August A.M. Best. Credit Ratings Non-U.S.

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1 August 2015 A.M. Best Credit Ratings Non-U.S.

2 This report includes credit ratings for all Non-U.S. companies rated by A.M. Best Company, as well as their Outlooks and s. Credit ratings consist of the Financial Strength Rating () and Issuer Credit Rating (ICR) for each company. Detailed reports, including rationales, are made available to subscribers on our website shortly after ratings are released. These company reports have been considerably enhanced, reflecting expanded financial analysis and commentary. For explanations of rating terminology, refer to the Guides to Best s Ratings following this report. Credit ratings are effective as of 31 July, For current ratings please visit A.M. Best A.M. Best Credit Ratings (Non-U.S.) Country Totals Algeria Anguilla Antigua and Barbuda... 1 Argentina... 2 Australia Austria Azerbaijan Bahamas Bahrain Barbados Belgium Bermuda Bhutan... 1 Bosnia and Herzegovina Brazil British Virgin Islands Canada Cayman Islands China Costa Rica Dominican Republic Ecuador Egypt... 1 El Salvador... 1 Fiji Finland France Germany Ghana... 1 Guam... 5 Guernsey... 4 Honduras... 1 Hong Kong Iceland... 1 India... 5 Indonesia... 2 Ireland Isle of Man... 1 Italy Jamaica... 2 Japan Jordan... 5 Kazakhstan... 8 August 2015 Kenya... 3 Kuwait... 3 Lebanon... 5 Liechtenstein... 2 Luxembourg... 8 Macau... 5 Malaysia Malta Mauritius Mexico Micronesia, Federated States of... 1 Morocco... 1 Nepal... 2 Netherlands... 3 New Zealand Nigeria... 5 Oman... 3 Pakistan Panama Papua New Guinea... 1 Philippines... 4 Poland Puerto Rico Qatar Russia... 4 Saudi Arabia... 2 Singapore Slovenia... 3 South Africa... 1 South Korea Spain St. Lucia St. Maarten... 1 Sweden... 2 Switzerland Taiwan... 5 Thailand... 4 Trinidad and Tobago... 3 Tunisia... 1 Turkey... 1 United Arab Emirates United Kingdom Vietnam... 5 Algeria Compagnie Centrale de Réassurance bbb- Stable B+ Stable Anguilla Nagico Insurance Company Limited Nagico Holdings Limited bbb Stable B++ Stable Antigua And Barbuda Caribbean Alliance Insurance Company Limited a Stable A Stable Argentina American Home Assurance Company (Argentina Branch) a Stable A Stable Starr Indemnity & Liability Company (Argentina Branch) a Stable A Stable Australia AIG Australia Limited American International Group, Inc a Stable A Stable Copyright 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. No part of this report or document August be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of the A.M. Best Company. For additional details, refer to our Terms of Use available at the A.M. Best Company website:

3 australia (continued) Ansvar Insurance Limited Allchurches Trust Limited a- Stable A- Stable Chubb Insurance Company of Australia Limited The Chubb Corporation aaa u Negative A++u Negative First American Title Insurance Company of Australia Pty Limited First American Financial Corporation a- Positive A- Positive General Reinsurance Australia Ltd Berkshire Hathaway Inc. aa+ Stable A++ Stable General Reinsurance Life Australia Limited (New Zealand Branch) aa+ Stable A++ Stable General Reinsurance Life Australia Ltd. Berkshire Hathaway Inc. aa+ Stable A++ Stable Guild Insurance Limited The Pharmacy Guild of Australia a- Positive A- Positive The New India Assurance Company Limited (Australia Branch) a- Stable A- Stable Pacific International Insurance Pty Limited GRAMAR Family Holdings Pty Ltd bbb Stable B++ Stable QBE Insurance (International) Limited QBE Insurance Group Limited a Stable A Stable Austria Garant Versicherungs-Aktiengesellschaft Office National du Ducroire a- Stable A- Stable Azerbaijan AzRe Reinsurance, OJSC AzRe Reinsurance, OJSC bbb- Stable B+ Stable Bahamas Atlantic Medical Insurance Limited Edmund Gibbons Limited a- Stable A- Stable Bahamas First General Insurance Company Limited Bahamas First Holdings Limited a- Stable A- Stable Colina Insurance Limited AF Holdings Ltd. a- Stable A- Stable Family Guardian Insurance Company Limited FamGuard Corporation Limited a- Stable A- Stable RoyalStar Assurance Limited a Stable A Stable Security and General Insurance Company Limited Edmund Gibbons Limited a- Stable A- Stable Bahrain ACE American Insurance Company (Bahrain Branch) aa+ u Negative A++u Negative ACR ReTakaful MEA B.S.C. (c) ACR ReTakaful Holdings Limited a- Stable A- Stable Arab Insurance Group (B.S.C.) Arab Insurance Group (B.S.C.) bbb+ Positive B++ Positive ARABIA Insurance Company S.A.L. (Bahrain Branch) bbb+ Stable B++ Stable Bahrain Kuwait Insurance Company B.S.C. Gulf Insurance Group K.S.C.P. a- Stable A- Stable The Bahrain National Insurance Company BSC (c) Bahrain National Holding Company BSC bbb+ Stable B++ Stable Life Insurance Corporation (International) B.S.C. (c) Life Insurance Corporation of India bbb+ Stable B++ Stable The Mediterranean & Gulf Insurance & Reinsurance Company (Medgulf) B.S.C. (c) LFZ Holding S.A.L. a- Stable A- Stable Saudi Arabian Insurance Company B.S.C. a- Stable A- Stable Solidarity General Takaful BSC (c) Solidarity Group Holding BSC (c) bbb Stable B++ Stable Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re Nest Investments (Holdings) Limited a- Stable A- Stable Barbados Active Capital Reinsurance, Ltd. Active Capital Holdings Corp. bbb- Stable B+ Stable BMO Reinsurance Limited Bank of Montreal a+ Stable A Stable The Canada Life Assurance Company (Barbados Branch) aa Stable A+ Stable CIBC Reinsurance Company Limited Canadian Imperial Bank of Commerce a+ Stable A Stable DuraRock Reinsurance, Ltd. Matthew T. Moroun a Negative A Negative Energy Insurance Mutual Limited Energy Insurance Mutual Limited a Stable A Stable Insurance Corporation of Barbados Limited BF&M Limited a- Stable A- Stable London Life and Casualty (Barbados) Corporation Great-West Lifeco Inc a+ Stable A Stable London Life Insurance Company (Barbados Branch) aa Stable A+ Stable Massy United Insurance Ltd. Massy Holdings Ltd. a- Stable A- Stable Ocean International Reinsurance Company Limited a- Stable A- Stable Optimum Reassurance Inc. (Barbados Branch) a- Stable A- Stable RBC Life Insurance Company (Barbados Branch) a Stable A Stable RGA Atlantic Reinsurance Company, Ltd. Reinsurance Group of America Inc aa- Stable A+ Stable Royal Bank of Canada Insurance Company Ltd Royal Bank of Canada a+ Stable A Stable Sagicor General Insurance Inc. Sagicor Financial Corporation a- Stable A- Stable Sagicor Life Inc. Sagicor Financial Corporation a- Stable A- Stable Scotia Insurance (Barbados) Limited Bank of Nova Scotia a+ Stable A Stable TD Reinsurance (Barbados) Inc. Toronto-Dominion Bank a+ Stable A Stable Wentworth Insurance Company Limited Fairfax Financial Holdings Limited a Stable A Stable Belgium CIGNA Europe Insurance Company S.A. - N.V. Cigna Corporation a u Developing A u Developing CIGNA Life Insurance Company of Europe S.A.-N.V. Cigna Corporation a u Developing A u Developing Compagnie Belge d Assurances Aviation S.A. (Aviabel) Cie Belge d Assur Aviation SA (Aviabel) a- Stable A- Stable Bermuda ACE Bermuda Insurance Ltd. ACE Limited aa+ u Negative A++u Negative ACE Tempest Life Reinsurance Ltd. ACE Limited aa+ u Negative A++u Negative ACE Tempest Reinsurance Ltd. ACE Limited aa+ u Negative A++u Negative ACP Re Ltd Michael Karfunkel Grantor Annuity Trust a- Stable A- Stable Aetna Life & Casualty (Bermuda) Ltd. Aetna Inc. a+ u Negative A u Negative Allianz Risk Transfer (Bermuda) Limited Allianz SE aa- Stable A+ Stable Allied World Assurance Company, Ltd Allied World Assurance Co Holdings AG a+ Stable A Stable Ally International Insurance Company, Ltd. Ally Financial Inc bbb+ Stable B++ Stable American Contractors Insurance Group Ltd American Contractors Insurance Group Ltd a+ Stable A Stable American International Reinsurance Company, Ltd. American International Group, Inc a Stable A Stable AmerInst Insurance Company, Ltd. AmerInst Insurance Group, Ltd bbb+ Stable B++ Stable August

4 bermuda (continued) AmTrust International Insurance, Ltd. AmTrust Financial Services, Inc a Stable A Stable Arch Reinsurance Ltd Arch Capital Group Ltd. aa- Stable A+ Stable Ardellis Insurance Ltd Universal Forest Products Inc a- Stable A- Stable Argo Re Ltd. Argo Group International Holdings, Ltd a Stable A Stable Argus Insurance Company Limited Argus Group Holdings Limited bbb+ Stable B++ Stable Aspen Bermuda Limited Aspen Insurance Holdings Limited a Stable A Stable Associated Electric & Gas Insurance Services Limited (AEGIS) a Stable A Stable Assured Guaranty Re Overseas Ltd. Assured Guaranty Ltd. aa Stable A+ Stable Athene Life Re Ltd. Athene Holding Ltd. a- Stable A- Stable Aurigen Reinsurance Limited Aurigen Capital Limited a- Stable A- Stable AXIS Specialty Limited AXIS Capital Holdings Limited aa- u Negative A+ u Negative Bermuda Life Insurance Company Limited Argus Group Holdings Limited bbb+ Stable B++ Stable BF&M General Insurance Company Limited BF&M Limited a Stable A Stable BF&M Life Insurance Company Limited BF&M Limited a Stable A Stable BNY Trade Insurance Ltd. Bank of New York Mellon Corp a+ Stable A Stable Castle Harbour Insurance Limited Schlumberger Limited a Stable A Stable Catlin Insurance Company Limited XL Group plc a Positive A Stable Chubb Atlantic Indemnity Ltd. The Chubb Corporation aa+ u Negative A++u Negative Citadel Reinsurance Company Limited Sirius International Limited a- Stable A- Stable Coastal Medical Insurance Ltd. Meridian Health System, Inc. a Stable A Stable Colonial Insurance Company Limited Edmund Gibbons Limited a- Stable A- Stable Colonial Life Assurance Company Limited Edmund Gibbons Limited a- Stable A- Stable Colonial Medical Insurance Company Limited Edmund Gibbons Limited a- Stable A- Stable Commonwealth Annuity and Life Reinsurance Company, Ltd. Global Atlantic Financial Group Ltd a- Stable A- Stable Corporate Officers & Directors Assurance Ltd. ACE Limited aa+ u Negative A++u Negative Crown Global Life Insurance (Bermuda) Limited Crown Global Ins Group LLC bbb+ Stable B++ Stable Crown Global Life Insurance Limited Crown Global Ins Group LLC bbb+ Stable B++ Stable DaVinci Reinsurance Ltd RenaissanceRe Holdings Ltd a+ Negative A Stable Endurance Specialty Insurance Ltd. Endurance Specialty Holdings Ltd. a Stable A Stable Everest International Reinsurance, Ltd. Everest Re Group, Ltd aa- Stable A+ Stable Everest Reinsurance (Bermuda), Ltd. Everest Re Group, Ltd aa- Stable A+ Stable Evergreen Insurance Company Limited Evergreen International S.A. a Stable A Stable Fidelis Insurance Bermuda Limited Fidelis Insurance Holdings Limited a- Stable A- Stable Genesis Limited a Stable A Stable Global Indemnity Reinsurance Company Ltd. Global Indemnity plc a Stable A Stable Hamilton Re, Ltd. Hamilton Insurance Group, Ltd. a- Stable A- Stable Hannover Life Reassurance Bermuda Limited HDI V.a.G. aa- Stable A+ Stable Hannover Re (Bermuda) Ltd. HDI V.a.G. aa- Stable A+ Stable Harrington Sound Insurance Limited Schlumberger Limited a Stable A Stable Hiscox Insurance Company (Bermuda) Limited Hiscox Ltd a+ Stable A Stable IAT Reinsurance Company Ltd. IAT Reinsurance Company Ltd. a- Stable A- Stable INPEX Insurance, Ltd. INPEX CORPORATION a- Stable A- Stable International General Insurance Company Limited International General Insur Holdings Ltd a- Stable A- Stable Ironshore Insurance Ltd. Ironshore Inc. a u Negative A u Negative Isosceles Insurance Ltd. Jardine Lloyd Thompson Group plc bbb+ Stable B++ Stable JRG Reinsurance Company Ltd. James River Group Holdings, Ltd. a- Positive A- Positive Lancashire Insurance Company Limited Lancashire Holdings Limited a Stable A Stable Lantana Insurance Ltd QBE Insurance Group Limited a Stable A Stable Lion Reinsurance Company Limited Grupo ASSA, S.A. a- Stable A- Stable Maiden Reinsurance Ltd. Maiden Holdings, Ltd. a- Positive A- Positive Markel Bermuda Limited Markel Corporation a Stable A Stable Montpelier Reinsurance Ltd. Montpelier Re Holdings Ltd. a Stable A Stable MS Frontier Reinsurance Limited MS&AD Insurance Group Holdings, Inc. a+ Stable A Stable NEWGT Reinsurance Company, Ltd. ITOCHU Corporation a- Stable A- Stable Nissan Global Reinsurance, Ltd. Nissan Motor Co., Ltd. a- Stable A- Stable North Rock Insurance Company Limited CNA Financial Corporation a Stable A Stable Oil Casualty Insurance, Ltd a- Stable A- Stable PaCRe Ltd. Validus Holdings, Ltd. a- u Negative A- u Negative Partner Reinsurance Company Ltd. PartnerRe Ltd aa- u Negative A+ u Negative Platinum Underwriters Bermuda, Ltd Platinum Underwriters Holdings Ltd a Positive A Stable PMG Assurance Ltd. Sony Corporation a- Negative A- Negative Queen s Island Insurance Company Ltd. W. R. Berkley Corporation aa- Stable A+ Stable R.V.I. Guaranty Co., Ltd. Quantum Partners LP a- Stable A- Stable Rembrandt Insurance Company, Ltd. Vitol Holding B V a Stable A Stable Renaissance Reinsurance Ltd. RenaissanceRe Holdings Ltd aa- Negative A+ Negative RenaissanceRe Specialty Risks Ltd. RenaissanceRe Holdings Ltd a Stable A Stable RenaissanceRe Specialty U.S. Ltd. RenaissanceRe Holdings Ltd a Stable A Stable RGA Americas Reinsurance Company, Ltd. Reinsurance Group of America Inc aa- Stable A+ Stable Sorford Surety Insurance Co. Ltd. IBT Group, LLC bb Negative B Negative August

5 bermuda (continued) Starr Insurance & Reinsurance Limited Starr International Company, Inc. a Stable A Stable The Stuart Insurance Group, Ltd. a- Stable A- Stable Third Point Reinsurance Company Ltd. Third Point Reinsurance Ltd. a- Stable A- Stable Third Point Reinsurance (USA) Ltd. Third Point Reinsurance Ltd. a- Stable A- Stable Through Transport Mutual Insurance Association Limited Through Transport Mutual Ins Assoc Ltd a- Stable A- Stable Top Layer Reinsurance Ltd State Farm Mutual Automobile Ins Co aa- Stable A+ Stable Torus Insurance (Bermuda) Limited Enstar Group Limited a- Stable A- Stable Transmonde Services Insurance Company Limited SGS SA a Stable A Stable Validus Reinsurance, Ltd. Validus Holdings, Ltd. a Stable A Stable Watford Re Ltd. Watford Holdings Ltd. a- Stable A- Stable Wilton Reinsurance Bermuda Limited Wilton Re Ltd a+ Stable A Stable XL Insurance (Bermuda) Ltd XL Group plc a+ Negative A Stable XL Life Ltd XL Group plc bbb+ Stable B++ Stable XL Re Ltd XL Group plc a+ Negative A Stable Bhutan Royal Insurance Corporation of Bhutan Limited bbb- Stable B+ Stable Bosnia And Herzegovina Bosna Reosiguranje d.d. Sarajevo bbb- Stable B+ Stable Brazil Allianz Global Corporate & Specialty Resseguros Brasil S.A. Allianz SE a Stable A Stable Austral Resseguradora S.A. Austral Participações S.A. bbb+ Stable B++ Stable BTG Pactual Resseguradora S.A. BTG Pactual Holding S.A. bbb+ Stable B++ Stable IRB - Brasil Resseguros S.A. IRB - Brasil Resseguros S.A. a- Stable A- Stable J.Malucelli Seguradora S.A. Parana Banco S.A. a- Stable A- Stable J.Malucelli Resseguradora S.A. Parana Banco S.A. a- Stable A- Stable Terra Brasis Resseguros bbb Positive B++ Stable British Virgin Islands StateTrust Life and Annuities, Limited bb Negative B Negative Canada ACE INA Insurance ACE Limited aa+ u Negative A++u Negative Aetna Life Insurance Company (Canada Branch) a+ u Negative A u Negative Affiliated FM Insurance Company (Canada Branch) aa Stable A+ Stable AIG Insurance Company of Canada American International Group, Inc a Stable A Stable Allianz Global Risks US Insurance Company (Canada Branch) aa- Stable A+ Stable Allianz Life Insurance Company of North America (Canada Branch) a+ Stable A Stable Allstate Insurance Company (Canada Branch) aa- Stable A+ Stable American Agricultural Insurance Company (Canada Branch) a- Positive A- Positive American Bankers Insurance Company of Florida (Canada Branch) a Positive A Stable American Bankers Life Assurance Company of Florida (Canada Branch) a- Stable A- Stable American Health and Life Insurance Company (Canada Branch) a- u Negative A- u Negative American Income Life Insurance Company (Canada Branch) aa- Stable A+ Stable The American Road Insurance Company (Canada Branch) a Stable A Stable Arch Insurance Canada Ltd. Arch Capital Group Ltd. aa- Stable A+ Stable Associated Electric & Gas Insurance Services Limited (Canada Branch) a Stable A Stable Assumption Mutual Life Insurance Company a- Stable A- Stable Assurant Life of Canada Assurant Inc a- Stable A- Stable Aurigen Reinsurance Company Aurigen Capital Limited a- Stable A- Stable Aviva Insurance Company of Canada Aviva plc a+ Stable A Stable AXA Equitable Life Insurance Company (Canada Branch) aa- Stable A+ Stable AXIS Reinsurance Company (Canada Branch) aa- u Negative A+ u Negative Belair Insurance Company Inc. Intact Financial Corporation aa- Stable A+ Stable Berkley Insurance Company (Canada Branch) aa- Stable A+ Stable Blue Cross Life Insurance Company of Canada a- Stable A- Stable BMO Life Assurance Company Bank of Montreal a Stable A Stable The Boiler Inspection and Insurance Company of Canada Munich Reinsurance Company aa+ Stable A++ Stable Caisse Centrale de Reassurance (Canada Branch) aa Stable A+ Stable The Canada Life Assurance Company Great-West Lifeco Inc aa Stable A+ Stable Canadian Premier Life Insurance Company Aegon N.V. a u Developing A u Developing Canassurance Hospital Service Association Canassurance Hospital Service Assn a Stable A Stable Canassurance Insurance Company Canassurance Hospital Service Assn a Stable A Stable Cherokee Insurance Company (Canada Branch) a Stable A Stable Chicago Title Insurance Company (Canada Branch) a Stable A Stable Chubb Insurance Company of Canada The Chubb Corporation aaa u Negative A++u Negative Co-operators Life Insurance Company The Co-operators Group Limited a Stable A Stable Coachman Insurance Company Province of Saskatchewan a- Stable A- Stable Combined Insurance Company of America (Canada Branch) aa- u Negative A+ u Negative Connecticut General Life Insurance Company (Canada Branch) a u Developing A u Developing Continental Casualty Company (Canada Branch) a Stable A Stable Co-operators General Insurance Company The Co-operators Group Limited a- Stable A- Stable CorePointe Insurance Company (Canada Branch) a Stable A Stable August

6 canada (continued) Darwin National Assurance Company (Canada Branch) a+ Stable A Stable The Dominion of Canada General Insurance Company Travelers Companies, Inc. a Stable A Stable Ecclesiastical Insurance Office plc (Canada Branch) a Stable A Stable Echelon Insurance Echelon Financial Holdings Inc. bbb+ Stable B++ Stable Economical Mutual Insurance Company Economical Mutual Insurance Company a- Stable A- Stable Electric Insurance Company (Canada Branch) a+ Stable A Stable Elite Insurance Company Aviva plc a+ Stable A Stable The Empire Life Insurance Company E-L Financial Corp Ltd a Stable A Stable Employers Insurance Company of Wausau (Canada Branch) a Stable A Stable Employers Reassurance Corporation (Canada Branch) a- Stable A- Stable Euler Hermes North America Insurance Company (Canada Branch) aa- Stable A+ Stable Everest Insurance Company of Canada Everest Re Group, Ltd aa- Stable A+ Stable Everest Reinsurance Company (Canada Branch) aa- Stable A+ Stable Factory Mutual Insurance Company (Canada Branch) aa Stable A+ Stable Federal Insurance Company (Canada Branch) aaa u Negative A++u Negative Federated Insurance Company of Canada Fairfax Financial Holdings Limited a Stable A Stable First American Title Insurance Company (Canada Branch) a- Positive A- Positive First Canadian Insurance Corporation Firstcan Management, Inc. a Stable A Stable Foresters Life Insurance Company Independent Order of Foresters a+ Stable A Stable General American Life Insurance Company (Canada Branch) aa- Stable A+ Stable General Re Life Corporation (Canada Branch) aa+ Stable A++ Stable General Reinsurance Corporation (Canada Branch) aa+ Stable A++ Stable Gerber Life Insurance Company (Canada Branch) a Stable A Stable Great American Insurance Company (Canada Branch) aa- Stable A+ Stable The Great-West Life Assurance Company Great-West Lifeco Inc aa Stable A+ Stable The Guarantee Company of North America Princeton Holdings Limited a Negative A Negative Hannover Rueck SE (Canada Branch) aa- Stable A+ Stable Hartford Fire Insurance Company (Canada Branch) aa- Stable A+ Stable Hartford Life Insurance Company (Canada Branch) a- Stable A- Stable The Independent Order of Foresters Independent Order of Foresters a+ Stable A Stable Industrial Alliance Insurance and Financial Services Inc. Industrial Alliance Ins & Financial Svcs aa- Stable A+ Stable Industrial Alliance Pacific General Insurance Corporation Industrial Alliance Ins & Financial Svcs a+ Stable A Stable The Insurance Company of Prince Edward Island Echelon Financial Holdings Inc. bbb Stable B++ Stable Intact Assurance agricole Inc Intact Financial Corporation aa- Stable A+ Stable Intact Insurance Company Intact Financial Corporation aa- Stable A+ Stable Jevco Insurance Company Intact Financial Corporation aa- Stable A+ Stable Jewelers Mutual Insurance Company (Canada Branch) aa- Stable A+ Stable Knights of Columbus (Canada Branch) aa+ Stable A++ Stable Lawyers Professional Indemnity Company Law Society of Upper Canada a Stable A Stable Liberty Life Assurance Company of Boston (Canada Branch) a Stable A Stable Liberty Mutual Insurance Company (Canada Branch) a Stable A Stable Life Insurance Company of North America (Canada Branch) a u Developing A u Developing London Life Insurance Company Great-West Lifeco Inc aa Stable A+ Stable Lumbermen s Underwriting Alliance (Canada Branch) rs E The Manufacturers Life Insurance Company Manulife Financial Corporation aa- Stable A+ Stable Metropolitan Life Insurance Company (Canada Branch) aa- Stable A+ Stable Millennium Insurance Corporation Firstcan Management, Inc. a Stable A Stable Mitsui Sumitomo Insurance Company Limited (Canada Branch) aa Stable A+ Stable Motors Insurance Corporation (Canada Branch) bbb+ Stable B++ Stable Munich Reinsurance Company of Canada Munich Reinsurance Company aa- Stable A+ Stable The Mutual Fire Insurance Company of British Columbia a- Stable A- Stable National Liability & Fire Insurance Company (Canada Branch) aaa Stable A++ Stable Nationwide Mutual Insurance Company (Canada Branch) aa- Stable A+ Stable New York Life Insurance Company (Canada Branch) aaa Stable A++ Stable The Nordic Insurance Company of Canada Intact Financial Corporation aa- Stable A+ Stable Northbridge Commercial Insurance Corporation Fairfax Financial Holdings Limited a Stable A Stable Northbridge General Insurance Corporation Fairfax Financial Holdings Limited a Stable A Stable Northbridge Personal Insurance Corporation Fairfax Financial Holdings Limited a Stable A Stable Novex Insurance Company Intact Financial Corporation aa- Stable A+ Stable Odyssey Reinsurance Company (Canada Branch) a+ Stable A Stable Old Republic Insurance Company of Canada Old Republic International Corporation a Stable A Stable Optimum Farm Insurance Inc Optimum Group Inc a- Stable A- Stable Optimum Insurance Company Inc Optimum Group Inc a- Stable A- Stable Optimum Reassurance Inc. Optimum Group Inc a- Stable A- Stable Optimum West Insurance Company Optimum Group Inc a- Stable A- Stable Partner Reinsurance Company Ltd. (Canada Branch) aa- u Negative A+ u Negative Partner Reinsurance Europe SE CAB aa- u Negative A+ u Negative Peace Hills General Insurance Company Samson Cree Nation bbb- Stable B+ Stable Pilot Insurance Company Aviva plc a+ Stable A Stable August

7 Canada (continued) Primerica Life Insurance Company of Canada Primerica Inc aa- Stable A+ Stable Principal Life Insurance Company (Canada Branch) aa- Stable A+ Stable Progressive Casualty Insurance Company (Canada Branch) aa Stable A+ Stable Protective Insurance Company (Canada Branch) aa- Stable A+ Stable RBC Life Insurance Company Royal Bank of Canada a Stable A Stable ReliaStar Life Insurance Company (Canada Branch) a Positive A Stable RGA Life Reinsurance Company of Canada Reinsurance Group of America Inc aa- Stable A+ Stable S&Y Insurance Company Aviva plc a+ Stable A Stable Safety National Casualty Corporation (Canada Branch) aa- Stable A+ Stable St. Paul Fire and Marine Insurance Company (Canada Branch) aa+ Stable A++ Stable Saskatchewan Mutual Insurance Company a- Stable A- Stable SCOR Canada Reinsurance Company SCOR SE a+ Stable A Stable SCOR Global Life (Canada Branch) a+ Stable A Stable Scottish & York Insurance Company, Limited Aviva plc a+ Stable A Stable Sentry Insurance A Mutual Company (Canada Branch) aa- Stable A+ Stable SGI CANADA Province of Saskatchewan a- Stable A- Stable SGI CANADA Insurance Services Limited Province of Saskatchewan a- Stable A- Stable Sirius America Insurance Company (Canada Branch) a u Negative A u Negative Sompo Japan Insurance Inc. (Canada Branch) aa- Stable A+ Stable The Sovereign General Insurance Company The Co-operators Group Limited a- Stable A- Stable SSQ Life Insurance Company, Inc. Fonds de solidarité FTQ a- Stable A- Stable State Farm Fire and Casualty Company (Canada Branch) aa- Positive A+ Stable State Farm Mutual Automobile Insurance Company (Canada Branch) aa+ Stable A++ Stable Stewart Title Guaranty Company (Canada Branch) a- Stable A- Stable Sun Life Assurance Company of Canada Sun Life Financial Inc aa- Stable A+ Stable Swiss Reinsurance Company (Canada Branch) aa- Stable A+ Stable Swiss Reinsurance Company (Canada Branch) aa- Stable A+ Stable T.H.E. Insurance Company (Canada Branch) a- Stable A- Stable Temple Insurance Company Munich Reinsurance Company aa- Stable A+ Stable The Toa Reinsurance Company of America (Canada Branch) aa- Stable A+ Stable Tokio Marine and Nichido Fire Insurance Company Limited (Canada Branch) aa+ Stable A++ Stable Traders General Insurance Company Aviva plc a+ Stable A Stable Trafalgar Insurance Company of Canada Intact Financial Corporation aa- Stable A+ Stable Transamerica Life Canada Aegon N.V. a- u Developing A- u Developing Transatlantic Reinsurance Company (Canada Branch) a+ Positive A Positive Transportation Property and Casualty Company Inc. South Coast British Columbia Transp a Stable A Stable Travelers Insurance Company of Canada Travelers Companies, Inc. aa+ Stable A++ Stable Trisura Guarantee Insurance Company Brookfield Asset Management Inc. a- Stable A- Stable Triton Insurance Company (Canada Branch) a u Negative A u Negative United American Insurance Company (Canada Branch) aa- Stable A+ Stable The Order of United Commercial Travelers of America (Canada Branch) bbb- Stable B+ Stable Virginia Surety Company, Inc. (Canada Branch) a- Stable A- Stable Waterloo Insurance Company Economical Mutual Insurance Company a- Stable A- Stable Wawanesa Life Insurance Company Wawanesa Mutual Insurance Company a Stable A Stable The Wawanesa Mutual Insurance Company Wawanesa Mutual Insurance Company aa- Negative A+ Negative Western Financial Insurance Company Fédération des Caisses DesJardins du QC a- Stable A- Stable Western Life Assurance Company Fédération des Caisses DesJardins du QC a- Stable A- Stable Westport Insurance Corporation (Canada Branch) aa- Stable A+ Stable Wynward Insurance Group James Richardson & Sons, Limited a u Negative A u Negative XL Insurance Company SE (Canada Branch) a+ Negative A Stable XL Reinsurance America Inc (Canada Branch) a+ Negative A Stable Zenith Insurance Company Fairfax Financial Holdings Limited a Stable A Stable Cayman Islands AHS Insurance Company, Ltd. Atlantic Health System a- Stable A- Stable Best Meridian International Insurance Company SPC BMI Financial Group, Inc. bbb+ Stable B++ Stable British Caymanian Insurance Company Limited Edmund Gibbons Limited a- Stable A- Stable Caring Communities Insurance Company Caring Communities, a Reciprocal RRG a Stable A Stable Cayman First Insurance Company Limited Bahamas First Holdings Limited a- Stable A- Stable Colliers Bay Insurance Limited Schlumberger Limited a Stable A Stable Eastern Re Ltd., S.P.C. ProAssurance Corporation a Stable A Stable GeoVera Reinsurance, Ltd. Flexpoint Ultimate Mgmt II (Cayman) Ltd. a Stable A Stable Greenlight Reinsurance, Ltd. Greenlight Capital Re, Ltd. a Stable A Stable INRECO International Reinsurance Company Pan-American Life Mutual Holding Company a Stable A Stable Island Heritage Insurance Company Limited BF&M Limited a Stable A Stable Knight Insurance Company Ltd. Don R. Hankey Trust a- Negative A- Negative Knighthead Annuity & Life Assurance Company Knighthead Holdings Ltd. bbb+ Stable B++ Stable MetLife Global Benefits, Ltd. MetLife Inc a Stable A Stable Palms Insurance Company, Limited NextEra Energy, Inc. a Stable A Stable Radius Insurance Company Phillips 66 a Stable A Stable Raffles Insurance Limited a- Stable A- Stable August

8 cayman islands (continued) Reaseguradora América SPC Ltd. Grupo ASSA, S.A. a- Stable A- Stable United Insurance Company United Insurance Company a- Stable A- Stable China Aioi Nissay Dowa Insurance (China) Company Limited MS&AD Insurance Group Holdings, Inc. a- Negative A- Negative China Continent Property & Casualty Insurance Company Ltd China Investment Corporation a Stable A Stable China Life Reinsurance Company Ltd. China Investment Corporation a Stable A Stable China Property & Casualty Reinsurance Company Ltd. China Investment Corporation a Stable A Stable China Reinsurance (Group) Corporation China Investment Corporation a Stable A Stable General Reinsurance AG (Shanghai Branch) aa+ Stable A++ Stable Hyundai Insurance (China) Co., Ltd. Hyundai Marine & Fire Insurance Co Ltd a- Stable A- Stable Lloyd s Insurance Company (China) Limited Lloyd s a+ Positive A Positive NIPPONKOA Insurance Company (China) Limited Sompo Japan Nipponkoa Holdings, Inc. a- Stable A- Stable Starr Property & Casualty Insurance (China) Company, Limited Starr International Company, Inc. a- Stable A- Stable Costa Rica Best Meridian Insurance Company (Costa Rica Branch) a- Stable A- Stable Instituto Nacional de Seguros a- Stable A- Stable Dominican Republic La Colonial, S.A. - Compañía de Seguros bbb+ Stable B++ Stable Ecuador Pan-American Life Insurance Company (Ecuador Branch) a Stable A Stable Egypt Arab Misr Insurance Group S.A.E. Gulf Insurance Group K.S.C.P. bbb Stable B++ Stable El Salvador Pan-American Life Insurance Company (El Salvador Branch) a Stable A Stable Fiji The New India Assurance Company Limited (Fiji Branch) a- Stable A- Stable Finland LocalTapiola General Mutual Insurance Company LocalTapiola General Mutual Ins Co a Stable A Stable France AGA International SA Allianz SE aa- Stable A+ Stable Assurances Mutuelles de France Société de Groupe d Assurance Mut Covéa a Positive A Stable AXA Global P&C AXA S.A. a+ Stable A Stable Axéria Prévoyance April S.A. a- Stable A- Stable Caisse Centrale de Reassurance Caisse Centrale de Reassurance aa Stable A+ Stable Generali Iard Assicurazioni Generali S.p.A. a Stable A Stable Generali Vie Assicurazioni Generali S.p.A. a Stable A Stable SCOR Global Life SE SCOR SE a+ Stable A Stable SCOR Global P&C SE SCOR SE a+ Stable A Stable SCOR SE SCOR SE a+ Stable A Stable Germany AachenMünchener Lebensversicherung AG Assicurazioni Generali S.p.A. a Stable A Stable AachenMünchener Versicherung AG Assicurazioni Generali S.p.A. a Stable A Stable Allianz Global Corporate & Specialty SE Allianz SE aa- Stable A+ Stable Allianz SE Allianz SE aa- Stable A+ Stable Central Krankenversicherung AG Assicurazioni Generali S.p.A. a Stable A Stable COSMOS Lebensversicherungs-AG Assicurazioni Generali S.p.A. a Stable A Stable COSMOS Versicherung AG Assicurazioni Generali S.p.A. a Stable A Stable Delvag Luftfahrtversicherungs-AG Deutsche Lufthansa Aktiengesellschaft a Stable A Stable Delvag Rückversicherungs-AG Deutsche Lufthansa Aktiengesellschaft a Stable A Stable E+S Rückversicherung AG HDI V.a.G. aa- Stable A+ Stable General Reinsurance AG Berkshire Hathaway Inc. aa+ Stable A++ Stable Generali Deutschland Holding AG Assicurazioni Generali S.p.A. a Stable A Stable Generali Lebensversicherung AG Assicurazioni Generali S.p.A. a Stable A Stable Generali Versicherung AG Assicurazioni Generali S.p.A. a Stable A Stable Hannover Rück SE HDI V.a.G. aa- Stable A+ Stable HDI-Gerling Industrie Versicherung Aktiengesellschaft HDI V.a.G. a+ Stable A Stable HDI-Gerling Welt Service Aktiengesellschaft HDI V.a.G. a+ Stable A Stable HDI Haftpflichtverband der Deutschen Industrie V.a.G. HDI V.a.G. a+ Stable A Stable HDI Lebensversicherung Aktiengesellschaft HDI V.a.G. a+ Stable A Stable International Insurance Company of Hannover SE HDI V.a.G. aa- Stable A+ Stable Munich Reinsurance Company Munich Reinsurance Company aa- Stable A+ Stable SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG OJSC INSURANCE CO OF GAZ INDUSTRY SOGAZ bbb Negative B++ Negative Ghana Ghana Reinsurance Company Limited bb Positive B Stable Guam Century Insurance Company (Guam) Limited Tan Holdings Corporation bbb+ Negative B++ Stable Dongbu Insurance Co., Ltd. (U.S. Guam Branch) a+ Stable A Stable First Net Insurance Company bbb+ Stable B++ Stable Pacific Indemnity Insurance Company a- Stable A- Stable Tokio Marine Pacific Insurance Limited Tokio Marine Holdings, Inc. aa- Stable A+ Stable August

9 Guernsey GBG Insurance Limited Saxton Lane Company Limited bbb Stable B++ Stable Hiscox Insurance Company (Guernsey) Limited Hiscox Ltd a+ Stable A Stable Jupiter Insurance Limited BP p.l.c. a Positive A Stable Kelvin Re Limited a- Stable A- Stable Honduras Pan-American Life Insurance Company (Honduras Branch) a Stable A Stable Hong Kong AIG Insurance Hong Kong Limited American International Group, Inc a Stable A Stable Asia Capital Reinsurance Group Pte. Ltd. (Hong Kong Branch) a- Stable A- Stable Blue Cross (Asia-Pacific) Insurance Limited The Bank of East Asia Limited a- Positive A- Positive BOC Group Life Assurance Company Limited China Investment Corporation a Stable A Stable China BOCOM Insurance Company Limited Bank of Communications Co., Ltd. a- Stable A- Stable China Overseas Insurance Limited China State Construction Engineering Cp bbb Positive B++ Stable China Taiping Insurance (HK) Company Limited China Taiping Insurance Group Ltd. a Stable A Stable Federal Insurance Company (Hong Kong Branch) aaa u Negative A++u Negative Hong Leong Insurance (Asia) Limited Hong Leong Company (Malaysia) Berhad a- Stable A- Stable The New India Assurance Company Limited (Hong Kong Branch) a- Stable A- Stable Peak Reinsurance Company Limited Fosun International Holdings Ltd. a- Stable A- Stable The People s Insurance Company of China (Hong Kong), Limited People s Ins Co (Group) of China Ltd a- Stable A- Stable Starr International Insurance (Asia) Limited Starr International Company, Inc. a Stable A Stable Sun Hung Kai Properties Insurance Limited Sun Hung Kai Properties Limited a Stable A Stable Taiping Reinsurance Company Limited China Taiping Insurance Group Ltd. a Stable A Stable Tugu Insurance Company Limited bbb Stable B++ Stable Wing Lung Insurance Company Limited China Merchants Bank Co., Ltd. a- Stable A- Stable Iceland Tryggingamidstodin hf. Tryggingamidstodin hf. bbb+ Stable B++ Stable India General Insurance Corporation of India a- Stable A- Stable National Insurance Company Limited bbb+ Stable B++ Stable The New India Assurance Company Limited New India Assurance Company Limited a- Stable A- Stable The Oriental Insurance Company Limited bbb+ Stable B++ Stable United India Insurance Company Limited bbb+ Positive B++ Positive Indonesia PT Asuransi Jasa Indonesia (Persero) bbb+ Stable B++ Stable PT. Asuransi Samsung Tugu Samsung Fire & Marine Insurance Co, Ltd a- Stable A- Stable Ireland ACE Bermuda International Insurance (Ireland) Limited ACE Limited aa+ u Negative A++u Negative Allied World Assurance Company (Europe) Limited Allied World Assurance Co Holdings AG a+ Stable A Stable AmTrust International Underwriters Limited AmTrust Financial Services, Inc a Stable A Stable Atradius Reinsurance Limited INOC, S.A. a Stable A Stable AXIS Re SE AXIS Capital Holdings Limited aa- u Negative A+ u Negative AXIS Specialty Europe SE AXIS Capital Holdings Limited aa- u Negative A+ u Negative Canada Life International Re Limited Great-West Lifeco Inc a+ Stable A Stable Electric Insurance Ireland Limited Wilmington Trust Company a+ Stable A Stable Eni Insurance Limited Eni S.p.A. a Stable A Stable Everest Reinsurance Company (Ireland), Limited Everest Re Group, Ltd aa- Stable A+ Stable Greenlight Reinsurance Ireland, Limited Greenlight Capital Re, Ltd. a Stable A Stable Hannover Re (Ireland) Limited HDI V.a.G. aa- Stable A+ Stable Ironshore Europe Limited Ironshore Inc. a u Negative A u Negative Liffey Reinsurance Company Limited Istmo Compañía de Reaseguros, Inc. a- Stable A- Stable Markel Europe plc Markel Corporation a Stable A Stable Partner Reinsurance Europe SE PartnerRe Ltd aa- u Negative A+ u Negative PartnerRe Ireland Insurance Limited PartnerRe Ltd aa- u Negative A+ u Negative Renaissance Reinsurance of Europe RenaissanceRe Holdings Ltd aa- Negative A+ Negative SCOR Global Life Reinsurance Ireland Limited SCOR SE a+ Stable A Stable Talanx Reinsurance (Ireland) Ltd. HDI V.a.G. a Stable A Stable XL Re Europe SE XL Group plc a+ Negative A Stable Zurich Insurance plc Zurich Insurance Group Ltd aa- Stable A+ Stable Isle Of Man National Grid Insurance Company (Isle of Man) Limited National Grid plc a Stable A Stable Italy Allianz S.p.A. Allianz SE aa- Stable A+ Stable Assicurazioni Generali S.p.A. Assicurazioni Generali S.p.A. a Stable A Stable Jamaica NCB Insurance Company Limited National Commercial Bank Jamaica Limited bb+ Stable B Stable Sagicor Life Jamaica Limited Sagicor Financial Corporation bbb- Stable B+ Stable Japan Aioi Nissay Dowa Insurance Company Limited MS&AD Insurance Group Holdings, Inc. aa Stable A+ Stable AIU Insurance Company, Ltd. American International Group, Inc a Stable A Stable American Family Life Assurance Company of Columbus (Japan Branch) aa- Stable A+ Stable August

10 japan (continued) Assicurazioni Generali S.p.A. (Japan Branch) a Stable A Stable The Dai-ichi Life Insurance Company, Limited Dai-ichi Life Insurance Company, Limited aa- Stable A+ Stable The Fuji Fire & Marine Insurance Company, Limited American International Group, Inc a Stable A Stable Hyundai Marine and Fire Insurance Co., Ltd. (Japan Branch) a Stable A Stable Meiji Yasuda Life Insurance Company Meiji Yasuda Life Insurance Company aa- Stable A+ Stable Mitsui Sumitomo Insurance Company, Limited MS&AD Insurance Group Holdings, Inc. aa Stable A+ Stable The New India Assurance Company Limited (Japan Branch) a- Stable A- Stable Nippon Life Insurance Company Nippon Life Insurance Company aa- Stable A+ Stable Sompo Japan Nipponkoa Insurance Inc. Sompo Japan Nipponkoa Holdings, Inc. aa- Stable A+ Stable Starr Indemnity & Liability Company (Japan Branch) a Stable A Stable The Toa Reinsurance Company, Limited The Toa Reinsurance Company, Limited aa- Stable A+ Stable Tokio Marine & Nichido Fire Insurance Co., Ltd. Tokio Marine Holdings, Inc. aa+ Stable A++ Stable Jordan Arab Orient Insurance Company Gulf Insurance Group K.S.C.P. bbb+ Stable B++ Stable ARABIA Insurance Company - Jordan ARABIA Insurance Company s.a.l. bbb- Stable B+ Stable First Insurance Company Solidarity Group Holding BSC (c) bbb Stable B++ Stable Jordan Insurance Company Plc. bbb+ Stable B++ Stable Middle East Insurance Company Plc bbb Negative B++ Negative Kazakhstan Eurasia Insurance Company JSC Eurasian Financial Company JSC bbb+ Stable B++ Stable Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC Holding Group Almeks JSC bbb Stable B++ Stable Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC Holding Group Almeks JSC bbb- Negative B+ Negative JSC Insurance Company Centras Insurance Centras Capital LLP b Stable C++ Stable Kommesk-Omir Insurance Company JSC Centras Capital LLP b+ Stable C++ Stable Nomad Insurance Company JSC Nomad Insurance Group Limited bb- Stable B- Stable Standard Insurance Company JSC bb- Stable B- Stable Victoria Insurance Company JSC bbb- Stable B+ Stable Kenya East Africa Reinsurance Company Limited bb+ Stable B Stable Kenya Reinsurance Corporation Limited bbb- Stable B+ Stable ZEP-RE (PTA Reinsurance Company) bbb- Stable B+ Stable Kuwait Gulf Insurance and Reinsurance Company K.S.C. (Closed) Gulf Insurance Group K.S.C.P. a- Positive A- Positive Gulf Insurance Group K.S.C.P. Gulf Insurance Group K.S.C.P. a- Positive A- Positive Kuwait Reinsurance Company K.S.C.P. a- Stable A- Stable Lebanon Al Ittihad Al Watani (L Union Nationale) Societe Generale d Assurances du Proche Orient, sal Al Ittihad Al Watani Soc Gen Asr Proche bb Negative B Negative Arab Reinsurance Company SAL bbb- Stable B+ Stable ARABIA Insurance Company s.a.l. ARABIA Insurance Company s.a.l. bbb+ Stable B++ Stable Bankers Assurance S.A.L. Nasco Insurance Group Limited bbb Stable B++ Stable The Mediterranean & Gulf Insurance and Reinsurance Co. S.A.L. (MEDGULF) LFZ Holding S.A.L. bbb+ Stable B++ Stable Liechtenstein Elips Life AG Swiss Re Ltd a+ Stable A Stable Torus Insurance (Europe) AG Enstar Group Limited a- Stable A- Stable Luxembourg AmTrust Insurance Luxembourg S.A. AmTrust Financial Services, Inc a Stable A Stable Builders Reinsurance S.A. Hochtief AG a- Stable A- Stable Casiopea Re S.A. Telefonica S A a- Stable A- Stable The Shipowners Mutual Protection and Indemnity Association (Luxembourg) a- Positive A- Positive Swiss Re Europe S.A. Swiss Re Ltd aa- Stable A+ Stable Swiss Re International SE Swiss Re Ltd aa- Stable A+ Stable United Re (Europe) S.A. United Insurance Company a- Stable A- Stable The West of England Ship Owners Mutual Insurance Association (Luxembourg) West of England Ship Owners Mut Ins Asn a- Stable A- Stable Macau AIG Insurance Hong Kong Limited (Macau Branch) a Stable A Stable China Taiping Insurance (Macau) Co., Ltd. China Taiping Insurance Group Ltd. a Stable A Stable Luen Fung Hang Insurance Company Limited a- Stable A- Stable Macau Insurance Company Limited Dah Sing Financial Holdings Limited a- Stable A- Stable Macau Life Insurance Company Limited Dah Sing Financial Holdings Limited a- Stable A- Stable Malaysia ACR ReTakaful Berhad ACR ReTakaful Holdings Limited a- Stable A- Stable Asia Capital Reinsurance Malaysia Sdn Bhd Khazanah Nasional Berhad a- Stable A- Stable Energas Insurance (L) Limited Petroliam Nasional Berhad a Stable A Stable General Insurance Corporation of India (Labuan Branch) a- Stable A- Stable Labuan Reinsurance (L) Ltd a- Stable A- Stable Lonpac Insurance Bhd LPI Capital Berhad a- Stable A- Stable Malaysian Reinsurance Berhad MNRB Holdings Berhad a- Positive A- Positive Singapore Reinsurance Corporation Limited (Labuan Branch) a- Stable A- Stable Tune GenRe Ltd Tune Ins Holdings Berhad bbb+ Stable B++ Stable Wentworth Insurance Company Limited (Labuan Branch) a Stable A Stable August

11 Malta ArgoGlobal SE Argo Group International Holdings, Ltd a Stable A Stable Axeria Re Limited April S.A. a- Stable A- Stable FNF Title Insurance Company Ltd. Fidelity National Financial, Inc. a- Stable A- Stable Mauritius The New India Assurance Company Limited (Mauritius Branch) a- Stable A- Stable Mexico Afianzadora Aserta, S.A. de C.V. Grupo Financiero Aserta SA de C.V. a- Positive A- Positive Afianzadora Insurgentes, S.A. de C.V. Grupo Financiero Aserta SA de C.V. a- Positive A- Positive Afianzadora Sofimex, S.A. a- Stable A- Stable Atradius Seguros de Crédito, S.A. INOC, S.A. a Stable A Stable General de Seguros, S.A.B. Peña Verde, S.A.B. bbb+ Stable B++ Stable Grupo Mexicano de Seguros, S.A. de C.V. Grupo Maxasem, S.A. de C.V. bbb Stable B++ Stable Grupo Nacional Provincial S.A.B. Grupo Nacional Provincial S.A.B. a- Positive A- Positive Mapfre Tepeyac, S.A. MAPFRE S.A. a Stable A Stable Quálitas Compañía de Seguros S.A.B. de C.V. Quálitas Controladora, S.A.B. de C.V. bb Stable B Stable Reaseguradora Patria, S.A. Peña Verde, S.A.B. a Stable A Stable Seguros Inbursa, S.A. Grupo Financiero Inbursa Grupo Financiero Inbursa, S.A.B. de C.V. a Positive A Stable XL Seguros México, S.A. de C.V. XL Group plc a+ Negative A Stable Micronesia, Federated States Of Marble Reinsurance Corporation Marubeni Corporation a- Stable A- Stable Morocco Société Centrale de Réassurance Caisse de Depot et de Gestion bbb Stable B++ Stable Nepal National Insurance Company Limited (Nepal Branch) bbb+ Stable B++ Stable The Oriental Insurance Company Limited (Nepal Branch) bbb+ Stable B++ Stable Netherlands Atradius Credit Insurance N.V. INOC, S.A. a Stable A Stable Enel Insurance N.V. Enel SpA a- Stable A- Stable N.V. Univé Her Coöperatie Univé U.A. a- Stable A- Stable New Zealand Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch) aa Stable A+ Stable American Income Life Insurance Company (New Zealand Branch) aa- Stable A+ Stable Beneficial Insurance Limited Beneficial Holdings Limited bbb- Stable B+ Stable BNZ Life Insurance Limited National Australia Bank Limited a Stable A Stable CBL Insurance Limited CBL Corporation Limited bbb Stable B++ Stable CIGNA Life Insurance New Zealand Limited Cigna Corporation a- Stable A- Stable Co-operative Life Limited Co-operative Bank Limited bbb+ Stable B++ Stable Consumer Insurance Services Limited Haier Group Company bbb+ Stable B++ Stable DPL Insurance Limited Turners Limited bbb- Stable B+ Stable The Education Benevolent Society Incorporated bbb Stable B++ Stable Fidelity Life Assurance Company Limited a- Stable A- Stable First American Title Insurance Company of Australia Pty Limited (New Zealand Branch) a- Positive A- Positive FMG Insurance Limited Farmers Mutual Group a Stable A Stable Foundation Life (NZ) Limited Foundation Life (NZ) Holdings Limited a- Negative A- Negative General Reinsurance Australia Ltd (New Zealand Branch) aa+ Stable A++ Stable Health Services Welfare Society Limited bb+ Stable B Stable Kiwi Insurance Limited New Zealand Post Limited a- Stable A- Stable Mitsui Sumitomo Insurance Company Limited (New Zealand Branch) aa Stable A+ Stable The New India Assurance Company Limited (New Zealand Branch) a- Stable A- Stable New Zealand Local Government Insurance Corporation Limited New Zealand Local Govt Ins Corp Ltd bbb- Negative B+ Negative nib nz limited nib holdings limited a- Stable A- Stable Pacific International Insurance Pty Ltd (New Zealand Branch) bbb Stable B++ Stable Partners Life Limited Partners Group Holdings Limited bbb Stable B++ Stable Pinnacle Life Limited bb+ Stable B Stable Police Health Plan Limited New Zealand Police Association bbb+ Stable B++ Stable Product Care (NZ) Limited ICF Holdings Pty Ltd bbb Stable B++ Stable Provident Insurance Corporation Limited bbb Stable B++ Stable RGA Reinsurance Company (New Zealand Branch) aa- Stable A+ Stable Sovereign Assurance Company Limited Commonwealth Bank of Australia aa- Stable A+ Stable Tokio Marine & Nichido Fire Insurance Company Limited (New Zealand Branch) aa+ Stable A++ Stable TOWER Insurance Limited TOWER Limited a- Negative A- Negative Union Medical Benefits Society Limited a Stable A Stable Virginia Surety Company, Inc. (New Zealand Branch) a- Stable A- Stable Youi NZ Pty Limited Rand Merchant Insurance Holdings Ltd bbb Stable B++ Stable Nigeria African Reinsurance Corporation African Reinsurance Corporation a- Positive A- Positive Continental Reinsurance Plc C-Re Holding Limited bbb- Stable B+ Stable Custodian and Allied Insurance Limited Custodian and Allied Plc bb Stable B Stable Mansard Insurance Plc Assur Africa Holdings Limited bb+ u Developing B u Developing Wapic Insurance Plc Wapic Insurance Plc bb- Stable B- Stable August

12 Oman Muscat Insurance Company SAOC Muscat National Holding Company SAOG bbb- Stable B+ Stable Muscat Life Assurance Company SAOC Muscat National Holding Company SAOG bbb- Stable B+ Stable National Life and General Insurance Company SAOC Oman National Investment Corp Holding bbb Stable B++ Stable Pakistan Adamjee Insurance Company Limited Adamjee Insurance Company Limited bbb- Stable B+ Stable Jubilee General Insurance Company Limited bbb Stable B++ Stable Panama ACE Seguros S.A. ACE Limited a u Negative A u Negative Aseguradora Ancón, S.A. Ancon Investment Corporation a- Stable A- Stable ASSA Compañía de Seguros S.A. Grupo ASSA, S.A. a Stable A Stable Barents Re Reinsurance Company, Inc. Arden & Price Group a- Positive A- Positive Compañía Internacional de Seguros, S.A. a Stable A Stable Del Istmo Assurance Corp Istmo Compañía de Reaseguros, Inc. a- Stable A- Stable Istmo Compañía de Reaseguros, Inc. Istmo Compañía de Reaseguros, Inc. a- Stable A- Stable Mapfre Panamá S.A. MAPFRE S.A. a Stable A Stable Pan-American Life Insurance Company (Panama Branch) a Stable A Stable Worldwide Medical Assurance, Ltd. Corp. Landeshut Holding Ltd. bbb- Stable B+ Stable Papua New Guinea Capital Life Insurance Company Limited Capital Insurance Group Limited bb- Positive B- Positive Philippines Malayan Insurance Co., Inc. Pan Malayan Mgmt & Investment Corp bbb+ Stable B++ Stable National Reinsurance Corporation of the Philippines bbb Negative B++ Negative The New India Assurance Company Limited (Philippines Branch) a- Stable A- Stable Starr International Insurance (Philippines Branch) a Stable A Stable Poland Polskie Towarzystwo Reasekuracji S.A. Fairfax Financial Holdings Limited a- Stable A- Stable Puerto Rico ACE Insurance Company (Puerto Rico) ACE Limited aa+ u Negative A++u Negative AIG Insurance Company-Puerto Rico American International Group, Inc a Stable A Stable Antilles Insurance Company Anglo Puerto Rican Insurance Corporation a+ Stable A Stable Caribbean American Life Assurance Company Assurant Inc a- Stable A- Stable Caribbean American Property Insurance Company Assurant Inc a Positive A Stable Cooperativa de Seguros de Vida de Puerto Rico b- u Negative C+ u Negative Cooperativa de Seguros Multiples de Puerto Rico Cooperativa de Seguros Multiples de PR a- Stable A- Stable Humana Health Plans of Puerto Rico, Inc. Humana Inc. bbb+ u Positive B++u Positive Humana Insurance of Puerto Rico, Inc. Humana Inc. bbb+ u Positive B++u Positive INTEGRAND Assurance Company Victor J Salgado & Associates Inc a- Stable A- Stable MAPFRE Pan American Insurance Company MAPFRE S.A. a Stable A Stable MAPFRE PRAICO Insurance Company MAPFRE S.A. a Stable A Stable MAPFRE Preferred Risk Insurance Company MAPFRE S.A. a Stable A Stable Multinational Insurance Company Ancon Investment Corporation bbb+ Stable B++ Stable Multinational Life Insurance Company Ancon Investment Corporation bbb Stable B++ Stable Newport Bonding and Surety Company ccc u Negative C u Negative Popular Life Re Popular, Inc. bbb- Positive B+ Positive QBE Seguros QBE Insurance Group Limited a- Stable A- Stable Real Legacy Assurance Company, Inc. Cooperativa de Seguros Multiples de PR a- Stable A- Stable Tower Bonding and Surety Company bb Negative B Negative Trans-Oceanic Life Insurance Company Trans-Oceanic Group Inc bbb+ Stable B++ Stable Triple-S Blue, Inc. Triple-S Management Corporation bbb Stable B++ Stable Triple-S Propiedad, Inc. Triple-S Management Corporation a- Stable A- Stable Triple-S Salud, Inc. Triple-S Management Corporation bbb+ Stable B++ Stable Triple-S Vida, Inc. Triple-S Management Corporation bbb+ Stable B++ Stable United Surety & Indemnity Company MRM Group, Inc. a+ Stable A Stable Universal Insurance Company (PR) Universal Group, Inc. a Stable A Stable Universal Life Insurance Company Universal Group, Inc. a- Stable A- Stable USIC Life Insurance Company MRM Group, Inc. bbb+ Stable B++ Stable Qatar Doha Insurance Company-Q.S.C. a- Stable A- Stable Qatar General Insurance and Reinsurance Company S.A.Q. Qatar General Insurance & Reins Co SAQ a- Stable A- Stable Qatar Insurance Company S.A.Q. Qatar Insurance Company S.A.Q. a Stable A Stable Qatar Islamic Insurance Company Q.S.C. bbb+ Stable B++ Stable Qatar Reinsurance Company LLC Qatar Insurance Company S.A.Q. a Stable A Stable QIC International LLC Qatar Insurance Company S.A.Q. a Stable A Stable Russia OJSC INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ OJSC INSURANCE CO OF GAZ INDUSTRY SOGAZ bbb Negative B++ Negative Russian Reinsurance Company JSC bbb- Negative B+ Negative Transsiberian Reinsurance Corporation OJSC bb+ Negative B Stable Unity Reinsurance Company, Ltd. Astroway Limited bbb- Negative B+ Negative Saudi Arabia The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company S.J.S.C. LFZ Holding S.A.L. a- Stable A- Stable August

13 saudi arabia (continued) Saudi United Cooperative Insurance Company (Wala a) bbb Stable B++ Stable Singapore AIG Asia Pacific Insurance Pte. Ltd. American International Group, Inc a Positive A Stable Asia Capital Reinsurance Group Pte. Ltd. ACR Capital Holdings Pte. Ltd. a- Stable A- Stable China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance Group Ltd. a Stable A Stable ECICS Limited IFS Capital Limited a- Stable A- Stable ERGO Insurance Pte. Ltd. Munich Reinsurance Company a- Stable A- Stable Federal Insurance Company (Singapore Branch) aaa u Negative A++u Negative First Capital Insurance Limited Fairfax Financial Holdings Limited a Stable A Stable Korean Reinsurance Company (Singapore Branch) a Stable A Stable Samsung Reinsurance Pte. Ltd. Samsung Fire & Marine Insurance Co, Ltd a Stable A Stable SCOR Reinsurance Asia-Pacific Pte Ltd SCOR SE a+ Stable A Stable Singapore Reinsurance Corporation Limited a- Stable A- Stable Starr International Insurance (Singapore) Pte. Ltd. Starr International Company, Inc. a Stable A Stable United Overseas Insurance Limited United Overseas Bank Limited aa- Stable A+ Stable Slovenia Pozavarovalnica Sava d.d. Pozavarovalnica Sava d.d. a- Stable A- Stable Pozavarovalnica Triglav Re, d.d. Zavarovalnica Triglav d.d. a- Stable A- Stable Zavarovalnica Triglav d.d. Zavarovalnica Triglav d.d. a- Positive A- Positive South Africa General Reinsurance Africa Ltd Berkshire Hathaway Inc. aa+ Stable A++ Stable South Korea Construction Guarantee Cooperative aa- Stable A+ Stable Dongbu Insurance Co., Ltd. a+ Stable A Stable Federal Insurance Company (Korea Branch) aaa u Negative A++u Negative General Reinsurance AG (Seoul Branch) aa+ Stable A++ Stable Hanwha General Insurance Company Limited bbb Stable B++ Stable Hyundai Marine & Fire Insurance Co., Ltd. Hyundai Marine & Fire Insurance Co Ltd a Stable A Stable KB Insurance Co., Ltd. KB Insurance Co., Ltd. a- Stable A- Stable Korea P&I Club a- Stable A- Stable Korean Reinsurance Company a Stable A Stable Meritz Fire & Marine Insurance Co., Ltd. Meritz Financial Group Inc. a- Stable A- Stable RGA Reinsurance Company (South Korea Branch) aa- Stable A+ Stable Samsung Fire & Marine Insurance Co., Ltd. Samsung Fire & Marine Insurance Co, Ltd aa+ Stable A++ Stable Spain Bilbao, Compañia Anonima de Seguros y Reaseguros S.A. INOC, S.A. a- Stable A- Stable Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A.U. INOC, S.A. a Stable A Stable MAPFRE GLOBAL RISKS, Compania Internacional de Seguros y Reaseguros S.A. MAPFRE S.A. a Stable A Stable MAPFRE RE, Compania de Reaseguros, S.A. MAPFRE S.A. a Stable A Stable Nacional de Reaseguros, S.A. a- Positive A- Positive Ocaso, S.A. Seguros y Reaseguros Ocaso, S.A. Seguros y Reaseguros a+ Stable A Stable Seguros Catalana Occidente, S.A. de Seguros y Reaseguros INOC, S.A. a- Stable A- Stable St. Lucia M&C General Insurance Company Limited Goddard Enterprises Limited bbb+ Stable B++ Stable St. Maarten National General Insurance Corporation (NAGICO) N.V. Nagico Holdings Limited bbb Stable B++ Stable Sweden Sirius International Insurance Corporation (publ) White Mountains Insurance Group Ltd a u Negative A u Negative The Swedish Club a- Stable A- Stable Switzerland Allianz Risk Transfer AG Allianz SE aa- Stable A+ Stable Amlin AG Amlin plc a+ Stable A Stable Catlin Re Switzerland Ltd XL Group plc a Positive A Stable European Reinsurance Company of Zurich Ltd Swiss Re Ltd aa- Stable A+ Stable Intercona Re AG Nestlé, S.A. aa Stable A+ Stable New Reinsurance Company Ltd. Munich Reinsurance Company aa- Stable A+ Stable SCOR Switzerland AG SCOR SE a+ Stable A Stable Solen Versicherungen AG Royal Dutch Shell plc aa- Stable A+ Stable Swiss Re Corporate Solutions Ltd Swiss Re Ltd aa- Stable A+ Stable Swiss Reinsurance Company Ltd Swiss Re Ltd aa- Stable A+ Stable Tokio Millennium Re AG Tokio Marine Holdings, Inc. aa+ Stable A++ Stable TransRe Zurich Ltd. Alleghany Corporation a+ Positive A Positive Validus Reinsurance (Switzerland) Ltd Validus Holdings, Ltd. a Stable A Stable XL Insurance Switzerland Ltd XL Group plc a+ Negative A Stable XL Re Latin America Ltd. XL Group plc a+ Negative A Stable Zurich Insurance Company Limited Zurich Insurance Group Ltd aa- Stable A+ Stable Taiwan ACE Insurance Company of North America (Taiwan Branch) aa+ u Negative A++u Negative Central Reinsurance Corporation a Stable A Stable Federal Insurance Company (Taiwan Branch) aaa u Negative A++u Negative August

14 taiwan (continued) Fubon Insurance Co., Ltd. Fubon Financial Holding Co., Ltd. a+ Stable A Stable South China Insurance Co., Ltd. Hua Nan Financial Holdings Co. Ltd. a- Positive A- Positive Thailand Asian Reinsurance Corporation bb Positive B Stable Bangkok Insurance Public Company Limited a- Stable A- Stable The New India Assurance Company Limited (Thailand Branch) a- Stable A- Stable Thaire Life Assurance Public Co., Ltd. a- Stable A- Stable Trinidad And Tobago Guardian General Insurance Limited Guardian Holdings Limited a- Stable A- Stable Guardian Life of the Caribbean Limited Guardian Holdings Limited a- Stable A- Stable Trinidad & Tobago Insurance Limited ANSA McAL Limited a- Stable A- Stable Tunisia Societe Tunisienne de Reassurance bbb- Stable B+ Stable Turkey Milli Reasurans Turk Anonim Sirketi Turkiye Is Bankasi A.S. bbb- Stable B+ Stable United Arab Emirates Abu Dhabi National Insurance Company P.S.C a- Stable A- Stable Abu Dhabi National Takaful Company P.S.C. bbb+ Stable B++ Stable Al-Sagr National Insurance Company P.S.C. Gulf General Investment Co. (P.S.C.) bbb Stable B++ Stable Alliance Insurance (PSC) a- Stable A- Stable Asia Capital Reinsurance Group Pte. Ltd. (Dubai Branch) a- Stable A- Stable Dubai Insurance Company (PSC) bbb+ Positive B++ Positive Emirates Insurance Company P.S.C. a- Stable A- Stable Emirates Retakaful Limited Dubai Group bbb+ Positive B++ Positive General Insurance Corporation of India (Dubai Branch) a- Stable A- Stable Gulf Reinsurance Limited Gulf Re Holdings Limited a- Stable A- Stable National General Insurance Company (P.S.C.) a- Stable A- Stable National Takaful Company (Watania) PJSC bbb- Stable B+ Stable Oman Insurance Company P.S.C. Mashreqbank psc a Stable A Stable Orient Insurance PJSC Al Futtaim Private Company LLC a Stable A Stable Union Insurance Company P.S.C. bbb Positive B++ Stable United Kingdom ACE European Group Limited ACE Limited aa+ u Negative A++u Negative Aetna Insurance Company Limited Aetna Inc. a- u Negative A- u Negative AIG Europe Limited American International Group, Inc a Stable A Stable AmTrust Europe Limited AmTrust Financial Services, Inc a Stable A Stable Arch Insurance Company (Europe) Limited Arch Capital Group Ltd. aa- Stable A+ Stable Aspen Insurance UK Limited Aspen Insurance Holdings Limited a Stable A Stable Aviva Insurance Limited Aviva plc a+ Stable A Stable Aviva International Insurance Limited Aviva plc a+ Stable A Stable Catlin Insurance Company (UK) Ltd. XL Group plc a Positive A Stable China Taiping Insurance (UK) Company Limited China Taiping Insurance Group Ltd. bbb+ Stable B++ Stable Chubb Insurance Company of Europe SE The Chubb Corporation aaa u Negative A++u Negative EC Insurance Company Limited Electrical Contractors Association a- Stable A- Stable Ecclesiastical Insurance Office plc Allchurches Trust Limited a Stable A Stable Endurance Worldwide Insurance Limited Endurance Specialty Holdings Ltd. a Stable A Stable Faraday Reinsurance Co. Limited Berkshire Hathaway Inc. aa+ Stable A++ Stable First Title Insurance plc First American Financial Corporation a- Positive A- Positive FM Insurance Company Limited Factory Mutual Insurance Company aa Stable A+ Stable General Insurance Corporation of India (United Kingdom Branch) a- Stable A- Stable Great Lakes Reinsurance (UK) PLC Munich Reinsurance Company aa- Stable A+ Stable Hartford Financial Products International Limited Hartford Financial Services Group Inc aa- Stable A+ Stable Hiscox Insurance Company Limited Hiscox Ltd a+ Stable A Stable HSB Engineering Insurance Limited Munich Reinsurance Company aa+ Stable A++ Stable International General Insurance Company (UK) Limited International General Insur Holdings Ltd a- Stable A- Stable Lancashire Insurance Company (UK) Limited Lancashire Holdings Limited a Stable A Stable Legal and General Assurance Society Limited Legal & General Group Plc aa- Stable A+ Stable Liberty Mutual Insurance Europe Limited Liberty Mutual Holding Company Inc. a Stable A Stable Lloyd s Lloyd s a+ Positive A Positive Lloyd s Syndicate 1183 (Talbot Underwriting Ltd) a+ Positive A s Positive Lloyd s Syndicate 1225 (AEGIS Managing Agency Limited) a+ Positive A s Positive Lloyd s Syndicate 2001 (Amlin Underwriting Limited) aa- Stable A+ s Stable Lloyd s Syndicate 2003 (Catlin Underwriting Agencies Limited) a+ Positive A s Positive Lloyd s Syndicate 2010 (Cathedral Underwriting Limited) a+ Positive A s Positive Lloyd s Syndicate 2623 (Beazley Furlonge Limited) a+ Positive A s Positive Lloyd s Syndicate 3000 (Markel Syndicate Management Limited) a+ Positive A s Positive Lloyd s Syndicate 33 (Hiscox Syndicates Limited) a+ Positive A s Positive Lloyd s Syndicate 3622 (Beazley Furlonge Limited) a+ Positive A s Positive Lloyd s Syndicate 3623 (Beazley Furlonge Limited) a+ Positive A s Positive August

15 United Kingdom (continued) Lloyd s Syndicate 510 (Tokio Marine Kiln Syndicates Limited) a+ Positive A s Positive Lloyd s Syndicate 623 (Beazley Furlonge Limited) a+ Positive A s Positive London General Insurance Company Limited Wolverine Advisors, Inc. a- Stable A- Stable London General Life Company Limited Wolverine Advisors, Inc. a- Stable A- Stable Markel International Insurance Company Limited Markel Corporation a+ Stable A Stable The New India Assurance Company Limited (United Kingdom Branch) a- Stable A- Stable Newline Insurance Company Limited Fairfax Financial Holdings Limited a+ Stable A Stable QBE Insurance (Europe) Limited QBE Insurance Group Limited a Stable A Stable QBE Re (Europe) Limited QBE Insurance Group Limited a Stable A Stable Samsung Fire & Marine Insurance Company of Europe, Limited Samsung Fire & Marine Insurance Co, Ltd a Stable A Stable SCOR UK Company Limited SCOR SE a+ Stable A Stable Starr Insurance & Reinsurance Limited (United Kingdom Branch) a Stable A Stable Stewart Title Limited Stewart Information Services Corporation a- Stable A- Stable The United Kingdom Mutual War Risks Association Ltd. a- Stable A- Stable Torus Insurance (UK) Limited Enstar Group Limited a- Stable A- Stable TransRe London Limited Alleghany Corporation a+ Positive A Positive Travelers Casualty and Surety Company of Europe Limited Travelers Companies, Inc. aa+ Stable A++ Stable Travelers Insurance Company Limited Travelers Companies, Inc. a+ Stable A Stable TT Club Mutual Insurance Limited Through Transport Mutual Ins Assoc Ltd a- Stable A- Stable USAA Limited United Services Automobile Association aaa Stable A++ Stable W. R. Berkley Insurance (Europe), Limited W. R. Berkley Corporation a+ Stable A Stable XL Insurance Company SE XL Group plc a+ Negative A Stable Vietnam BIDV Insurance Corporation Bank for Invest & Develop of Vietnam JSC bbb- Stable B+ Stable PVI Insurance Corporation Vietnam National Oil & Gas Group bbb Stable B++ Stable PVI Reinsurance Joint-stock Corporation Vietnam National Oil & Gas Group bbb- Positive B+ Positive Samsung Vina Insurance Co., Ltd. Samsung Fire & Marine Insurance Co, Ltd a- Stable A- Stable Vietnam National Reinsurance Corporation bbb Stable B++ Stable August

16 BEST S ISSUER CREDIT RATING GUIDE A Best s Issuer Credit Rating (ICR) is an independent opinion of an entity s ability to meet its ongoing financial obligations and can be issued on either a long- or short-term basis. A long-term ICR is an opinion of an entity s ability to meet its ongoing senior financial obligations, while a short-term ICR is an opinion of an entity s ability to meet its ongoing financial obligations with original maturities generally less than one year. An ICR is an opinion regarding the relative future credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any other risk. In addition, an ICR is not a recommendation to buy, sell or hold any securities, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. Best s Long-Term Issuer Credit Rating (ICR) Scale Rating Categories Rating Symbols Rating Notches* Category Definitions Exceptional aaa - Assigned to entities that have, in our opinion, an exceptional ability to meet their ongoing senior financial obligations. Superior aa aa+ / aa- Assigned to entities that have, in our opinion, a superior ability to meet their ongoing senior financial obligations. Excellent a a+ / a- Assigned to entities that have, in our opinion, an excellent ability to meet their ongoing senior financial obligations. Good bbb bbb+ / bbb- Assigned to entities that have, in our opinion, a good ability to meet their ongoing senior financial obligations. Fair bb bb+ / bb- Marginal b b+ / b- Weak ccc ccc+ / ccc- Very Weak cc - Poor c - Assigned to entities that have, in our opinion, a fair ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Assigned to entities that have, in our opinion, a marginal ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions Assigned to entities that have, in our opinion, a weak ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Assigned to entities that have, in our opinion, a very weak ability to meet their ongoing senior financial obligations. Credit quality is very vulnerable to adverse changes in industry and economic conditions. Assigned to entities that have, in our opinion, a poor ability to meet their ongoing senior financial obligations. Credit quality is extremely vulnerable to adverse changes in industry and economic conditions. *Best s Long-Term Issuer Credit Rating Categories from aa to ccc include Rating Notches to reflect a gradation within the category to indicate whether credit quality is near the top or bottom of a particular Rating Category. Rating Notches are expressed with a + (plus) or - (minus). Best s Short-Term Issuer Credit Rating (ICR) Scale Rating Categories Rating Symbols Category Definitions Strongest AMB-1+ Assigned to entities that have, in our opinion, the strongest ability to repay their short-term financial obligations. Outstanding AMB-1 Assigned to entities that have, in our opinion, an outstanding ability to repay their short-term financial obligations. Satisfactory AMB-2 Assigned to entities that have, in our opinion, a satisfactory ability to repay their short-term financial obligations. Adequate AMB-3 Assigned to entities that have, in our opinion, an adequate ability to repay their short-term financial obligations; however, adverse industry or economic conditions likely will reduce their capacity to meet their financial commitments. Assigned to entities that have, in our opinion, questionable credit quality and are vulnerable to adverse economic or other Questionable AMB-4 external changes, which could have a marked impact on their ability to meet their financial commitments. Long- and Short-Term ICR Non-Rating Designations Designation Symbols Designation Definitions d Status assigned to entities (excluding insurers) that are in default or when a bankruptcy petition or similar action has been filed and made public. Status assigned to insurers that are publicly placed under a significant form of regulatory supervision, control or restraint - including cease and e desist orders, conservatorship or rehabilitation, but not liquidation - that prevents conduct of normal ongoing operations; an impaired entity. f Status assigned to insurers that are publicly placed in liquidation by a court of law or by a forced liquidation; an impaired entity. Status assigned to rated entities to suspend the outstanding ICR when sudden and significant events impact operations and rating s implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. nr Status assigned to entities that are not rated; may include previously rated entities or entities that have never been rated by AMB. Rating Disclosure: Use and Limitations A Best s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer s, issuer s or financial obligation s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Company Inc. (AMB) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an as is basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AMB. BCRs are distributed via the AMB website at For additional information regarding the development of a BCR and other rating-related information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled Understanding Best s Credit Ratings available at no charge on the AMB website. BCRs are proprietary and may not be reproduced without permission. Copyright 2015 by A.M. Best Company, Inc. Version A M BEST August

17 BEST S FINANCIAL STRENGTH RATING GUIDE 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. An 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. An 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. Best s Financial Strength Rating () Scale Rating Categories Rating Symbols Rating Notches* Category Definitions Superior A+ A++ Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. Excellent A A- Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligations. Good B+ B++ Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing insurance obligations. Fair B B- Marginal C+ C++ Weak C C- Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing insurance obligations. Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing insurance obligations. Poor D - Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. *Each Best s Financial Strength Rating Category from A+ to C includes a Rating Notch to reflect a gradation of financial strength within the category. A Rating Notch is expressed with either a second plus + or a minus -. Non-Rating Designations Designation Symbols E Designation Definitions Status assigned to insurance companies that are publicly placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or rehabilitation, but not liquidation - that prevents conduct of normal ongoing insurance operations; an impaired insurer. F Status assigned to insurance companies that are publicly placed in liquidation by a court of law or by a forced liquidation; an impaired insurer. S Status assigned to rated insurance companies to suspend the outstanding when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. Status assigned to insurance companies that are not rated; may include previously rated insurance companies or insurance companies that NR have never been rated by AMB. Rating Disclosure: Use and Limitations A Best s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer s, issuer s or financial obligation s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Company Inc. (AMB) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an as is basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AMB. BCRs are distributed via the AMB website at For additional information regarding the development of a BCR and other rating-related information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled Understanding Best s Credit Ratings available at no charge on the AMB website. BCRs are proprietary and may not be reproduced without permission. Copyright 2015 by A.M. Best Company, Inc. Version August

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