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Rating actions.

This edition lists all rating actions that occurred between Dec. 1 and Dec. 31, 2011.

For the rating of any company rated by A.M. Best Co. and basic company information free of charge, visit the A.M. Best website at www.ambest.com/ ratings/access.html.
Operating Companies

Rating Business
Action Type Company Name

 U.S., CANADA AND BERMUDA LIFE AND HEALTH

-- L Alfa Life Insurance Corporation

U L Allianz Life and Annuity Company

U L Allianz Life Insurance Co of NA

U L Allianz Life Insurance Co of New York

[DELTA] L American Fidelity Life Insurance Company

[DELTA] H American Republic Corp Insurance Company

[DELTA] H American Republic Insurance Company

U L Aviva Life and Annuity Company

U L Aviva Life and Annuity Company of NY

-- H AvMed Inc

U L AXA Corporate Solutions Life Reinsurance

U L AXA Equitable Life and Annuity Company

U L AXA Equitable Life Insurance Company

NEW L CIGNA Arbor Life Insurance Company

W H CIGNA Healthcare Mid-Atlantic Inc

W H CIGNA Healthcare of Maine Inc

W H CIGNA Healthcare of New Hampshire Inc

W H CIGNA Healthcare of Ohio line

+ L Citizens Security Life Insurance Company

[DELTA] L Companion Life Insurance Company

U L First Reliance Standard Life Ins Co

-- L General! USA Life Reassurance Company

-- L ING Life Insurance and Annuity Company

-- L ING USA Annuity and Life Insurance Co

[DELTA] L John Hancock Life & Health Insurance Co

[DELTA] L John Hancock Life Insurance Company NY

[DELTA] L John Hancock Life Insurance Company USA

[DELTA] L Manufacturers Life Insurance Company

U L MONY Life Insurance Company

U L MONY Life Insurance Company of America

[DELTA] H Mutual of Omaha Insurance Company

[DELTA] L National Security Insurance Company

+ L Reassure America Life Insurance Company

U L Reliance Standard Life Insurance Company

-- L ReliaStar Life Insurance Co of NY

-- L ReliaStar Life Insurance Company

W L SCOR Global Life Reinsurance Cc of Amer

-- L Security Life of Denver Insurance Co

+ L Swiss Re Life & Health America Inc

[DELTA] L Trans World Assurance Company

[DELTA] L United of Omaha Life Insurance Company

[DELTA] L United World Life Insurance Company

U L US Financial Life Insurance Company

U H Valley Baptist Insurance Company

[DELTA] H World Corp Insurance Company

[DELTA] H World Insurance Company

 U.S., CANADA AND BERMUDA PROPERTY/CASUALTY

-- P 1st Auto & Casualty Insurance Company

-- P Accident Fund General Insurance Co

-- P Accident Fund Group

-- P Accident Fund Ins Co of America

-- P Accident Fund National Insurance Co

-- P AGCS Marine Insurance Company

-- P Alfa Alliance Insurance Corporation

-- P Alfa General Insurance Corporation

-- P Alfa Insurance Corporation

-- P Alfa Insurance Group

-- P Alfa Mutual Fire Insurance Company

-- P Alfa Mutual General Insurance Company

-- P Alfa Mutual Insurance Company

-- P Alfa Specialty Insurance Corporation

-- P Alfa Vision Insurance Corp

-- P Allianz Global Corp & Spec North America

-- P Allianz Global Risks US Insurance Co

-- P Allianz Underwriters Insurance Company

U P American Automobile Insurance Company

NEW P American Capital Partners Re, Ltd.

-- P American Commerce Insurance Company

U P American Insurance Company

W P American Millers Insurance Company

U P American Standard Lloyds Insurance Co

NEW P American Sterling Insurance Company

W P ARI Casualty Company

U P Associated Indemnity Corporation

-- P Austin Mutual Insurance Company

U P Aviva Insurance Company of Canada

U P AXA Art Insurance Corporation

U P AXA Insurance Company

[DELTA] P Chautauqua Patrons Insurance Company

U P Chicago Insurance Company

-- P Cincinnati Casualty Company

-- P Cincinnati Indemnity Company

-- P Cincinnati Insurance Companies

-- P Cincinnati Insurance Company

-- P Citation Insurance Company (MA)

W P Clarendon America Insurance Company *

W P Clarendon Insurance Group *

W P Clarendon National Insurance Company *

W P Clarendon Select Insurance Company *

U P Coliseum Reinsurance Company

-- P Commerce Insurance Company

U P Commerce Protective Insurance Company

-- P Commerce West Insurance Company

-- P Community Mutual Insurance Company

-- P CompWest Insurance Company

U P Elite Insurance Company

+ P Esurance Insurance Company

** P Esurance Insurance Company of New Jersey

W P Esurance Insurance Group

+ P Esurance Property and Casualty Ins Co

U P Euler Hermes American Credit Indem Co

** P Fidelity National Group

** P Fidelity National Insurance Company

** P Fidelity National Prop & Cas Ins Co

U P Fireman's Fund County Mutual Ins Co

U P Fireman's Fund Indemnity Corporation

U P Fireman's Fund Insurance Co of HI Inc

U P Fireman's Fund Insurance Companies

U P Fireman's Fund Insurance Company

U P Fireman's Fund Insurance Company of LA

U P Fireman's Fund Insurance Company of Ohio

+ P First F & C Insurance of HI, Inc

+ P First Indemnity Insurance of Hawaii, Inc

+ P First Insurance Company of Hawaii, Ltd

+ P First of Hawaii Group

U P First Sealord Surety, Inc.

+ P First Security Insurance of Hawaii Inc

+ P First Specialty Insurance Corporation

-- P Germania Farm Mutual Insurance Assn

-- P Germania Fire & Casualty Company

-- P Germania Insurance Company

-- P Germania Mutual Group

-- P Germania Select Insurance Company

-- P Gramercy Insurance Company

W P Harbor Specialty Insurance Company *

NEW P HomeWise Insurance Company

-- P IFA Insurance Company

[DELTA] P Indemnity Insurance Corp, RRG

U P Interstate Fire & Casualty Company

NEW P Lion Reinsurance Company Limited

-- P MAPFRE Insurance Company of Florida

U P MAPFRE Pan American Insurance Company

U P MAPFRE PRAICO Group

U P MAPFRE PRAICO Insurance Company

U P MAPFRE Preferred Risk Insurance Company

-- P MAPFRE U.S.A. Group

[DELTA] P Commercial Insurance Mutual
 Michigan

-- P National Insurance Company

U P National Surety Corporation

NEW P Nations Insurance Company

+ P North American Capacity Insurance Co

+ P North American Elite Insurance Company

+ P North American Specialty Insurance Co

W P PEMCO Insurance Companies

W P PEMCO Insurance Company

+ P Penn Millers Insurance Company

+ P Penn Millers Insurance Group

U P Pilot Insurance Company

[DELTA] P Providence Mutual Fire Insurance Co

[DELTA] P Providence Mutual Group

W P Roche Surety and Casualty Inc

U P S&Y Insurance Company

U P Safety First Insurance Company

U P Safety National Casualty Corporation

U P Safety National Group

U P Scottish & York Insurance Company Ltd

NEW P Southern Eagle Insurance Company

[DELTA] P Southern Trust Insurance Company

-- P State-Wide Insurance Company

+ P Swiss Reinsurance America Corporation

U P Toa Reinsurance Company of America

U P Traders General Insurance Company

-- P United Wisconsin Insurance Company

+ P Washington International Insurance Cc

NEW P West Virginia Mutual Insurance Company

+ P Westport Insurance Corporation

-- P Wisconsin Reinsurance Corporation

-- P Wisconsin Reinsurance Group

 EUROPE, MIDDLE EAST AND AFRICA

-- L AachenMuenchener Lebensversicherung AG

-- P AachenMuenchener Versicherung AG

-- P Allianz Global Corporate & Specialty AG

-- P Allianz Global Corporate & Specialty FR

-- P Allianz IARD

-- C Allianz Insurance plc

-- L Allianz Lebensversicherungs-Aktiengesell

-- L Allianz Private Krankenversicherungs-AG

-- P Allianz Risk Transfer AG

-- C Allianz S.p.A.

-- C Allianz SE

-- P Allianz Versicherungs-Aktiengesellschaft

-- C Allianz Vie

-- C Assicurazioni Generali S.p.A.

U L Aviva Annuity UK Limited

U P Aviva Assurances

U L Aviva Epargne Retraite

NEW C Aviva Insurance Limited

W P Aviva Insurance UK Limited

U P Aviva International Insurance Limited

U L Aviva Life & Pensions UK Limited

U C Aviva Vida y Pensiones SA de Seg y Reas

U C Aviva Vie

NEW P Builders' Credit Reinsurance Company SA

U C Caisse Centrale de Reassurance

-- L Central Krankenversicherung AG

-- L COSMOS Lebensversicherungs-AG

-- P COSMOS Versicherung AG

W C Delta Lloyd NV

NEW L Elips Life AG, Vaduz

-- P Euler Hermes Kreditvers

U P Eurofil

+ C European Reinsurance Company of Zurich

-- C Generali Deutschland Holding AG

-- P Generali lard

-- L Generali Lebensversicherung AG

-- P Generali Versicherung AG

-- C Generali Vie

-- C MAPFRE RE, Compania de Reaseguros, S.A.

+ P OJSC Transsiberian Reinsurance Corp

NEW P Schweizerische National-Vers

+ C Swiss Re Europe S.A.

+ P Swiss Re International SE

+ C Swiss Reinsurance Company Limited

NEW P Trade Union Coop Ins Co--A Saudi JSC

 ASIA PACIFIC

U P Labuan Reinsurance (L) Ltd

NEW P Samsung Reinsurance Pte. Ltd.

U C The Toa Reinsurance Company, Limited

 CARIBBEAN & LATIN AMERICA

NEW C IRB--Brasil Resseguros S.A.

 FSR
Company Name AMB# ICR

 U.S., CANADA AND BERMUDA LIFE AND HEALTH

Alfa Life Insurance Corporation 006293 A
 a+

Allianz Life and Annuity Company 068026 A u
 a u

Allianz Life Insurance Co of NA 006830 A u
 a+ u

Allianz Life Insurance Co of New York 009417 A u
 a+ u

American Fidelity Life Insurance Company 006055 B++
 bbb+

American Republic Corp Insurance Company 006906 A-
 a-

American Republic Insurance Company 006096 A-
 a-

Aviva Life and Annuity Company 006199 A u
 a+ u

Aviva Life and Annuity Company of NY 006467 A u
 a+ u

AvMed Inc 064074 B+ u
 bbb- u

AXA Corporate Solutions Life Reinsurance 009083 B++ u
 bbb u

AXA Equitable Life and Annuity Company 009516 A u
 a+ u

AXA Equitable Life Insurance Company 006341 A+ u
 aa- u

CIGNA Arbor Life Insurance Company 060710 A
 a

CIGNA Healthcare Mid-Atlantic Inc 068871 NR

CIGNA Healthcare of Maine Inc 068549 NR
 NR

CIGNA Healthcare of New Hampshire Inc 068675 NR
 NR

CIGNA Healthcare of Ohio line 068788 NR
 NR

Citizens Security Life Insurance Company 006227 B-
 bb-

Companion Life Insurance Company 006258 A+
 aa-

First Reliance Standard Life Ins Co 009418 A u
 a u

General! USA Life Reassurance Company 009189 A-
 a-

ING Life Insurance and Annuity Company 006895 A u
 a u

ING USA Annuity and Life Insurance Co 008388 A u
 a u

John Hancock Life & Health Insurance Co 009074 A+
 aa-

John Hancock Life Insurance Company NY 060056 A+
 aa-

John Hancock Life Insurance Company USA 006681 A+
 aa-

Manufacturers Life Insurance Company 006688 A+
 aa-

MONY Life Insurance Company 006751 A+ u
 aa- u

MONY Life Insurance Company of America 008091 A+ u
 aa- u

Mutual of Omaha Insurance Company 007369 A+
 aa-

National Security Insurance Company 006802 B
 bb+

Reassure America Life Insurance Company 007207 A+
 aa-

Reliance Standard Life Insurance Company 006990 A u
 a u

ReliaStar Life Insurance Co of NY 006157 A u
 a u

ReliaStar Life Insurance Company 006846 A u
 a u

SCOR Global Life Reinsurance Cc of Amer 060575 NR
 NR

Security Life of Denver Insurance Co 007029 A u
 a u

Swiss Re Life & Health America Inc 007283 A+
 aa-

Trans World Assurance Company 007136 B++
 bbb+

United of Omaha Life Insurance Company 007164 A+
 aa-

United World Life Insurance Company 007528 A+
 aa-

US Financial Life Insurance Company 008492 A u
 a+ u

Valley Baptist Insurance Company 064852 B u
 bb u

World Corp Insurance Company 008350 A-
 a-

World Insurance Company 007262 A-
 a-

 U.S., CANADA AND BERMUDA PROPERTY/CASUALTY

1st Auto & Casualty Insurance Company 011233 B+
 bbb-

Accident Fund General Insurance Co 013044 A-
 a-

Accident Fund Group 018680 A-
 a-

Accident Fund Ins Co of America 011770 A-
 a-

Accident Fund National Insurance Co 013043 A-
 a-

AGCS Marine Insurance Company 002268 A+ u
 aa- u

Alfa Alliance Insurance Corporation 000954 A
 a+

Alfa General Insurance Corporation 001724 A
 a+

Alfa Insurance Corporation 002227 A
 a+

Alfa Insurance Group 000106 A
 a+

Alfa Mutual Fire Insurance Company 002006 A
 a+

Alfa Mutual General Insurance Company 003314 A
 a+

Alfa Mutual Insurance Company 002005 A
 a+

Alfa Specialty Insurance Corporation 012333 A
 a+

Alfa Vision Insurance Corp 010042 A
 a+

Allianz Global Corp & Spec North America 003887 A+ u
 aa- u

Allianz Global Risks US Insurance Co 000407 A+ u
 aa- u

Allianz Underwriters Insurance Company 002618 A+ u
 aa- u

American Automobile Insurance Company 002176 A u
 a+ u

American Capital Partners Re, Ltd. 091620 A-
 a-

American Commerce Insurance Company 002065 A u
 a+ u

American Insurance Company 002177 A u
 a+ u

American Millers Insurance Company 000131 NR
 NR

American Standard Lloyds Insurance Co 003586 A u
 a+ u

American Sterling Insurance Company 001915 F
 rs

ARI Casualty Company 002607 NR
 NR

Associated Indemnity Corporation 002178 A u
 a+ u

Austin Mutual Insurance Company 000182 B++
 bbb

Aviva Insurance Company of Canada 085748 A u
 a+ u

AXA Art Insurance Corporation 010599 A u
 a+ u

AXA Insurance Company 003718 A u
 a u

Chautauqua Patrons Insurance Company 010564 A-
 a-

Chicago Insurance Company 002266 A u
 a+ u

Cincinnati Casualty Company 004289 A+
 aa-

Cincinnati Indemnity Company 010650 A+
 aa-

Cincinnati Insurance Companies 004294 A+
 aa-

Cincinnati Insurance Company 000258 A+
 aa-

Citation Insurance Company (MA) 002851 A u
 a+ u

Clarendon America Insurance Company * 001845 NR
 NR

Clarendon Insurance Group * 003041 NR
 NR

Clarendon National Insurance Company * 001975 NR
 NR

Clarendon Select Insurance Company * 010827 NR
 NR

Coliseum Reinsurance Company 003811 B++ u
 bbb u

Commerce Insurance Company 004663 A u
 a+ u

Commerce Protective Insurance Company 011106 B u
 bb u

Commerce West Insurance Company 003131 A u
 a+ u

Community Mutual Insurance Company 011047 C+
 b-

CompWest Insurance Company 010134 A
 a-

Elite Insurance Company 085742 A u
 a+ u

Esurance Insurance Company 002526 A+
 aa-

Esurance Insurance Company of New Jersey 000466 A-
 a-

Esurance Insurance Group 018718 NR
 NR

Esurance Property and Casualty Ins Co 000273 A+
 aa-

Euler Hermes American Credit Indem Co 002097 A+ u
 aa- u

Fidelity National Group 018606 A
 a-

Fidelity National Insurance Company 012478 A-
 a-

Fidelity National Prop & Cas Ins Co 004496 A-
 a-

Fireman's Fund County Mutual Ins Co 003682 A u
 a+ u

Fireman's Fund Indemnity Corporation 001892 A u
 a+ u

Fireman's Fund Insurance Co of HI Inc 002717 A u
 a+ u

Fireman's Fund Insurance Companies 000034 A u
 a+ u

Fireman's Fund Insurance Company 002179 A u
 a+ u

Fireman's Fund Insurance Company of LA 002824 A u
 a+ u

Fireman's Fund Insurance Company of Ohio 002843 A u
 a+ u

First F & C Insurance of HI, Inc 001747 A
 a+

First Indemnity Insurance of Hawaii, Inc 001748 A
 a+

First Insurance Company of Hawaii, Ltd 002212 A
 a+

First of Hawaii Group 018011 A
 a+

First Sealord Surety, Inc. 012586 A- u
 a- u

First Security Insurance of Hawaii Inc 012228 A
 a+

First Specialty Insurance Corporation 010783 A+
 aa-

Germania Farm Mutual Insurance Assn 003687 A-
 a-

Germania Fire & Casualty Company 002779 A-
 a-

Germania Insurance Company 003840 A
 a-

Germania Mutual Group 003876 A-
 a-

Germania Select Insurance Company 012564 A-
 a-

Gramercy Insurance Company 002722 B
 bb

Harbor Specialty Insurance Company * 011783 NR
 NR

HomeWise Insurance Company 011525 F
 rs

IFA Insurance Company 003542 B+
 bbb-

Indemnity Insurance Corp, RRG 076553 A
 a-

Interstate Fire & Casualty Company 002267 A u
 a+ u

Lion Reinsurance Company Limited 091769 A
 a-

MAPFRE Insurance Company of Florida 010805 A u
 a+ u

MAPFRE Pan American Insurance Company 004290 A u
 a+ u

MAPFRE PRAICO Group 003866 A u
 a+ u

MAPFRE PRAICO Insurance Company 011116 A u
 a+ u

MAPFRE Preferred Risk Insurance Company 003649 A u
 a+ u

MAPFRE U.S.A. Group 002966 A u
 a+ u

Commercial Insurance Mutual 055021 B++
Michigan bbb

National Insurance Company 003106 F
 rs

National Surety Corporation 002182 A u
 a+ u

Nations Insurance Company 013874 B
 bb+

North American Capacity Insurance Co 011135 A+
 aa-

North American Elite Insurance Company 010617 A+
 aa-

North American Specialty Insurance Co 001866 A+
 aa-

PEMCO Insurance Companies 000790 NR
 NR

PEMCO Insurance Company 003505 NR
 NR

Penn Millers Insurance Company 000762 A
 a+

Penn Millers Insurance Group 000449 A
 a+

Pilot Insurance Company 085779 A u
 a+ u

Providence Mutual Fire Insurance Co 000787 A
 a

Providence Mutual Group 018005 A
 a

Roche Surety and Casualty Inc 010707 NR
 NR

S&Y Insurance Company 066504 A u
 a+ u

Safety First Insurance Company 012476 A u
 a u

Safety National Casualty Corporation 000818 A u
 a u

Safety National Group 018564 A u
 a u

Scottish & York Insurance Company Ltd 085788 A u
 a+ u

Southern Eagle Insurance Company 011535 E
 rs

Southern Trust Insurance Company 004040 A
 a

State-Wide Insurance Company 000869 A u
 a+ u

Swiss Reinsurance America Corporation 003263 A+
 aa-

Toa Reinsurance Company of America 001730 A+ u
 aa- u

Traders General Insurance Company 085795 A u
 a+ u

United Wisconsin Insurance Company 001932 A-
 a-

Washington International Insurance Cc 002695 A+
 aa-

West Virginia Mutual Insurance Company 013014 A-
 a-

Westport Insurance Corporation 000347 A+
 aa-

Wisconsin Reinsurance Corporation 002791 B+
 bbb-

Wisconsin Reinsurance Group 018165 B+
 bbb-
EUROPE, MIDDLE EAST AND AFRICA

AachenMuenchener Lebensversicherung AG 085761 A u
 a u

AachenMuenchener Versicherung AG 085302 A u
 a u

Allianz Global Corporate & Specialty AG 087997 A+ u
 aa- u

Allianz Global Corporate & Specialty FR 086992 A+ u
 aa- u

Allianz IARD 085174 A+ u
 aa- u

Allianz Insurance plc 086373 A+ u
 aa- u

Allianz Lebensversicherungs-Aktiengesell 085015 A+ u
 aa- u

Allianz Private Krankenversicherungs-AG 085942 A+ u
 aa- u

Allianz Risk Transfer AG 077703 A u
 a u

Allianz S.p.A. 085309 A+ u
 aa- u

Allianz SE 085449 A+ u
 aa- u

Allianz Versicherungs-Aktiengesellschaft 085473 A+ u
 aa- u

Allianz Vie 085109 A+ u
 aa- u

Assicurazioni Generali S.p.A. 085071 A u
 a u

Aviva Annuity UK Limited 087492 A u
 a+ u

Aviva Assurances 085256 A u
 a+ u

Aviva Epargne Retraite 089965 A u
 a+ u

Aviva Insurance Limited 078773 A u
 a+ u

Aviva Insurance UK Limited 085250 NR
 NR

Aviva International Insurance Limited 085047 A u
 a+ u

Aviva Life & Pensions UK Limited 086137 A u
 a+ u

Aviva Vida y Pensiones SA de Seg y Reas 083198 A u
 a+ u

Aviva Vie 085552 A u
 a+ u

Builders' Credit Reinsurance Company SA 074007 A-
 a-

Caisse Centrale de Reassurance 085834 A++ u
 aa+ u

Central Krankenversicherung AG 085303 A u
 a u

COSMOS Lebensversicherungs-AG 085304 A u
 a u

COSMOS Versicherung AG 085382 A u
 a u

Delta Lloyd NV 087830 NR
 NR

Elips Life AG, Vaduz 091322 A
 a+

Euler Hermes Kreditvers 086531 A+ u
 aa- u

Eurofil 083038 A u
 a+ u

European Reinsurance Company of Zurich 085830 A+
 aa-

Generali Deutschland Holding AG 084112 A u
 a u

Generali lard 084095 A u
 a u

Generali Lebensversicherung AG 085074 A u
 a u

Generali Versicherung AG 085076 A u
 a u

Generali Vie 085695 A u
 a u

MAPFRE RE, Compania de Reaseguros, S.A. 086277 A u
 a+ u

OJSC Transsiberian Reinsurance Corp 078395 B
 bb+

Schweizerische National-Vers 083978 A
 a-

Swiss Re Europe S.A. 086847 A+
 aa-

Swiss Re International SE 087600 A+
 aa-

Swiss Reinsurance Company Limited 085009 A+
 aa-

Trade Union Coop Ins Co--A Saudi JSC 091583 B++
 bob+
 ASIA PACIFIC

Labuan Reinsurance (L) Ltd 086913 A- a
 a- u

Samsung Reinsurance Pte. Ltd. 091577 A
 a

The Toa Reinsurance Company, Limited 085179 A+ u
 aa- u

 CARIBBEAN & LATIN AMERICA

IRB--Brasil Resseguros S.A. 085590 A
 a-

 Current

 Outlook/ FSR
Company Name Implications ICR

 U.S., CANADA AND BERMUDA LIFE AND HEALTH

Alfa Life Insurance Corporation Stable A+
 Stable aa-

Allianz Life and Annuity Company Negative A
 Negative a

Allianz Life Insurance Co of NA Negative A
 Negative a+

Allianz Life Insurance Co of New York Negative A
 Negative a+

American Fidelity Life Insurance Company Stable B++
 Negative bbb+

American Republic Corp Insurance Company Negative A-
 Negative a-

American Republic Insurance Company Negative A-
 Negative a-

Aviva Life and Annuity Company Negative A
 Negative a+

Aviva Life and Annuity Company of NY Negative A
 Negative a+

AvMed Inc Negative B++
 Negative bbb

AXA Corporate Solutions Life Reinsurance Negative B++
 Negative bbb

AXA Equitable Life and Annuity Company Negative A
 Negative a+

AXA Equitable Life Insurance Company Negative A+
 Negative aa-

CIGNA Arbor Life Insurance Company Stable NR
 Stable NR

CIGNA Healthcare Mid-Atlantic Inc A
 a

CIGNA Healthcare of Maine Inc A
 a

CIGNA Healthcare of New Hampshire Inc A
 a

CIGNA Healthcare of Ohio line A
 a

Citizens Security Life Insurance Company Stable C++
 Stable b+

Companion Life Insurance Company Negative A+
 Negative aa-

First Reliance Standard Life Ins Co Positive A
 Positive a

General! USA Life Reassurance Company Stable A u
 Stable a u

ING Life Insurance and Annuity Company Negative A
 Negative a+

ING USA Annuity and Life Insurance Co Negative A
 Negative a+

John Hancock Life & Health Insurance Co Stable A+
 Stable aa-

John Hancock Life Insurance Company NY Stable A+
 Stable aa-

John Hancock Life Insurance Company USA Stable A+
 Stable aa-

Manufacturers Life Insurance Company Stable A+
 Stable aa-

MONY Life Insurance Company Negative A+
 Negative aa-

MONY Life Insurance Company of America Negative A+
 Negative aa-

Mutual of Omaha Insurance Company Negative A+
 Negative aa-

National Security Insurance Company Stable B
 Stable bb+

Reassure America Life Insurance Company Stable A
 Stable a+

Reliance Standard Life Insurance Company Positive A
 Positive a

ReliaStar Life Insurance Co of NY Negative A
 Negative a+

ReliaStar Life Insurance Company Negative A
 Negative a+

SCOR Global Life Reinsurance Cc of Amer A
 a

Security Life of Denver Insurance Co Negative A
 Negative a+

Swiss Re Life & Health America Inc Stable A
 Stable a+

Trans World Assurance Company Stable B++
 Negative bbb+

United of Omaha Life Insurance Company Negative A+
 Negative aa-

United World Life Insurance Company Negative A+
 Negative aa-

US Financial Life Insurance Company Negative A
 Negative a+

Valley Baptist Insurance Company Positive B
 Positive bb

World Corp Insurance Company Negative A-
 Negative a-

World Insurance Company Negative A-
 Negative a-

 U.S., CANADA AND BERMUDA PROPERTY/CASUALTY

1st Auto & Casualty Insurance Company Negative B++
 Negative bbb

Accident Fund General Insurance Co Stable A
 Stable a

Accident Fund Group Stable A
 Stable a

Accident Fund Ins Co of America Stable A
 Stable a

Accident Fund National Insurance Co Stable A
 Stable a

AGCS Marine Insurance Company Negative A+
 Negative as

Alfa Alliance Insurance Corporation Stable A+
 Negative aa-

Alfa General Insurance Corporation Stable A+
 Negative aa-

Alfa Insurance Corporation Stable A+
 Negative aa-

Alfa Insurance Group Stable A+
 Negative aa-

Alfa Mutual Fire Insurance Company Stable A+
 Negative aa-

Alfa Mutual General Insurance Company Stable A+
 Negative aa-

Alfa Mutual Insurance Company Stable A+
 Negative aa-

Alfa Specialty Insurance Corporation Stable A+
 Negative aa-

Alfa Vision Insurance Corp Stable A+
 Negative aa-

Allianz Global Corp & Spec North America Negative A+
 Negative as

Allianz Global Risks US Insurance Co Negative A+
 Negative as

Allianz Underwriters Insurance Company Negative A+
 Negative as

American Automobile Insurance Company Negative A
 Negative a+

American Capital Partners Re, Ltd. Stable
 Stable

American Commerce Insurance Company Negative A+
 Negative aa-

American Insurance Company Negative A
 Negative a+

American Millers Insurance Company B++
 bbb+

American Standard Lloyds Insurance Co Negative A
 Negative a+

American Sterling Insurance Company NR
 NR

ARI Casualty Company B++
 bbb+

Associated Indemnity Corporation Negative A
 Negative a+

Austin Mutual Insurance Company Negative A-
 Negative a-

Aviva Insurance Company of Canada Negative A
 Negative a+

AXA Art Insurance Corporation Negative A
 Negative a+

AXA Insurance Company Negative A
 Negative a

Chautauqua Patrons Insurance Company Negative A-
 Negative a-

Chicago Insurance Company Negative A
 Negative a+

Cincinnati Casualty Company Stable A+
 Stable as

Cincinnati Indemnity Company Stable A+
 Stable as

Cincinnati Insurance Companies Stable A+
 Stable as

Cincinnati Insurance Company Stable A+
 Stable as

Citation Insurance Company (MA) Negative A+
 Negative aa-

Clarendon America Insurance Company * B+
 bbb-

Clarendon Insurance Group * B+
 bbb-

Clarendon National Insurance Company * B+
 bbb-

Clarendon Select Insurance Company * B+
 bbb-

Coliseum Reinsurance Company Negative B++
 Negative bbb

Commerce Insurance Company Negative A+
 Negative aa-

Commerce Protective Insurance Company Developing B
 Developing bb

Commerce West Insurance Company Negative A+
 Negative aa-

Community Mutual Insurance Company Negative B-
 Negative bb-

CompWest Insurance Company Stable A
 Stable a

Elite Insurance Company Negative A
 Negative a+

Esurance Insurance Company Stable A- u
 Stable a- u

Esurance Insurance Company of New Jersey Stable A- u
 Stable a- u

Esurance Insurance Group A- u
 a- u

Esurance Property and Casualty Ins Co Stable A- u
 Stable a- u

Euler Hermes American Credit Indem Co Negative A+
 Negative aa-

Fidelity National Group Stable A- u
 Stable a- u

Fidelity National Insurance Company Stable A- u
 Stable a- u

Fidelity National Prop & Cas Ins Co Stable A- u
 Stable a- u

Fireman's Fund County Mutual Ins Co Negative A
 Negative a+

Fireman's Fund Indemnity Corporation Negative A
 Negative a+

Fireman's Fund Insurance Co of HI Inc Negative A
 Negative a+

Fireman's Fund Insurance Companies Negative A
 Negative a+

Fireman's Fund Insurance Company Negative A
 Negative a+

Fireman's Fund Insurance Company of LA Negative A
 Negative a+

Fireman's Fund Insurance Company of Ohio Negative A
 Negative a+

First F & C Insurance of HI, Inc Stable A u
 Stable a u

First Indemnity Insurance of Hawaii, Inc Stable A u
 Stable a u

First Insurance Company of Hawaii, Ltd Stable A u
 Stable a u

First of Hawaii Group Stable A u
 Stable a u

First Sealord Surety, Inc. Negative A-
 Negative a-

First Security Insurance of Hawaii Inc Stable A u
 Stable a u

First Specialty Insurance Corporation Stable A
 Stable a+

Germania Farm Mutual Insurance Assn Stable A
 Stable a

Germania Fire & Casualty Company Stable A
 Stable a

Germania Insurance Company Stable A
 Stable a

Germania Mutual Group Stable A
 Stable a

Germania Select Insurance Company Stable A
 Stable a

Gramercy Insurance Company Negative B+
 Negative bbb-

Harbor Specialty Insurance Company * B+
 bbb-

HomeWise Insurance Company NR
 NR

IFA Insurance Company Negative B++
 Negative bbb

Indemnity Insurance Corp, RRG Negative A-
 Negative a-

Interstate Fire & Casualty Company Negative A
 Negative a+

Lion Reinsurance Company Limited Stable
 Stable

MAPFRE Insurance Company of Florida Negative A+
 Negative aa-

MAPFRE Pan American Insurance Company Negative A
 Negative a+

MAPFRE PRAICO Group Negative A
 Negative a+

MAPFRE PRAICO Insurance Company Negative A
 Negative a+

MAPFRE Preferred Risk Insurance Company Negative A
 Negative a+

MAPFRE U.S.A. Group Negative A+
 Negative aa-

Commercial Insurance Mutual Negative B++
Michigan Negative bbb

National Insurance Company E
 rs

National Surety Corporation Negative A
 Negative a+

Nations Insurance Company Stable NR
 Stable NR

North American Capacity Insurance Co Stable A
 Stable a+

North American Elite Insurance Company Stable A
 Stable a+

North American Specialty Insurance Co Stable A
 Stable a+

PEMCO Insurance Companies A-
 a-

PEMCO Insurance Company A-
 a-

Penn Millers Insurance Company Positive A- u
 Positive a- u

Penn Millers Insurance Group Positive A- u
 Positive a- u

Pilot Insurance Company Negative A
 Negative a+

Providence Mutual Fire Insurance Co Negative A
 Negative a

Providence Mutual Group Negative A
 Negative a

Roche Surety and Casualty Inc B++
 bbb+

S&Y Insurance Company Negative A
 Negative a+

Safety First Insurance Company Positive A
 Positive a

Safety National Casualty Corporation Positive A
 Positive a

Safety National Group Positive A
 Positive a

Scottish & York Insurance Company Ltd Negative A
 Negative a+

Southern Eagle Insurance Company NR
 NR

Southern Trust Insurance Company Negative A
 Negative a

State-Wide Insurance Company Negative A+
 Negative aa-

Swiss Reinsurance America Corporation Stable A
 Stable a+

Toa Reinsurance Company of America Negative A+
 Negative aa-

Traders General Insurance Company Negative A
 Negative a+

United Wisconsin Insurance Company Stable A
 Stable a

Washington International Insurance Cc Stable A
 Stable a+

West Virginia Mutual Insurance Company Stable NR
 Stable NR

Westport Insurance Corporation Stable A
 Stable a+

Wisconsin Reinsurance Corporation Negative B++
 Negative bbb

Wisconsin Reinsurance Group Negative B++
 Negative bbb
EUROPE, MIDDLE EAST AND AFRICA

AachenMuenchener Lebensversicherung AG Negative A+ u
 Negative aa- u

AachenMuenchener Versicherung AG Negative A+ u
 Negative aa- u

Allianz Global Corporate & Specialty AG Negative A+
 Negative as

Allianz Global Corporate & Specialty FR Negative A+
 Negative as

Allianz IARD Negative A+
 Negative as

Allianz Insurance plc Negative A+
 Negative as

Allianz Lebensversicherungs-Aktiengesell Negative A+
 Negative as

Allianz Private Krankenversicherungs-AG Negative A+
 Negative as

Allianz Risk Transfer AG Negative A
 Negative a+

Allianz S.p.A. Negative A+
 Negative as

Allianz SE Negative A+
 Negative as

Allianz Versicherungs-Aktiengesellschaft Negative A+
 Negative as

Allianz Vie Negative A+
 Negative as

Assicurazioni Generali S.p.A. Negative A+ u
 Negative aa- u

Aviva Annuity UK Limited Negative A
 Negative a+

Aviva Assurances Negative A
 Negative a+

Aviva Epargne Retraite Negative A
 Negative a+

Aviva Insurance Limited Negative NR
 Negative NR

Aviva Insurance UK Limited A
 a+

Aviva International Insurance Limited Negative A
 Negative a+

Aviva Life & Pensions UK Limited Negative A
 Negative a+

Aviva Vida y Pensiones SA de Seg y Reas Negative A
 Negative a+

Aviva Vie Negative A
 Negative a+

Builders' Credit Reinsurance Company SA Stable NR
 Stable NR

Caisse Centrale de Reassurance Negative A++
 Negative aa+

Central Krankenversicherung AG Negative A+ u
 Negative aa- u

COSMOS Lebensversicherungs-AG Negative A+ u
 Negative aa- u

COSMOS Versicherung AG Negative A+ u
 Negative aa- u

Delta Lloyd NV A
 a+

Elips Life AG, Vaduz Stable
 Stable

Euler Hermes Kreditvers Negative A+
 Negative as

Eurofil Negative A
 Negative a+

European Reinsurance Company of Zurich Stable A
 Stable a+

Generali Deutschland Holding AG Negative A+ u
 Negative aa- u

Generali lard Negative A+ u
 Negative aa- u

Generali Lebensversicherung AG Negative A+ u
 Negative aa- u

Generali Versicherung AG Negative A+ u
 Negative aa- u

Generali Vie Negative A+ u
 Negative aa- u

MAPFRE RE, Compania de Reaseguros, S.A. Negative A+
 Negative aa-

OJSC Transsiberian Reinsurance Corp Stable B
 Stable bb

Schweizerische National-Vers Stable NR
 Stable

Swiss Re Europe S.A. Stable A
 Stable a+

Swiss Re International SE Stable A
 Stable a+

Swiss Reinsurance Company Limited Stable A
 Stable a+

Trade Union Coop Ins Co--A Saudi JSC Stable
 Stable
 ASIA PACIFIC

Labuan Reinsurance (L) Ltd Negative A-
 Negative a-

Samsung Reinsurance Pte. Ltd. Stable
 Stable

The Toa Reinsurance Company, Limited Negative A+
 Negative aa-

 CARIBBEAN & LATIN AMERICA

IRB--Brasil Resseguros S.A. Stable NR
 Stable NR

 Previous

 Outlook/
 Implica-
Company Name tions Domicile

 U.S., CANADA AND BERMUDA LIFE AND HEALTH

Alfa Life Insurance Corporation Negative Alabama
 Negative

Allianz Life and Annuity Company Stable Minnesota
 Stable

Allianz Life Insurance Co of NA Stable Minnesota
 Stable

Allianz Life Insurance Co of New York Stable New York
 Stable

American Fidelity Life Insurance Company Stable Florida
 Stable

American Republic Corp Insurance Company Stable Nebraska
 Stable

American Republic Insurance Company Stable Iowa
 Stable

Aviva Life and Annuity Company Positive Iowa
 Positive

Aviva Life and Annuity Company of NY Positive New York
 Positive

AvMed Inc Negative Florida
 Negative

AXA Corporate Solutions Life Reinsurance Stable Delaware
 Stable

AXA Equitable Life and Annuity Company Stable Colorado
 Stable

AXA Equitable Life Insurance Company Stable New York
 Stable

CIGNA Arbor Life Insurance Company Connecticut

CIGNA Healthcare Mid-Atlantic Inc Stable Maryland
 Stable

CIGNA Healthcare of Maine Inc Stable Maine
 Stable

CIGNA Healthcare of New Hampshire Inc Stable New Hampshire
 Stable

CIGNA Healthcare of Ohio line Stable Ohio
 Stable

Citizens Security Life Insurance Company Stable Kentucky
 Stable

Companion Life Insurance Company Stable New York
 Stable

First Reliance Standard Life Ins Co Stable New York
 Stable

General! USA Life Reassurance Company Negative Missouri
 Negative

ING Life Insurance and Annuity Company Stable Connecticut
 Negative

ING USA Annuity and Life Insurance Co Stable Iowa
 Negative

John Hancock Life & Health Insurance Co Negative Massachusetts
 Negative

John Hancock Life Insurance Company NY Negative New York
 Negative

John Hancock Life Insurance Company USA Negative Michigan
 Negative

Manufacturers Life Insurance Company Negative Ontario
 Negative

MONY Life Insurance Company Stable New York
 Stable

MONY Life Insurance Company of America Stable Arizona
 Stable

Mutual of Omaha Insurance Company Stable Nebraska
 Stable

National Security Insurance Company Positive Alabama
 Positive

Reassure America Life Insurance Company Positive Indiana
 Positive

Reliance Standard Life Insurance Company Stable Illinois
 Stable

ReliaStar Life Insurance Co of NY Stable New York
 Negative

ReliaStar Life Insurance Company Stable Minnesota
 Negative

SCOR Global Life Reinsurance Cc of Amer Stable Delaware
 Stable

Security Life of Denver Insurance Co Stable Colorado
 Negative

Swiss Re Life & Health America Inc Positive Connecticut
 Positive

Trans World Assurance Company Stable California
 Stable

United of Omaha Life Insurance Company Stable Nebraska
 Stable

United World Life Insurance Company Stable Nebraska
 Stable

US Financial Life Insurance Company Stable Ohio
 Stable

Valley Baptist Insurance Company Negative Texas
 Negative

World Corp Insurance Company Stable Nebraska
 Stable

World Insurance Company Stable Nebraska
 Stable

 U.S., CANADA AND BERMUDA PROPERTY/CASUALTY

1st Auto & Casualty Insurance Company Stable Wisconsin
 Stable

Accident Fund General Insurance Co Negative Michigan
 Negative

Accident Fund Group Negative Michigan
 Negative

Accident Fund Ins Co of America Negative Michigan
 Negative

Accident Fund National Insurance Co Negative Michigan
 Negative

AGCS Marine Insurance Company Stable Illinois
 Stable

Alfa Alliance Insurance Corporation Negative Virginia
 Negative

Alfa General Insurance Corporation Negative Alabama
 Negative

Alfa Insurance Corporation Negative Alabama
 Negative

Alfa Insurance Group Negative Alabama
 Negative

Alfa Mutual Fire Insurance Company Negative Alabama
 Negative

Alfa Mutual General Insurance Company Negative Alabama
 Negative

Alfa Mutual Insurance Company Negative Alabama
 Negative

Alfa Specialty Insurance Corporation Negative Virginia
 Negative

Alfa Vision Insurance Corp Negative Virginia
 Negative

Allianz Global Corp & Spec North America Stable California
 Stable

Allianz Global Risks US Insurance Co Stable California
 Stable

Allianz Underwriters Insurance Company Stable California
 Stable

American Automobile Insurance Company Stable Missouri
 Stable

American Capital Partners Re, Ltd. Bermuda

American Commerce Insurance Company Negative Ohio
 Negative

American Insurance Company Stable Ohio
 Stable

American Millers Insurance Company Stable Pennsylvania
 Stable

American Standard Lloyds Insurance Co Stable Texas
 Stable

American Sterling Insurance Company California

ARI Casualty Company Stable New Jersey
 Stable

Associated Indemnity Corporation Stable California
 Stable

Austin Mutual Insurance Company Negative Minnesota
 Negative

Aviva Insurance Company of Canada Positive Ontario
 Positive

AXA Art Insurance Corporation Stable New York
 Stable

AXA Insurance Company Stable New York
 Stable

Chautauqua Patrons Insurance Company Stable New York
 Stable

Chicago Insurance Company Stable Illinois
 Stable

Cincinnati Casualty Company Stable Ohio
 Stable

Cincinnati Indemnity Company Stable Ohio
 Stable

Cincinnati Insurance Companies Stable Ohio
 Stable

Cincinnati Insurance Company Stable Ohio
 Stable

Citation Insurance Company (MA) Negative Massachusetts
 Negative

Clarendon America Insurance Company * Negative New Jersey
 Negative

Clarendon Insurance Group * Negative New York
 Negative

Clarendon National Insurance Company * Negative New Jersey
 Negative

Clarendon Select Insurance Company * Negative Florida
 Negative

Coliseum Reinsurance Company Stable Delaware
 Stable

Commerce Insurance Company Negative Massachusetts
 Negative

Commerce Protective Insurance Company Negative Pennsylvania
 Negative

Commerce West Insurance Company Negative California
 Negative

Community Mutual Insurance Company Negative New York
 Negative

CompWest Insurance Company Negative California
 Negative

Elite Insurance Company Positive Ontario
 Positive

Esurance Insurance Company Positive Wisconsin
 Positive

Esurance Insurance Company of New Jersey Positive Wisconsin
 Positive

Esurance Insurance Group Positive Wisconsin
 Positive

Esurance Property and Casualty Ins Co Positive California
 Positive

Euler Hermes American Credit Indem Co Stable Maryland
 Stable

Fidelity National Group Negative Florida
 Negative

Fidelity National Insurance Company Negative California
 Negative

Fidelity National Prop & Cas Ins Co Negative New York
 Negative

Fireman's Fund County Mutual Ins Co Stable Texas
 Stable

Fireman's Fund Indemnity Corporation Stable New Jersey
 Stable

Fireman's Fund Insurance Co of HI Inc Stable Hawaii
 Stable

Fireman's Fund Insurance Companies Stable California
 Stable

Fireman's Fund Insurance Company Stable California
 Stable

Fireman's Fund Insurance Company of LA Stable Louisiana
 Stable

Fireman's Fund Insurance Company of Ohio Stable Ohio
 Stable

First F & C Insurance of HI, Inc Positive Hawaii
 Positive

First Indemnity Insurance of Hawaii, Inc Positive Hawaii
 Positive

First Insurance Company of Hawaii, Ltd Positive Hawaii
 Positive

First of Hawaii Group Positive Hawaii
 Positive

First Sealord Surety, Inc. Stable Pennsylvania
 Stable

First Security Insurance of Hawaii Inc Positive Hawaii
 Positive

First Specialty Insurance Corporation Positive Missouri
 Positive

Germania Farm Mutual Insurance Assn Negative Texas
 Negative

Germania Fire & Casualty Company Negative Texas
 Negative

Germania Insurance Company Negative Texas
 Negative

Germania Mutual Group Negative Texas
 Negative

Germania Select Insurance Company Negative Texas
 Negative

Gramercy Insurance Company Stable Texas
 Stable

Harbor Specialty Insurance Company * Negative New Jersey
 Negative

HomeWise Insurance Company Florida

IFA Insurance Company Negative New Jersey
 Negative

Indemnity Insurance Corp, RRG Stable Delaware
 Stable

Interstate Fire & Casualty Company Stable Illinois
 Stable

Lion Reinsurance Company Limited Bermuda

MAPFRE Insurance Company of Florida Negative Florida
 Negative

MAPFRE Pan American Insurance Company Stable Puerto Rico
 Stable

MAPFRE PRAICO Group Stable Puerto Rico
 Stable

MAPFRE PRAICO Insurance Company Stable Puerto Rico
 Stable

MAPFRE Preferred Risk Insurance Company Stable Puerto Rico
 Stable

MAPFRE U.S.A. Group Negative Massachusetts
 Negative

Commercial Insurance Mutual Stable
Michigan Stable Michigan

National Insurance Company Puerto Rico

National Surety Corporation Stable Illinois
 Stable

Nations Insurance Company California

North American Capacity Insurance Co Positive New Hampshire
 Positive

North American Elite Insurance Company Positive New Hampshire
 Positive

North American Specialty Insurance Co Positive New Hampshire
 Positive

PEMCO Insurance Companies Stable Washington
 Stable

PEMCO Insurance Company Stable Washington
 Stable

Penn Millers Insurance Company Positive Pennsylvania
 Positive

Penn Millers Insurance Group Positive Pennsylvania
 Positive

Pilot Insurance Company Positive Ontario
 Positive

Providence Mutual Fire Insurance Co Stable Rhode Island
 Stable

Providence Mutual Group Stable Rhode Island
 Stable

Roche Surety and Casualty Inc Stable Florida
 Stable

S&Y Insurance Company Positive Ontario
 Positive

Safety First Insurance Company Stable Illinois
 Stable

Safety National Casualty Corporation Stable Missouri
 Stable

Safety National Group Stable Missouri
 Stable

Scottish & York Insurance Company Ltd Positive Ontario
 Positive

Southern Eagle Insurance Company Florida

Southern Trust Insurance Company Stable Georgia
 Stable

State-Wide Insurance Company Negative New York
 Negative

Swiss Reinsurance America Corporation Positive New York
 Positive

Toa Reinsurance Company of America Stable Delaware
 Stable

Traders General Insurance Company Positive Ontario
 Positive

United Wisconsin Insurance Company Negative Wisconsin
 Negative

Washington International Insurance Cc Positive New Hampshire
 Positive

West Virginia Mutual Insurance Company West Virginia

Westport Insurance Corporation Positive Missouri
 Positive

Wisconsin Reinsurance Corporation Stable Wisconsin
 Stable

Wisconsin Reinsurance Group Stable Wisconsin
 Stable
EUROPE, MIDDLE EAST AND AFRICA _ _

AachenMuenchener Lebensversicherung AG Negative Germany
 Negative

AachenMuenchener Versicherung AG Negative Germany
 Negative

Allianz Global Corporate & Specialty AG Stable Germany
 Stable

Allianz Global Corporate & Specialty FR Stable France
 Stable

Allianz IARD Stable France
 Stable

Allianz Insurance plc Stable United Kingdom
 Stable

Allianz Lebensversicherungs-Aktiengesell Stable Germany
 Stable

Allianz Private Krankenversicherungs-AG Stable Germany
 Stable

Allianz Risk Transfer AG Stable Switzerland
 Stable

Allianz S.p.A. Stable Italy
 Stable

Allianz SE Stable Germany
 Stable

Allianz Versicherungs-Aktiengesellschaft Stable Germany
 Stable

Allianz Vie Stable France
 Stable

Assicurazioni Generali S.p.A. Negative Italy
 Negative

Aviva Annuity UK Limited Positive United Kingdom
 Positive

Aviva Assurances Positive France
 Positive

Aviva Epargne Retraite Positive France
 Positive

Aviva Insurance Limited United Kingdom

Aviva Insurance UK Limited Positive United Kingdom
 Positive

Aviva International Insurance Limited Positive United Kingdom
 Positive

Aviva Life & Pensions UK Limited Positive United Kingdom
 Positive

Aviva Vida y Pensiones SA de Seg y Reas Positive Spain
 Positive

Aviva Vie Positive France
 Positive

Builders' Credit Reinsurance Company SA Luxembourg

Caisse Centrale de Reassurance Stable France
 Stable

Central Krankenversicherung AG Negative Germany
 Negative

COSMOS Lebensversicherungs-AG Negative Germany
 Negative

COSMOS Versicherung AG Negative Germany
 Negative

Delta Lloyd NV Stable Netherlands
 Stable

Elips Life AG, Vaduz Liechtenstein

Euler Hermes Kreditvers Stable Germany
 Stable

Eurofil Positive France
 Positive

European Reinsurance Company of Zurich Positive Switzerland
 Positive

Generali Deutschland Holding AG Negative Germany
 Negative

Generali lard Negative France
 Negative

Generali Lebensversicherung AG Negative Germany
 Negative

Generali Versicherung AG Negative Germany
 Negative

Generali Vie Negative France
 Negative

MAPFRE RE, Compania de Reaseguros, S.A. Negative Spain
 Negative

OJSC Transsiberian Reinsurance Corp Stable Russia
 Stable

Schweizerische National-Vers Switzerland

Swiss Re Europe S.A. Positive Luxembourg
 Positive

Swiss Re International SE Positive Luxembourg
 Positive

Swiss Reinsurance Company Limited Positive Switzerland
 Positive

Trade Union Coop Ins Co--A Saudi JSC Saudi Arabia

 ASIA PACIFIC

Labuan Reinsurance (L) Ltd Stable Malaysia
 Stable

Samsung Reinsurance Pte. Ltd. Singapore

The Toa Reinsurance Company, Limited Stable Japan
 Stable

 CARIBBEAN & LATIN AMERICA

IRB--Brasil Resseguros S.A. Brazil

Holding Companies

Rating
Action Company Name AMB# ICR

-- Allianz France S.A. 051226 a- u
-- Allianz of America Inc 050631 a- u
NEW AVIVA Italia Holding S.p.A. 083218 bbb+ u
U AVIVA plc 085909 a- u
W Aviva USA Corporation 058145 NR
U AXA Financial Inc 058039 a- u
-- Cincinnati Financial Corporation 058704 a-
U Delphi Financial Group Inc 058036 bbb u
-- Generali France S.A. 083077 bbb u
[DELTA] Manufacturers Investment Corporation 050895 a-
[DELTA] Manulife Financial Corporation 066866 a-
-- MAPFRE U.S.A. Corp. 058350 bbb+ u
W Penn Millers Holding Corporation 058171 NR
[DELTA] Swiss Re America Holding Corporation 050445 a-
[DELTA] Swiss Re Solutions Holding Corp 058158 a-
W United America Indemnity, Ltd. 059187 NR

 Current

 Outlook/
Company Name Implications ICR

Allianz France S.A. Negative a
Allianz of America Inc Negative a
AVIVA Italia Holding S.p.A. Negative NR
AVIVA plc Negative a-
Aviva USA Corporation bbb+
AXA Financial Inc Negative a-
Cincinnati Financial Corporation Stable a
Delphi Financial Group Inc Positive bbb
Generali France S.A. Negative a- u
Manufacturers Investment Corporation Stable a-
Manulife Financial Corporation Stable a-
MAPFRE U.S.A. Corp. Negative a-
Penn Millers Holding Corporation bbb+
Swiss Re America Holding Corporation Stable a-
Swiss Re Solutions Holding Corp Stable a-
United America Indemnity, Ltd. bbb

 Previous

 Outlook/
Company Name Implications Domicile

Allianz France S.A. Stable France
Allianz of America Inc Stable Delaware
AVIVA Italia Holding S.p.A. Italy
AVIVA plc Positive United Kingdom

Aviva USA Corporation Positive Iowa
AXA Financial Inc Stable Delaware
Cincinnati Financial Corporation Stable Ohio
Delphi Financial Group Inc Stable Delaware
Generali France S.A. Negative France
Manufacturers Investment Corporation Negative Michigan
Manulife Financial Corporation Negative Ontario
MAPFRE U.S.A. Corp. Negative Massachusetts
Penn Millers Holding Corporation Positive Pennsylvania
Swiss Re America Holding Corporation Positive Delaware
Swiss Re Solutions Holding Corp Positive Kansas
United America Indemnity, Ltd. Stable Cayman Islands

* Rating was downgraded to B+/bbb- from A- u/a- u on December 27,
2011. Rating was withdrawn on December 27, 2011

Rating Action: (+) Upgrade; (-) Downgrade; (New) Initial Rating; (u)
Under Review; ([DELTA]) Change in Outlook; (w) Rating Withdrawal; *
Rating Affirmation. Outlook: Positive, Negative, Stable.
Implications: Positive, Negative, Developing. Business Type: P =
Property-Casualty (Non-Life); L = Life; H = Health; T = Title; C =
Compost


The Global Symbol of Financial Strength

Founded in 1899, A.M. Best Company is the leading credit rating organization dedicated to serving the global insurance industry. Policyholders, regulators, insurance executives and brokers worldwide refer to Best's Credit Ratings as a means of assessing the financial strength and creditworthiness of insurers and reinsurers, as well as related risk-bearing entities and investment vehicles.

A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obfigations. The ratings are not assigned to specific insurance policies or contracts and do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Best's Financial Strength Rating is nota recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitabflity of any particular policy or contract for a specific purpose or purchaser. In arriving ata rating decision, A.M. Best relies on third-party audited financiar data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information, For additional details, see A.M Best's Terms of Use at www.ambestcom/terms.html

RATINGS ACTIONS OVERVIEW

Rating Definitions

A Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.

A Best's Issuer Credit Rating is an independent opinion of an issuer/ entity's ability to meet its ongoing senior financial obligations.

Rating Disclosures

The Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance policy and contract obligations. The rating is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The rating is nota recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

The Issuer Credit Rating opinion addresses the relative credit risk of an issuer/entity. Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. This rating does not address any other risk, including, but not limited to, liquidity risk, market value risk or price volatility of rated securities. The rating is nota recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser.

In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. For additional details, see A.M. Best's Terms of Use at www.ambest.com.

Best's Financial Strength Ratings and Issuer Credit Ratings are distributed via press release and/or the A.M. Best Web site at www.ambest.com and are published in the Rating Actions section of BestWeek+. These ratings are proprietary and may not be reproduced without permission. Copyright [c] 2012 by A.M. Best Company, Inc. Version 071111

For more information about A.M. Best Ratings visit www.ambest.com/ratings/about.asp
COPYRIGHT 2012 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Ratings
Publication:Best's Review
Date:Feb 1, 2012
Words:7538
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