
 Insurance Company
 US: Maryland

Property/Casualty

Rating Current Previous
Action Company Name & Domicile AMB# Rating Rating

- Affirmative Insurance Company 01795 B B+
 US: Illinois

New Allegany Insurance Group 18608 A
 US: New York

- Alianz Insurance Company 00407 A+ A++ u
 US: California

- Allianz Insurance Group 03887 A+ A++ u
 US: California

- Allianz Underwriters Insurance 02618 A+ A++ u
 Company
 US: California

New America First Lloyds Inc Co 12568 A
 US: Texas

+ American Contractors Indemnity 11019 A- B++
 Company
 US: California

New American Inter-Fidelity Exchange 01776 B NR-5
 US: Indiana

- American Manufacturers 02273 B u B+ u
 Mutual Ins Co
 US: Illinois

- American Motorists Insurance 02274 B u B+ u
 Company
 US: Illinois

 American Professionals 00685 E NR-4
 Insurance Company
 US: Indiana

- American Protection Insurance 02275 B u B+ u
 Company
 US: Illinois

+ AXIS Reinsurance Company 12557 A A-
 US: New York

+ AXIS Specialty Insurance Company 12558 A A-
 US: Connecticut

- Bridgefield Casualty Insurance 11812 A A+
 Company
 US: Florida

 Bridgefield Employers Insurance 12158 A A+
- Company
 US: Florida

 Capital Fire Insurance Company 02337 NR-5 B++
 US: New Hampshire

 Citation Insurance Company (CA) 02898 NR-3 B+
 US: California

- Colorado Casualty 11325 A A+
 Insurance Company
 US: Colorado

 Cooperative Mutual Insurance 04364 B+ u B++
- Company
 US: Nebraska

- Cotton States Insurance Group 00300 B u B+
 US: Georgia

- Cotton States Mutual Insurance 00299 B u B+
 Company
 US: Georgia

+ Daily Underwriters of America 02721 A A-
 US: Pennsylvania

New Eagle Insurance Group (WA) 18007 B+ u NR-5
 US: Washington

- Employers Insurance Company of 02159 A A+
 Wausau
 US: Wisconsin

- Fairmont Insurance Company 04293 B+ B++ u
 US: California

- Financial Insurance Company of 00211 C+ C++
 America
 US: Texas

- First Liberty Insurance 10764 A A+
 Corporation
 US: Iowa

- Florida Select Insurance 11869 B B+
 Company
 US: Florida

+ Founders Insurance Company 12345 A- B++
 US: New Jersey

- Gallant Insurance Company 02574 F E
 US: Illinois

- Golden Eagle Insurance 12076 A A+
 Corporation
 US: California

- Grain Dealers Mutual Insurance 02207 B u B+
 Company
 US: Indiana

 Great States Insurance Company 10706 NR-5 F
 US: California

- GreatLand Insurance Company 12330 B u B+ u
 US: Ohio

 Group Council Mutual Insurance 03745 NR-5 F
 Company
 US: New York

- Hawaiian Insurance&Guar Co, Ltd 11581 B B+
 US: Hawaii

 Highlands Insurance Company 02239 E NR-4
 US: Texas

 HIH America Comp and Liab Ins Co 02917 NR-5 F
 US: California

-- Insura Property & Casualty 02741 B B+
 Ins Co, Inc
 US: Illinois

 Insurance Company of Ohio 01711 NR-5 A
 US: Ohio

-- Interboro Mutual Indemnity 00519 C- u C++
 Insurance Co
 US: New York

-- ISMIE Mutual Insurance Company 03757 B++ A-
 US: Illinois

-- Kemper Casualty Insurance Company 12301 B u B+ u
 US: Illinois

New Kemper Commercial Insurance Company 12291 B u NR-3
 US: Illinois

-- Kemper Employers Insurance Company 11755 B u B+ u
 US: Illinois

-- Kemper Indemnity Insurance 12183 B u B+ u
 Company
 US: Illinois

-- Kemper Insurance Companies 04427 B u B+ u
 US: Illinois

-- Kemper Lloyds Insurance Company 01759 B u B+ u
 US: Texas

-- Kemper Surplus Lines Insurance 12229 B u B+ u
 Company
 US: Illinois

-- Kentucky National Insurance 03579 B+ u B++
 Company
 US: Kentucky

New Liberty County Mutual 12569 A
 Insurance Company
 US: Texas

-- Liberty Insurance Company of 11798 A A+
 America
 US: Illinois

-- Liberty Insurance Company 87725 A A+
 of Canada
 Canada: Ontario

-- Liberty Insurance Corporation 01812 A A+
 US: Vermont

-- Liberty Insurance 02087 A A+
 Underwriters Inc
 US: New York

-- Liberty Lloyds of 12410 A A+
 Texas Insurance Co
 US: Texas

-- Liberty Mutual Fire 02282 A A+
 Insurance Company
 US: Massachusetts

-- Liberty Mutual Insurance 00060 A A+
 Companies
 US: Massachusetts

-- Liberty Mutual Insurance Company 02283 A A+
 US: Massachusetts

-- Liberty Northwest Group 18589 A A+
 US: Oregon

-- Liberty Northwest Insurance 01814 A A+
 Corporation
 US: Oregon

-- Liberty Personal Insurance 03028 A A+
 Company
 US: Michigan

-- Liberty Surplus Insurance 12078 A A+
 Corporation
 US: New Hampshire

-- LM Insurance Corporation 10765 A A+
 US: Iowa

-- Lumbermens Mutual Casualty 02279 B u B+ u
 Company
 US: Illinois

 Manufacturers & Merchants Pool 03056 NR-5 B+
 US: New Hampshire

 Manufacturers and Merchants 02338 NR-5 B+
 Mut Ins Co
 US: New Hampshire

-- Merchants and Business Mens 00588 A A+
 Mut Ins Co
 US: Pennsylvania

New Monroe Co-Operative Fire 11162 A NR-2
 Insurance Co
 US: New York

-- Montgomery Indemnity Company 10649 A A+
 US: Maryland

-- Montgomery Mutual Insurance 00662 A A+
 Company
 US: Maryland

-- North Pacific Insurance 12533 A A+
 Company
 US: Oregon

 Northwest Physicians Mutual 10352 NR-4 C++
 Insurance Co
 US: Oregon

 Northwestern National 02373 E NR-4
 Casualty Company
 US: Wisconsin

-- Oregon Automobile 12532 A A+
 Insurance Company
 US: Oregon

 Pacific Automobile 02880 E NR-4
 Insurance Company
 US: California

 Pacific National Insurance 02376 E NR-4
 Company
 US: California

New Palisades Insurance Company 12073 B+ NR-2
 US: New Jersey

 Patterson Insurance Company 03291 F NR-4
 US: Louisiana

+ Penn National Insurance 00766 A- B++
 US: Pennsylvania

+ Penn National Security 10637 A- B++
 Insurance Company
 US: Pennsylvania

+ Pennsylvania National Mutual 02397 A- B++
 Cas Ins Co
 US: Pennsylvania

 Petrosurance Casualty Company 03662 NR-5 F
 US: Oklahoma

-- Physician Insurance Mutual 18103 B++ A-
 Group
 US: Washington

-- Physicians Insurance A Mutual 02850 B++ A-
 Company
 US: Washington

+ Prime Insurance Syndicate 11306 B- C+
 Incorporated
 US: Illinois

New QBE Specialty Insurance Company 12562 A
 US: North Dakota

-- Republic Fire & Casualty 12097 A-u A
 Insurance Co
 US: Oklahoma

-- Republic Insurance Group 00802 A- u A
 US: Texas

-- Republic Lloyds 02011 A- u A
 US: Texas

-- Republic Underwriters 02422 A- u A
 Insurance Company
 US: Texas

-- Republic-Vanguard Insurance 04070 A- u A
 Company
 US: Arizona

-- RidgeLand Insurance Company 12331 B u B+ u
 US: Ohio

-- Rutgers Casualty Insurance 01838 B+ B++
 Company
 US: New Jersey

-- Rutgers Casualty Insurance 18507 B+ B++
 Group
 US: New Jersey

-- Sheboygan Falls Mutual 00831 B++ A-
 Insurance Company
 US: Wisconsin

-- Shelby Casualty Insurance 02277 B B+
 Company
 US: Illinois

-- Shelby Insurance Company 00832 B B+
 US: Ohio

-- Shield Insurance Company 02133 B u B+
 US: Georgia

-- Southern County Mutual 03382 A- u A
 Insurance Company
 US: Texas

-- Southern Insurance Company 02012 A- u A
 US: Texas

-- Southern Underwriters 12098 A- u A
 Insurance Company
 US: Oklahoma

-- Southern Vanguard Insurance 12223 A- u A
 Company
 US: Texas

-- Specialty National Insurance 12302 B u B+ u
 Company
 US: Illinois

-- Specialty Surplus Insurance 12349 B u B+ u
 Company
 US: Illinois

-- Standard Mutual Insurance x 04005 B++ A-
 Company
 US: Illinois

 State Capital Insurance 00858 E NR-4
 Company
 US: North Carolina

New State National Group 18604 A
 US: Texas

New State National Specialty 12273 A NR-2
 Insurance Co
 US: Texas

 Statesman Insurance Company 02489 E NR-4
 US: Indiana

-- Texas Select Lloyds 11082 B B+
 Insurance Company
 US: Texas

-- TIG American Specialty 01904 B+ B++ u
 Insurance Company
 US: Texas

- TIG Indemnity Company 02512 B+ B++ u
 US: California

- TIG Insurance Company 02507 B+ B++ u
 US: California

- TIG Insurance Company of 03760 B+ B++ u
 Colorado
 US: Colorado

- TIG Insurance Company of 02508 B+ B++ u
 Michigan
 US: Michigan

- TIG Insurance Company of 02511 B+ B++ u
 New York
 US: New York

- TIG Insurance Company of Texas 02510 B+ B++ u
 US: Texas

- TIG Insurance Corporation of 02505 B+ B++ u
 America
 US: Michigan

- TIG Insurance Group 00090 B+ B++ u
 US: Texas

- TIG Lloyds Insurance Company 02863 B+ B++ u
 US: Texas

- TIG Premier Insurance Company 02504 B+ B++ u
 US: California

- TIG Specialty Insurance 02502 B+ B++ u
 Company
 US: California

- Ulico Casualty Company 02623 B B++
 US: Delaware

- Ulico Indemnity Company 11329 B B++
 US: Arkansas

- Ulico Insurance Group 18535 B B++
 US: Delaware

- Ulico Standard of America 11573 B- B
 Casualty Co
 US: California

+ United Financial Casualty Company 01900 A+ A
 US: Ohio

New Unitrin Auto & Home Insurance 12560 A
 Company
 US: New York

New Unitrin Preferred Insurance 12561 A
 Company
 US: New York

- Valor Insurance Company 10762 F E
 US: Illinois

- Vesta Fire Insurance Corporation 04407 B B+
 US: Illinois

- Vests Insurance Corporation 01813 B B+
 US: Illinois

- Vests Insurance Group 05681 B B+
 Incorporated
 US: Alabama

+ Wasatch Crest Mutual Insurance 10111 C++ D
 Company
 US: Utah

 Washington Casualty Company 11243 E NR-4
 US: Washington

- Wausau Business Insurance 02550 A A+
 Company
 US: Wisconsin

- Wausau General Insurance 04274 A A+
 Company
 US: Wisconsin

- Wausau Underwriters 00956 A A+
 Insurance Company
 US: Wisconsin

- Western Professional 12240 B++ A-
 Insurance Company
 US: Washington

International

Rating Current Previous
Action Company Name & Domicile AMB# Rating Rating

- Allianz Marine & Aviation 86992 A+ A++ u
 (France)
 France

- Allianz Aktiengesellschaft 85014 A+ A++ u
 Germany

- Allianz Cornhill Insurance plc 86373 A+ A++ u
 United Kingdom

- Allianz Lebensversicherungs-AG 85015 A+ A++ u
 Germany

- Allianz Private 85942 A+ A++ u
 Krankenversicherungs-AG
 Germany

- Allianz Versicherungs-AG 85473 A+ A++ u
 Germany

- Allianz-Elementar 86995 A+ A++ u
 Lebensversich-AG
 Austria

- Allianz-Elementar 86994 A+ A++ u
 Versicherungs-AG
 Austria

- Annuity and Life Reassurance, 86698 B- u B+ u
 Ltd
 Bermuda

- Assurances Generales de 85174 A+ A++ u
 France IART
 France

- Assurances Generales 85109 A+ A++ u
 de France Vie
 France

+ Axis Re Ltd 83008 A A-
 Ireland

+ Axis Specialty Europe Limited 83007 A A-
 Ireland

+ Axis Specialty Umited 84766 A A-
 Bermuda

- Bayeriache Versicherungsbank AG 86590 A+ A++ u
 Germany

 Co-operative Insurance Soc Ltd 87283 NR-5 A pd
 United Kingdom

 Co-operative Insurance 87801 B+ pd NR-5
 Society Limited
 United Kingdom

 Co-operative Insurance 87284 NR-5 8+ pd
 Society Ltd
 United Kingdom

New CRC (Bermuda) Reinsurance 86437 A- NR-5
 Limited
 Bermuda

- Electro Re SA 56699 B++ A-
 Luxembourg

- Frankfurter Veriacherungs-AG 86591 A+ A++ u
 Germany

New Hannover Rueckversicherungs-AG 84092 A+ NR-5
 Germany

- Hermes Kreditversicherungs-AG 86996 A+ A++ u
 Germany

- Liberty International 87184 A A+
 Insurance Company
 Ireland

- Lloyd Adriatico S.p.A. 85681 A+ A++ u
 Italy

New Lloyd's Syndicate 1414 48930 A+ s
 United Kingdom

 Mitsui Sumitomo Ins 85365 NR-5 B+ pd
 Co (Europe), Ltd.
 United Kingdom

- National Warranty Ins RRG 11609 B++ A-
 Cayman Islands

 Pinnacle Insurance plc 87802 B+ pd NR-5
 United Kingdom

 Pinnacle Insurance plc 87523 NR-5 B++ pd
 United Kingdom

 Raffles Insurance Group 25030 NR-5 A-
 Cayman Islands

- Riunione Adriatica di 85307 A+ A++ u
 Sicurta S.p.A.
 Italy

- Top Layer Reinsurance Ltd 87157 A+ A++
 Bermuda

- Winterthur Group 85342 Au A+
 Switzerland

- Winterthur Life Insurance 85343 A u A+
 Company
 Switzeriand

- Winterthur Swiss Insurance 85341 A u A+
 Company
 Switzerland

Life/Health

Rating Current Previous
Action Company Name & Domicile AMB# Rating Rating

U Employers Modern Life Company 06339 A- u A-
 US: Iowa

U Merrill Lynch Life Insurance 09537 A u A
 Company
 US: Arkansas

U ML Life Insurance Company of 08487 A u A
 New York
 US: New York

U National Travelers Life Company 06806 B+ u B+
 US: Iowa

Property/Casualty

Rating Current Previous
Action Company Name & Domicile AMB# Rating Rating

U Blue Ridge Indemnity Company 02839 A u A
 US: Connecticut

U Blue Ridge Insurance Company 02420 A u A
 US: Connecticut

U General Casualty Companies 04927 A u A
 US: Wisconsin

U General Casualty Company of 04242 A u A
 Illinois
 US: Illinois

U General Casualty Company of 02416 A u A
 Wisconsin
 US: Wisconsin

U Hoosier Insurance Company 00543 A u A
 US: Indiana

U MassWest Insurance Company, Inc 10755 A u A
 US: Massachusetts

U Narragansett Bay Insurance 01750 B- u B-
 Company
 US: Rhode Island

U National Merit Insurance 02701 A u A
 Company
 US: Washington

U Pawtucket Mutual Group 05665 B- u B-
 US: Rhode Island

U Pawtucket Mutual Insurance 00755 B- u B-
 Company
 US: Rhode Island

U Realm National Insurance 00567 C++ u C++
 Company
 US: New York

U Regent Insurance Company 02418 A u A
 US: Wisconsin

U Unigard Indemnity Company 04278 Au A
 US: Washington

U Unigard Insurance Company 02370 A u A
 US: Washington

U Unigard Insurance Group 03924 Au A
 US: Washington

U Unigard Pacific Insurance 00383 A u A
 Company
 US: Washington

International

Rating Current Previous
Action Company Name & Domicile AMB# Rating Rating

U BRIT Insurance Limited 86954 A u A
 United Kingdom

U Professional Risks Insurance 84954 A- u A-
 Limited
 United Kingdom

Rating Action: (+) or (-) Rating upgraded or downgraded

(New) Assigned initial rating

(u) Rating placed under review


RELATED ARTICLE: CURRENT GUIDE TO BEST'S RATINGS

For a complete explanation of Best's Ratings, please refer to the Preface of Best's Insurance Reports[R] or Best's Key Rating Guide[R]. Best's Ratings reflect our independent opinion, but are not a warranty of a company's financial strength and ability to meet its obligations to policyholders.

* For the latest Best's Ratings and Best's Company Reports (which include Best's Ratings) visit the A.M. Best Web site at www.ambest.com. You may also obtain Best's Company Reports by calling our Customer Service Department at (908) 439-2200, Ext. 5742. To expedite your request, please provide the company's identification number (AMB #).

* All rating actions are published in the Rating Monitor section of BestWeek[R]. Selected rating changes and new ratings are published in Best's Review[R] (our monthly magazine).
BEST'S RATINGS

A.M. Best ratings (A++ to F) are assigned to insurance companies that
subscribe to our interactive rating service. The Best's Rating
represents an opinion based on a comprehensive quantitative and
qualitative evaluation of a company's balance sheet strength, operating
performance and business profile.

Secure Best's Ratings

A++ and A++ Superior
A and A- Excellent
B++ and B+ Very Good

Vulnerable Best's Ratings

B and B- Fair
C++ and C+ Marginal
C and C- Weak
D Poor
E Under Regulatory Supervision
F In Liquidation
S Rating Suspended


RATING MODIFIERS

Under Review (u) Rating Modifiers are assigned to Best's Ratings to identity companies whose rating opinions are Under Review and may be subject to near-term change.

Syndicate (s) Rating Modifiers are assigned to syndicates operating at Lloyd's.

Best's Public Data (pd) Rating Modifiers may be assigned to Health Maintenance Organizations (HMOs), Canadian, UK and other European insurers that do not subscribe to our interactive rating process. Best's Public Data Ratings reflect both qualitative and quantitative analysis using publicly available data and other public information.
NOT RATED CATEGORIES (NR)

Companies not assigned a Best's Rating are assigned to one of five NR
categories which identifies the primary reason a rating opinion was not
assigned to the company. For additional information, refer to the
Preface.

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


FINANCIAL SIZE CATEGORIES (FSC)

Assigned to all insurance companies and reflects their size based on their capital, surplus and conditional reserve funds. For information, refer to the Preface.

Best's Ratings are proprietary and may not be reproduced without permission.
COPYRIGHT 2003 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:U.S. insurance industry ratings
Publication:Best's Review
Geographic Code:1USA
Date:May 1, 2003
Words:2710
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