HANNOVER RUECK SE BEST S CREDIT RATING RATING RATIONALE

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1 HANNOVER RUECK SE Hannover, Germany Operating Company Non-Life Ultimate Parent: HDI V.a.G. HANNOVER RUECK SE Karl-Wiechert-Allee 50, Hannover, Germany Web: Tel.: Fax: AMB#: AIIN#: AA Ultimate Parent#: Publicly Traded Corporation: Hannover Rueck SE XETRA: HNR 1 BEST S CREDIT RATING Best s Financial Strength Rating: A+ Outlook: Stable Best s Financial Size Category: XV RATING RATIONALE A+ Rating Rationale: The ratings of Hannover Rueck SE (Hannover Re), on a consolidated basis including its subsidiaries, reflect Hannover Re s excellent risk-adjusted capitalisation and enterprise risk management, consistently good earnings, and excellent business profile as one of the world s leading composite reinsurers. Despite a fall in unrealised gains on Hannover Re s investment portfolio and the impact of foreign exchange in 2013, risk-adjusted capitalisation is supported by solid net retained earnings of EUR million in Furthermore, risk-adjusted capitalisation continues to be enhanced by an extensive hybrid debt programme, and in November 2012, the company issued a EUR 500 million subordinated bond. Following the floating of Hannover Re s majority shareholder, Talanx AG, in 2012, A.M. Best considers the financial flexibility of Hannover Re to be less constrained. Hannover Re continues to prudently manage its investments and maintains a low direct exposure to peripheral eurozone sovereign debt, which totalled less than 0.5% of total invested assets in 2013 (EUR million). In 2013, Hannover Re reported a consolidated net income after minorities of EUR 895 million (2012: EUR 850 million), higher than the anticipated EUR 800 million. The company reported a decrease in life technical result to EUR 193 million in 2013 (2012: EUR 316 million), precipitated by the on-going underperformance of the US mortality business, as well as weak results from the Australian disability portfolio. However, this was offset by a solid performance on the non-life portfolio amounting to an operating profit of EUR 1,061 million (2012: EUR 1,091 million), underlining the effectiveness of the company s diversified business model. Net major losses in 2013 amounted to EUR 578 million, below the EUR 625 million expectations. Hannover Re maintains an excellent profile in the global reinsurance markets benefitting from its diverse books of business, with approximately 56% of gross premium income emanating from its non-life portfolio and the remainder relating to life reinsurance business. In 2013, gross premium income increased by 1.4% (4.2% at constant currency rates) to EUR billion (2012: EUR billion), as opposed to the company s target of 5%, Upward rating movements are unlikely at present. Downward rating pressures could occur if there were a material decline in Hannover Re s risk-adjusted capitalisation and/or a prolonged deterioration in operating earnings. FIVE YEAR RATING HISTORY Date Best s FSR Date Best s FSR 08/23/13 A+ 11/02/10 A 09/05/12 A+ 07/20/09 A 11/04/11 A 2014 A.M. Best Company, Oldwick, NJ Printed May 22, Page 1 of 6

2 BUSINESS PROFILE Hannover Rueck SE (Hannover Re) maintains an excellent business position in the worldwide reinsurance markets and ranks among the leading reinsurers in the world. The group is majority owned by the German industrial insurance group, Haftpflichtverband der Deutschen Industrie V.a.G. (HDI), through its intermediate holding company, Talanx AG, with 50.2% of share capital while the remainder is free-float. Hannover Re is a well-diversified reinsurer writing both non-life and life & health reinsurance (56% and 44% of gross premium income respectively in 2013). Consolidated gross written premiums (GWP) had increased to EUR billion in 2013 from EUR billion in 2012, driven by increased non-life rates, catastrophe model changes and strong growth in life reinsurance. The company s main market remains North America with 25% of non-life GWP and 34% of life GWP in 2013, followed by the United Kingdom with 15% non-life GWP and 24% life GWP and Germany with 13% non-life GWP and 4% life GWP. Other European countries contribute approximately 22% of non-life GWP and 10% of life GWP, with Asia contributing 11% of non-life GWP and 12% of life GWP and Latin America, Australia and Africa contributing altogether 14% of non-life GWP and 16% of life GWP. NON-LIFE: Hannover Re remains a market-leading non-life reinsurer with a strong market focus on the United States and Germany and growing premium income from Australasia and the United Kingdom. Hannover Re s non-life GWP increased by 1.01% to EUR 7.8 billion in 2013 (EUR 7.7 billion in 2012). The low growth reflects increasing competition within certain business lines, as well as Hannover Re s disciplined underwriting approach. The company operates through three market segments: target markets, specialty lines, and global reinsurance. The target markets segment focuses on Germany and North America, the two largest non-life reinsurance markets in the world. The specialty lines segment includes aviation, transport, credit/surety, structured reinsurance, UK and London market and direct lines of business. The final segment of global reinsurance includes all other markets worldwide. This includes global catastrophe business, predominantly written out of Hannover Re (Bermuda) Ltd, facultative and agricultural reinsurance as well as Sharia-compliant retakaful business. Hannover Re s total German non-life consolidated premium income increased to around EUR 1,081 million in 2013 from EUR 1,007 million in Hannover Re operates in the German market through its subsidiary E+S Rueckversicherung, which is ranked the number two reinsurer in Germany and number one for motor reinsurance. The German motor primary market saw increased rates on both motor own damage and motor liability lines, which had a positive impact on Hannover Re s business. During the January 2014 renewals, premium fell by 1%, in spite of harder market rates due to the unusual catastrophes affecting Germany in 2013 as expectations for premiums growth were not met in all areas. Premium income from the United States increased to EUR 1,177 million in 2013 (2012: EUR 1,124 million). At the January 2014 renewals, Hannover Re reported a 5% increase in business in the North American portfolio due to increase in new business and despite increased retentions by ceding companies, higher competition and abundant market capacity. Hannover Re decreased its premium income in the United Kingdom (including the London Market) and direct business to approximately EUR million in 2013 (2021: EUR 728 million). Hannover Re maintained its position as one of the two largest providers of structured reinsurance in the world with GWP for this segment decreasing by 15.9% in 2013 to EUR million (2012: EUR 729 million). Business continues to be supported by demand from companies for solvency relief particularly with Solvency II on the horizon. Global catastrophe business saw a 6.5% increase in premiums in 2013 to EUR million (2012: EUR 407 million). At the January 2014 renewals, rates declined further although there were increases on loss affected US lines. In broad terms, a 2% premiums decline resulted from the January 2014 renewals and terms and conditions were broadly unchanged despite the pressure on softening conditions. LIFE & HEALTH: Hannover Re continues to be one of the leading life reinsurers worldwide. The company operates in four business segments: financial solutions (25.3% of life GWP in 2013), mortality (46.1%), longevity (14.4%), and morbidity (14.2%). Europe is Hannover Re s largest life market with 37.8% of life GWP in 2013, followed by North America (33.9%), Asia (12.2%), and the remaining 16.1% are distributed between Australia / New Zealand, Central and Latin America and Africa. The business is organised between financial solutions, as well as risk solutions, which covers longevity, mortality and morbidity risks. Allocations to these segments are based on the underlying risks so mortality risks are designated within the mortality segment. The morbidity segment includes health business, as well as disability and critical illness. Financial solutions provide cedants with financing reinsurance contracts to fund new business strain, support mergers and acquisition, release embedded values in maturing portfolios and optimise tax, solvency and surplus requirements. Total life premiums increased in 2013 to EUR 6.15 billion from EUR 6.06 billion in 2012, a 1.5% increase much lower than the anticipated growth of 5%-7%. Portfolio growth was principally derived from North America, Australia / New Zealand, and Central and Latina America. Premium volume in North America increased to EUR 2,082 million in 2013 (from EUR 2,041 million in 2012). In Europe, GWP decreased 5.3% to EUR 2,320 million in 2013 from the EUR 2,451 million reported in RISK MANAGEMENT Hannover Re has established a formal risk management framework covering both qualitative and quantitative risks, which is embedded throughout the group. The company also makes extensive use of its proprietary capital and catastrophe models, which are continuously developed and used to guide internal decisions. Hannover Re has shown its risk management capabilities to be excellent in recent years, as evidenced by its prudent investment strategy and strategic use of retrocession which has protected its capital base from adverse market events, particularly in OPERATING PERFORMANCE Operating Results: In 2013, Hannover Re reported an excellent post-tax profit of EUR 939 million (unadjusted for minority interests totaling EUR 44 million). This compares to a post- tax profit of EUR 925 million in 2012 (unadjusted for minority interests totaling EUR 75 million). Profit after-tax in 2013 was ahead of expectations of EUR 800 million. The reported non-life combined ratio decreased to 94.9% in 2013 (2012: 96%) despite major losses of EUR 578 million (2012: EUR 478 million) equating to 8.4% of non-life net premium earned (NPE). Underwriting Results: The non-life segment reported an improved underwriting result of EUR 336 million in 2013 from EUR 272 million in In line with this, the reported combined ratio improved to 94.9% from 96%. Total net spending on catastrophe and major losses amounted to EUR 578 million in 2013, an increase on the EUR 478 million reported in The largest loss event of the year was the hail event Andreas in Germany with a net loss of approximately EUR 99.3 million. Other major catastrophes that affected the company included the floods in Germany and other European countries with a net loss of EUR 92.5 million. The company reported a decrease in life technical result to EUR 193 million in 2013 (2012: EUR 316 million), precipitated by the on-going underperformance of the US mortality business, as well as weak results from the Australian disability portfolio A.M. Best Company, Oldwick, NJ Printed May 22, Page 2 of 6

3 Investment Results: Hannover Re s investment income declined by 15% to EUR 1,412 million in 2013, which equated to an overall reported return on investment (excluding funds withheld by ceding companies) of 3.3%. Ordinary investment income contracted slightly due to the low interest rate environment to EUR 1,041 million. Not including the Modco derivative and inflation swaps, the net investment return reached 3.4% as planned. Net investment income including funds withheld equated to EUR 1.4 billion. Hannover Re maintained its equity portfolio at less than 1% of total investments in 2013, with the overall focus continuing to be on fixed income instruments. At year-end 2013, fixed income investments amounted to 89% of the portfolio (2012: 91%). The company has made a shift in its fixed income portfolio towards corporate bonds so as to increase yields, which have been depressed on government bonds. The proportion of the portfolio allocated to corporate bonds increased to 34% at year-end 2013 (2012: 32%). The company has a well rated fixed income portfolio with 83% of the portfolio rated A or higher at year end 2013 and only 3.4% non-investment grade. The company has minimal exposures to peripheral Eurozone sovereign debt, which represented EUR million of total invested assets in 2013 (0.4%). The company has an exposure to banks of EUR 2,964 million. Of this total bank exposure 69% is rated A or higher. A.M. Best believes that asset liability matching both by duration and currency are managed appropriately. BALANCE SHEET STRENGTH Capitalization: The company decreased shareholders equity without minorities by 2.4% in 2013 to EUR 5,888 million (2012: EUR 6,032 million). The decrease was primarily due to a fall in unrealised gains, as well as foreign exchange losses. Nevertheless, capital and surplus was supported by strong retained earnings. In A.M. Best s view, Hannover Re maintains excellent risk-adjusted capitalisation that is supportive of its current rating. The company s capitalisation is supported by an extensive use of hybrid capital issues. Interest expense for hybrid capital increased marginally to EUR 127 million in 2013 (2012: EUR 105 million) reflecting the company s hybrid issue in November Going forward, A.M. Best expects operating earnings to adequately cover the current interest expense, as well as planned dividend payments. In March 2013, the company announced that it would be paying a special dividend of EUR 0.4 per share on top of a declared dividend of EUR 2.6 per share. This equates to an overall pay-out ratio of 42%. in 2014, Hannover Re is planning to propose a dividend in respect of 2013 results of a total of EUR million, unchanged from Hannover Re continues to transfer risks to the capital markets. Despite losses on its K-cession catastrophe bond, the company managed to place USD 328 million in 2013, with just over one third on an aggregate 1 in 83 year limit and the remainder on an aggregate 1 in 250 year limit, representing a decrease of approximately USD 20 million over the 2012 placement. Loss Reserves: A.M. Best believes that Hannover Re s non-life reserving remains prudent with the group s conservative reserving policy reflected in current and previous run-off profits. Non-life technical provisions amounted to approximately 61% of total gross technical provisions in Loss reserves are reviewed externally on a group basis and additional actuarial reviews are conducted at branch/subsidiary level. Liquidity: A.M. Best believes that Hannover Re s liquidity is sufficient to meet future cash flow requirements. Cash and short-term investments in its portfolio represent approximately 4% of total investments under own management in Liquid assets to total liabilities remained relatively stable at about 61.5% in 2013 compared to 61.6% in However, a significant proportion of technical reserves is fully matched by cedant deposits which do not carry any liquidity risk, thus distorting the liquidity ratio. Summarized Accounts as of December 31, 2013 Data reflected within all tables of this report has been compiled from the financial statements of this company (Source: Company Financial Statement). US $ per Local Currency Unit = 1 Euro (EUR) STATEMENT OF INCOME EUR(000) USD(000) Technical account: Reinsurance premiums assumed 11,047,916 15,210,660 Gross premiums written 11,047,916 15,210,660 Reinsurance ceded 2,740,613 3,773,249 Net premiums written 8,307,303 11,437,412 Increase/(decrease) in gross unearned premiums 144, ,488 Reinsurers share unearned premiums 46,371 63,843 Net premiums earned 8,209,507 11,302,767 Other technical income Total underwriting income 8,209,932 11,303,352 Net claims paid 5,526,620 7,608,995 Net increase/(decrease) in claims provision 707, ,722 Net claims incurred 6,234,587 8,583,717 Net operating expenses 2,171,507 2,989,709 Other technical expenses 3,121 4,297 Total underwriting expenses 8,409,215 11,577,723 Balance on technical account -199, ,371 Combined technical account: Reinsurance premiums assumed 11,047,916 15,210,660 Gross premiums written 11,047,916 15,210,660 Reinsurance ceded 2,740,613 3,773,249 Net premiums written 8,307,303 11,437,412 Increase/(decrease) in gross unearned premiums 144, ,488 Increase/(decrease) in reinsurers share unearned premiums 46,371 63,843 Net premiums earned 8,209,507 11,302,767 Other technical income Total revenue 8,209,932 11,303,352 Net claims paid 5,526,620 7,608,995 Net increase/(decrease) in claims provision 707, ,722 Net claims incurred 6,234,587 8,583,717 Net operating expenses 2,171,507 2,989,709 Other technical expenses 3,121 4,297 Total underwriting expenses 8,409,215 11,577,723 Balance on combined technical account -199, ,371 Non-technical account: Net investment income 1,192,021 1,641,163 Realised capital gains/(losses) 43,470 59,849 Unrealised capital gains/(losses) -172, ,125 Other income/(expense) -216, ,561 Profit/(loss) before tax 647, ,955 Taxation 12,973 17,861 Profit/(loss) after tax 634, ,094 Increase/(decrease) in the equalisation provision 267, ,590 Retained profit/(loss) for the financial year 367, ,504 Retained profit/(loss) carried forward 367, , A.M. Best Company, Oldwick, NJ Printed May 22, Page 3 of 6

4 ASSETS EUR(000) % of total USD(000) Cash & deposits with credit institutions 642, ,184 Bonds & other fixed interest securities 12,987, ,881,726 Shares & other variable interest instruments 1,173, ,615,820 Liquid assets 14,803, ,381,731 Mortgages & loans 700, ,195 Real estate 4, ,241 Real estate for own use 29, ,950 Inter-company investments 5,294, ,289,036 Other investments 3, ,071 Total investments 20,836, ,687,223 Reins. sh. of tech. reserves - unearned premiums 304, ,278 Reinsurers share of technical reserves - claims 3,354, ,619,124 Reinsurers share of technical reserves - life 2,407, ,314,455 Reinsurers share of technical reserves - other 42, ,174 Total reinsurers share of technical reserves 6,109, ,412,031 Deposits with ceding companies 12,428, ,111,732 Insurance/reinsurance debtors 1,609, ,216,428 Inter-company debtors 198, ,703 Other debtors 420, ,332 Total debtors 2,228, ,068,463 Fixed assets 20, ,713 Prepayments & accrued income 200, ,565 Other assets 178, ,415 Total assets 42,002, ,829,142 LIABILITIES EUR(000) % of total USD(000) Capital 120, ,037 Paid-up capital 120, ,037 Non-distributable reserves 1,261, ,736,296 Claims equalisation reserve 2,652, ,652,584 Retained earnings 456, ,816 Capital & surplus 4,490, ,182,733 Gross provision for unearned premiums 1,614, ,222,854 Gross provision for outstanding claims 16,798, ,127,886 Gross provision for long term business - life 12,479, ,181,879 Fund for future appropriations - life ,044 Gross provision for other technical reserves 247, ,231 Total gross technical reserves 31,141, ,874,893 Other borrowings 1,800, ,478,222 External borrowings 1,800, ,478,222 Deposits received from reinsurers 3,219, ,431,912 Insurance/reinsurance creditors 903, ,244,518 Other creditors 128, ,703 Total creditors 1,032, ,421,220 Other liabilities 319, ,163 Total liabilities & surplus 42,002, ,829,142 HISTORY The company was founded in Germany in 1966 as a reinsurance and direct insurance company and was incorporated under the name Aktiengesellschaft fuer Transport und Rueckversicherung. In 1976, the company adopted the name, Hannover Rueckversicherung Aktiengesellschaft, after transferring its direct marine portfolio to its parent company, HDI Haftpflichtverband der Deutschen Industrie V.a.G. Since then, the company has written reinsurance only. The company played a pioneering role in the securitising of insurance risk and announced in 1998 the first financing securitised by life insurance policies. In 1997, Hannover Re acquired parts of the in-force reinsurance portfolios of Skandia International Insurance Company of Stockholm, as well as Skandia s related infrastructure. The transaction complemented Hannover Re s activity in certain growth segments, namely, life and health reinsurance, facultative reinsurance and aviation/space insurance. The transaction provided further geographic diversification and consequently positioned the group as a leader in the worldwide aviation market. The financing of the transaction imposed no material financial impact on the group s future earnings or capitalisation. Hannover Re also acquired the renewal rights of all the property and casualty reinsurance business as of 1 January, In 2001, Hannover Re established a reinsurer in Bermuda. Since then, Hannover Re has participated successfully in the catastrophe market in Bermuda. With the disposal of Praetorian Financial Group Inc. in 2007, Hannover Re decided to concentrate on its core business of life and non-life reinsurance. In 2009, Hannover Re Group acquired ING individual life reinsurance business from Scottish Re Group Limited. With this transaction, Hannover Life Re became one of the top five traditional market participants in the United States. On 19 March 2013, Hannover Re completed its conversion to become a European Company, Societas Europaea (SE). Hence, the company bears the name, Hannover Rueck SE. The company s registered office remains in Hannover, Germany. MANAGEMENT Hannover Re has a highly experienced management team. The group s corporate structure is based on business units (such as life/health reinsurance), and the head of each business unit is represented on the executive board. The strategic profit target is a return on equity of 750 basis points above the five-year average yield on government bonds; achieve a profit in excess of the cost of capital, be one of the three most profitable reinsurers worldwide and achieve an increase in EBIT, earnings per share and book value per share by a double-digit percentage annually. Hannover Re intends to grow mainly organically in non-life, subject to meeting profitability targets. Acquisitions are only sought in life reinsurance. Except for its participation in Compass in South Africa and Inter Hannover in the United Kingdom, the group also excludes holding equity stakes in primary insurers following the sale of Praetorian Financial Group Inc. Supervisory Board: Wolf-Dieter Baumgartl, Herbert K. Haas (Chairman), Frauke Heitmueller (Employee Representative), Otto Mueller (Employee Representative), Dr. Andrea Pollak, Dr. Immo Querner, Dr. Erhard Schipporeit, Maike Sielaff (Employee Representative), Dr. Klaus Sturany. Board of Management: Andre Arrago, Claude Chevre, Juergen Graeber, Dr. Klaus Miller, Dr. Michael Pickel, Roland Vogel (Chief Financial Officer), Ulrich Wallin (Chief Executive Officer). REINSURANCE Although Hannover Re has substantially reduced its reliance on traditional retrocessional cover since 2007, it continues to maintain conventional whole account protection for catastrophe claims above prudent net retentions. The retrocession programme is largely placed with high quality reinsurers. Life catastrophe retrocession cover is on an excess of loss basis with relatively low retention levels A.M. Best Company, Oldwick, NJ Printed May 22, Page 4 of 6

5 In 2007, Hannover Re restructured its whole account catastrophe protection to reduce its aggregates. The company did not renew its structured reinsurance covers and relies now on traditional covers and its securitisation programme. In 2008, most of Hannover Re s natural catastrophe exposure was covered by a 44% quota share retrocession to K5. The retention was limited by whole account catastrophe excess of loss protection with a limit of EUR 297 million in excess of EUR 250 million in the major peak zones as well as swaps and insurance-linked warranties of up to approximately EUR 140 million covering higher layers. With the placing of the Kepler securitisation, Hannover Re added a stop loss cover with a capacity of USD 200 million following the utilisation of K5 on the company s net retention on catastrophe losses in At the end of 2008, K5 had a limit of USD 386 million. In 2009, however, the sharp decrease in availability of non-traditional cover resulted in the restriction in the capacity under K6 (the successor to K5) to USD 177 million and Kepler was not renewed in The traditional whole account cover, however, was renewed in In mid-2009, Hannover Re placed a catastrophe bond, Eurus II, with a capacity of EUR 150 million, covering European wind perils until In 2010, the company increased its K6 facility by USD 152 million to a capacity of USD 329 million. In 2011 the company managed to increase the capacity of K6 to USD 335 million. Due to the major catastrophe experience that affected the company in 2011, the bond suffered a loss of capital of between 50% (1 in 250 year limit) and 80% (1 in 83 year limit). However, demand for the bond remained strong in 2012 and the company managed to place USD 350 million, with almost equal portions on an aggregate 1 in 83 year limit and on an aggregate 1 in 250 year limit, representing an increase of around USD 20 million over the 2011 placement. In 2013, Hannover Re placed USD 328 million of its K-cession programme. The quality of Hannover Re s retrocessionaires is excellent with 42% of reinsurance recoverables secured by deposits or letters of credit and a further 50% rated A- or higher. The company actively manages counterparty risks and has developed appropriate monitoring tools. Cession limits are highly transparent and strictly enforced. BALANCE SHEET ITEMS EUR EUR EUR EUR EUR (000) (000) (000) (000) (000) Liquid assets 14,803,805 13,547,260 11,527,399 10,237,503 8,135,002 Total investments 20,836,310 19,503,890 17,460,258 15,721,713 13,604,150 Total assets 42,002,878 38,785,533 35,570,479 31,066,633 27,172,049 Unreal gain/(loss) - investments 1,836,451 2,729,172 1,879,786 1,980,350 1,453,628 Total gross technical reserves 31,141,200 28,596,484 26,545,893 22,549,987 19,958,811 Net technical reserves 25,031,313 22,891,304 21,142,733 17,605,727 15,817,912 Total liabilities 37,512,191 34,567,563 31,850,166 27,631,738 23,923,528 Capital & surplus 4,490,687 4,217,970 3,720,313 3,434,895 3,248,521 INCOME STATEMENT ITEMS EUR EUR EUR EUR EUR (000) (000) (000) (000) (000) Gross premiums written 11,047,916 10,457,301 9,130,245 8,618,199 8,329,878 Net premiums written 8,307,303 7,948,244 7,080,081 6,580,003 6,480,100 Balance on technical account(s) -199, , , , ,407 Profit/(loss) before tax 647, , , , ,334 Profit/(loss) after tax 634, , , , ,647 LIQUIDITY RATIOS (%) Total debtors to total assets Liquid assets to net technical reserves Liquid assets to total liabilities Total investments to total liabilities LEVERAGE RATIOS (%) Net premiums written to capital & surplus Net technical reserves to capital & surplus Gross premiums written to capital & surplus Gross technical reserves to capital & surplus Total debtors to capital & surplus Total liabilities to capital & surplus PROFITABILITY RATIOS (%) Loss ratio Operating expense ratio Combined ratio Other technical expense or (income) ratio Net investment income ratio Operating ratio Return on net premiums written Return on total assets Return on capital & surplus A.M. Best Company, Oldwick, NJ Printed May 22, Page 5 of 6

6 Why is this Best s Rating Report important to you? A Best s Rating Report from the A.M. Best Company showcases the opinion from the leading provider of insurer ratings of a company s financial strength and ability to meet its obligations to policyholders, as well as its relative credit risk. The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of the insurance companies since 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. 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 not a 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. 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. The company information appearing in this pamphlet is an extract from the complete company report prepared by the A.M. Best Company or A.M. Best Europe Rating Services Limited. For the latest Best s Financial Strength Ratings along with their definitions and A.M. Best s Terms of Use, visit the A.M. Best website at You may also obtain AMB Credit Reports by visiting our site or calling our Customer Service department at , ext To expedite your request, please provide the company s identification number (AMB#) A.M. Best Company, Oldwick, NJ Printed May 22, Page 6 of 6

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