AMERICAN FIDELITY ASSURANCE COMPANY

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1 AMERICAN FIDELITY ASSURANCE COMPANY Oklahoma City, Oklahoma A+ Ultimate Parent: Cameron Associates Inc AMERICAN FIDELITY ASSURANCE COMPANY 2000 N. Classen Boulevard, Suite 10E Oklahoma City, OK Web: Tel.: Fax: AMB#: NAIC#: Ultimate Parent#: FEIN#: BEST S FINANCIAL STRENGTH RATING Based on our opinion of the company s Financial Strength, it is assigned a Best s Financial Strength Rating of A+ (Superior). The company s Financial Size Category is Class IX. RATING RATIONALE Rating Rationale: The rating assignment of American Fidelity Assurance Company (American Fidelity) reflects the company s long-standing and established position in the voluntary worksite market, favorable operating results, and improved expense ratio. Offsetting factors include the challenges the company faces growing its premium revenue in the continued weak U.S. economic environment, weakness in its life insurance division, and the asset concentration risk in its investment portfolio. American Fidelity remains a leading niche player in the education sector providing voluntary worksite marketing products for accident and health, as well as life and annuity lines of business. The company has served the education market for over 50 years. American Fidelity maintains its competitive advantage through a captive agency that provides continuity and expertise geared towards the unique requirements of the education market. The company has maintained profitable operations as a result of a disciplined pricing policy, which allows the company to quickly react to pricing issues and minimize potential losses. American Fidelity remains focused on attracting and retaining customers on a profitable basis through targeted niche markets. Historically, the company s administrative expense ratio has been at levels higher than industry norms. In recent years, the company has reported measured improvements in its expense structure. The ongoing multi-year program was designed to reduce expenses and maximize operational efficiencies through a focus on common platforms, automation, and Web-based self-service. The company plans to continue its expense reduction programs and has built further reductions in future plans. American Fidelity generates approximately nine-tenths of combined earned premium from voluntary worksite markets and has reported favorable financial operating results. A.M. Best believes the company will continue to be challenged with employee s reluctance or ability to acquire coverage due to the recessionary economy. During 2009, American Fidelity exited the non-worksite life market as a result of continued weak life product sales in the United States. American Fidelity s international focus is on the Latin American life insurance market, where American Fidelity International (Bermuda) Ltd., the life insurance affiliate selling to the Latin American market, has reported losses in the past two years. As a result, American Fidelity has taken steps to improve this segment s operating results going forward through rate increases and product development. The current weakened investment and real estate markets have put some pressure on the organization s investment portfolio. The company maintains holdings in Trust Preferred CDOs, mortgage-backed securities, and corporate bonds invested in the financial sector. While American Fidelity has a relatively large exposure to commercial mortgage loans, A.M. Best notes there are no residential mortgages, no subprime exposure, all are fixed rate, geographically diverse, and relatively low loan-to-value. Additionally, there are no loans in foreclosure or past due activity during a challenging economic and real estate environment. Best s Financial Strength Rating: A+ FIVE YEAR RATING HISTORY Date Best s FSR Date Best s FSR 03/01/11 A+ 02/20/08 A+ 03/05/10 A+ 04/02/07 A+ 02/17/09 A+ 03/24/06 A+ Outlook: Stable 2011 A.M. Best Company, Oldwick, NJ Printed June 21, Page 1 of 6

2 KEY FINANCIAL INDICATORS ($000) Total Condit l Surplus Reserve Premiums Invest Funds Funds Written Income Income Assets ,959, ,447 9, , ,603 25, ,211, ,644 10, , ,543 23, ,311, ,134 3, , ,028 38, ,567, ,119 4, , ,995 49, ,780, ,221 5, , ,714 55,889 BUSINESS REVIEW American Fidelity Assurance Company (American Fidelity) is owned by American Fidelity Corporation, which is ultimately owned by Cameron Associates, Inc. The company is licensed in 49 states, the District of Columbia, Guam, Puerto Rico and American Samoa. However, there is geographic concentration, with nearly one-half of its premium volume generated from the states of California, Texas, Oklahoma, Mississippi, and Kentucky. A.M. Best acknowledges the geographic distribution of premiums is improving, as the company continues its expansion into other states. Product lines offered include long-term and short-term disability insurance, hospital indemnity, limited benefit medical, medical stop-loss, group and individual long-term care, individual and group life and health and annuities in the association and group markets. In late 2009, long-term care insurance was reinsured on a 100% coinsurance basis on all risk. The product will continue to be sold, but the company will not retain any risk going forward. American Fidelity s ordinary life plans include whole life, term and specialty life products. As a result of continued weak life product sales in the United States, the company exited the non-worksite life insurance market during However, American Fidelity will remain active in the U.S. worksite and Latin American life insurance market. The majority of American Fidelity s business is worksite marketing of voluntary products through the use of payroll deduction. The company sells these products primarily through a salaried sales force and brokerage operations which are broken into two divisions: American Fidelity Educational Services (AFES) and Association Worksite Division (AWD). In 2007, the company created the Voluntary Worksite Group (VWG) to enhance operation and product synergies of the worksite business units (AFES and AWD) as well as collaborating with an affiliate, American Public Life. The companies will seek to develop new systems and products for the voluntary worksite marketplace based on a common computer system platform. AFES focuses on marketing ancillary insurance products to public school employees. Products include disability income, tax-sheltered annuities, life insurance, cancer expense insurance, long-term care, supplemental medical insurance, accident only and section 125 administrative services. AFES introduced a hospital indemnity product that is qualified for use with a Health Savings Account (HSA). AWD specializes in voluntary payroll deduction programs targeted at selected groups and associations. The division has established the auto dealer, municipalities, and health industries as primary niche markets. Available products include short-term and long-term disability income, life insurance, cancer expense insurance, accident only, supplemental medical expense coverage and Section 125 administrative services, which assist employers and employees in building better benefit packages. Both AFES and AWD have been operating in these markets for many years and have developed expertise, long-term relationships, and brand name recognition. The expertise gained by the company in worksite marketing of voluntary products is complemented by the Strategic Alliances Division in developing products to meet special situations. Products sold by this division include stop-loss coverage available to employer groups of more than 100 employees, disability income, and a limited benefit medical product available to employers with 51 or more eligible employees. The limited benefit medical product can be offered as voluntary or employer paid. In addition, the Life Division also offers worksite life insurance in the United States and individual life insurance in Latin America. The company continues its expansion efforts into Latin America as a source for individual life insurance customers. The use of a salaried sales force to market the majority of its business has enabled American Fidelity to provide a higher level of customer support to its employer group customers. The ability to service the customer was demonstrated in recent years through the cancer product education program, which has enabled the company to maintain good persistency of this product line. This focus on customer service has also been demonstrated through the use of technology in improved group billings and to speed the processing of applications, claims, and coverage inquiries or changes. The company has implemented a website which allows customer access at any time to verify coverage information, modify coverage, and report claims. Interactive Voice Response (IVR) system is also available to customers at any time. American Fidelity Corporation s growth has been supplemented by acquisitions. In 2000, the company acquired American Public Life s parent company, American Public Holdings. American Public Life is licensed in 49 states, the District of Columbia and Guam with over 450 independent agencies and over 1,500 producers. The company s marketing efforts focus on supplemental health insurance products, such as individual limited benefit cancer insurance, disability, accident only, dental and supplemental medical plans sold on a payroll deduction basis. Individual life insurance is also offered at the worksite. Effective December 31, 2000, American Fidelity assumed the assets and in-force insurance business from Mid-Continent Life Insurance Company (MCL). The block of business currently has approximately 82,000 policyholders. Hannover Re reinsures 100% of the business on a 50/50 experience refund with no downside risk to American Fidelity. As part of the transaction, the premiums were frozen for seventeen years and dividend rates for five years. Subsequently, premiums could only be raised if after-tax profits drop below a specified level. This block of business is managed by the Life Division of AFA. PREMIUM AND RESERVE ANALYSIS Direct Premiums (000) Ordinary life 130, , , , ,933 Group life 1,496 1, ,821 4,860 Individual annuities 124, , ,443 91,499 90,468 Group annuities 3,764 2,870 2,585 2,356 2,318 Individual A&H 194, , , , ,393 Group A&H 433, , , , ,812 Total 888, , , , ,784 Reins Assumed Prems (000) Ordinary life Group life 303 1,446 1,452 1,306 Group A&H 52,094 57,602 91,293 79,170 63,341 Total 52,205 58,019 92,861 80,742 64,784 Reins Ceded Prems (000) Ordinary life 62,926 66,780 71,025 75,488 79,507 Group life ,432 Individual annuities Individual A&H 19,716 22,292 10,110 10,686 11,102 Group A&H 176, , , , ,393 Total 259, , , , ,436 Premiums & Deposits (000) Ordinary life 68,095 60,691 51,275 41,732 38,563 Group life 1,336 1,630 2,285 4,930 4,733 Individual annuities 124, , ,442 91,559 90,821 Group annuities 3,764 2,870 2,585 2,356 2,318 Individual A&H 174, , , , ,291 Group A&H 309, , , , ,760 Total 681, , , , ,486 Deposits (incl. above) A.M. Best Company, Oldwick, NJ Printed June 21, Page 2 of 6

3 General Account Reserve Distribution (000) Ordinary life 243, , , , ,613 Group life 12,845 11,756 11,039 12,108 12,814 Supplementary contracts Individual annuities 1,055, , , , ,746 Group annuities 20,145 17,705 15,917 13,905 13,122 Deposit type contracts 12,664 13,516 14,464 15,706 17,858 Individual A&H 116, ,416 95,601 83,189 72,847 Group A&H 215, , , , ,398 Total 1,677,836 1,540,870 1,430,645 1,329,615 1,259,435 Geographical breakdown of direct premium writings ($000): California, $157,235 (17.8%); Texas, $88,058 (9.9%); Oklahoma, $86,549 (9.8%); Mississippi, $51,268 (5.8%); Kentucky, $49,299 (5.6%); other jurisdictions, $453,170 (51.2%). EARNINGS American Fidelity reported premium growth in 2010 with solid production from the company s core product lines. Expense initiatives and automation continued to improve during the year and resulted in a new historical level for net income. During 2009, American Fidelity reported a decline in premium volume as a result of an anticipated decrease in its limited benefit medical sales. In addition, the company exited the non-worksite U.S. life insurance market due to weak sales growth and has exited the long-term care business through reinsurance on a 100% coinsurance basis risk during the year. The company reported a historical high in net income as a result of a solid, stable base of earnings from the education market and a lower expense ratio. American Fidelity had continued premium growth in its life and A&H product lines, slightly improved its expense ratio, and sustained long-term profitable operations in During the year, American Fidelity entered into a settlement agreement regarding certain supplemental cancer insurance policies. Several years ago, the company instituted an ongoing multi-year program designed to reduce expenses and maximize operational efficiencies. While the expense ratio has declined noticeably from prior years, it continues to remain above its biggest competitors. During 2006, the company reported earned premium growth, an improved expense ratio, and a more normalized tax rate after a timing difference in The result was an improved net income versus prior years. investment income from the Federal Home Loan Bank (FHLB) program has continued to enhance American Fidelity s operating results in recent years. American Fidelity increased its FHLB borrowings and also invested in some structured notes during Ben Paid to NPW & Dep Comm & Exp to NPW & Dep PROFITABILITY TESTS NOG to Tot Assets Operating Return on Equity NOG to Total Tot Rev Yield Return PROFITABILITY ANALYSIS Operating Gain (000) Ordinary life 5,329 5,220 11,150 3,827 4,416 Group life Supplementary contracts Individual annuities 5,368 3,977 6,002 2,925 2,991 Group annuities Individual A&H 18,446 16,891 10,697 1,306 5,601 Group A&H 35,207 33,227 36,102 12,976 10,626 Total 64,400 59,432 64,094 21,607 23,934 ACCIDENT AND HEALTH STATISTICS ($000) Premiums Premiums Loss Exp. Written Earned Ratio Ratio Underwriting Results , , , , , , , , , , , , , , ,547 Current Experience: Group 309, , ,151 Guaranteed renew 174, , ,456 Non-renew, S.R Other accident Other ,026 CAPITALIZATION American Fidelity maintains a favorable level of risk-adjusted capital for its present business being conducted and investment profile. The company s continued profitable operating results have been the primary contributor to surplus growth. However, its surplus growth has been limited by dividend payments to the parent organization. Over the past several years, these dividend payments were equivalent to a sizeable portion of the company s total year-end net income. In recent years, dividend amounts have steadily increased. American Fidelity Corporation (AFC), the parent of American Fidelity, is well capitalized. AFC s debt consists of IPRET trust preferreds, bank borrowings, and debt guaranteed by AFC on behalf of its subsidiaries. LEVERAGE TESTS C&S NPW & Dep Change Change to Liabilities Surplus Relief Reins Leverage to in NPW & Dep in Current BCAR: 222 SOURCES OF CAPITAL GROWTH ($000) Realized Unrealized Change Other Gains Gains AVR Changes Change in C&S Gain ,934 1, ,038 15, ,607 1, ,864 13, ,094-25,960-1,429 7,068-18,283 25, ,432-9,943-2, ,824 42, ,400-8,511 2,176-1,742-51,220 5,102 end C&S CAPITAL TRENDS ($000) Stockholdeholder Policy- Divs Divs Asset Valuation Reserve Interest Maintenance Reserve Surplus Notes ,447 11, ,961 9, ,644 13, ,784 5, ,134 16, , ,119 25, ,099 3, ,221 50, ,841 11,720 INVESTMENTS AND LIQUIDITY The investment portfolio consists primarily of bonds and mortgage loans. Fixed-income holdings are mainly distributed among the U.S. government, government agency, investment grade public utility, and corporate sectors. American Fidelity maintains a high quality investment portfolio, with nominal exposure to below investment grade securities. More than one-third of its bond obligations are in mortgage-backed securities, with the majority of these in agency-backed pass-thrus, sequentials, or the planned amortization class of 2011 A.M. Best Company, Oldwick, NJ Printed June 21, Page 3 of 6

4 collateralized mortgage obligations. American Fidelity also leverages borrowings from the FHLB at preferred low rates offset with marketable securities of similar duration at higher interest rates to produce an adequate spread. In addition, the company invested in structured notes, which are very similar to the FHLB notes. American Fidelity has sizeable exposure to real estate-related investments. These assets, including mortgage loans, represent nearly one and one-fifth of the company s total capital and surplus position. The mortgage loan portfolio is composed primarily of commercial mortgages secured by medical offices, industrial, office, and retail facilities. The loans are geographically diversified with no problem mortgage loans. The company holds a nominal amount of seasoned, investment quality Alt-A investments, and trust preferred CDOs. Operating Cash Flow ($000) LIQUIDITY TESTS Non-Inv Grade Current Bonds to Liquidity Delnq & Foreclsd Mtg to Mtg & Cred Ten Lns & RE to Cap Affil Invest to Quick Liquidity , , , , , INVESTMENT YIELDS Cash & Short Term Invest. Exp. Ratio Mortgages Real Estate Yield Bonds Stocks Gross INVESTMENT DATA Current Distribution of Bonds by Maturity s Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Total Bonds (000) 2,758,484 2,597,283 2,403,203 2,301,735 2,058,528 US Government Foreign - All Other State/Special Rev. - US Public Utilities - US Industrial & Misc - US Private Issues Public Issues Bond Quality Class Class Class Class Class Class Mortgages (000) 327, , , , ,791 Commercial Residential 0.0 Real Estate (000) 2,601 2,608 2,616 2,621 2,672 Property Held for Inc Property Held for Sale Stocks (000) 26,454 24,653 26,493 21,582 24,262 Unaffiliated Common Affiliated Common Unaffiliated Preferred Other Inv Assets (000) 121, , ,519 96, ,007 Cash Short-Term 0.1 Schedule BA Assets All Other HISTORY Date Incorporated: 11/30/1960 DateCommenced: 12/01/1960 Domicile: OK MANAGEMENT Officers: Chairman of the Board and Chief Executive Officer, William M. Cameron; Chairman of the Board, William E. Durrett; President and Chief Operating Officer, David R. Carpenter; Executive Vice President, Treasurer and Chief Financial Officer, Robert D. Brearton; Executive Vice Presidents, Alfred L. Litchenburg, Gary E. Tredway; Senior Vice President and Secretary, Stephen P. Garrett; Senior Vice President and Controller, Lucy K. Fritts; Senior Vice Presidents, Lawrence D. Alkire, Alex M. Bagby, Ronald J. Byrne, Keith R. Johnson, Jeanette M. Rice, Rick D. Summerlin; Vice President and Actuary, Renee M. Bauer. Directors: Gregory S. Allen, John M. Bendheim, Lynda L. Cameron, William M. Cameron, William E. Durrett, Charles R. Eitel, Theodore M. Elam, Paula Marshall, Stephen M. Prescott, M.D. REINSURANCE The company has an aggregate stop-loss umbrella on its retained group products, which protects the company against aggregate group loss ratio results more adverse than 6% above the historical norm. Group life retention is $500,000; group medical is $350,000; group disability is $6,000 monthly indemnity; group voluntary accidental death is $125,000. The company has an aggregate stop-loss umbrella on individual life, which protects the company against aggregate annual claims exceeding expected by 14%. Company individual life retention is currently $250,000 per life for most business. REGULATORY An examination of the financial condition was made as of December 31, 2007 by the Insurance Department of Oklahoma. The 2010 annual independent audit of the company was conducted by KPMG, LLP. The annual statement of actuarial opinion is provided by Renee M. Bauer, Vice President & Actuary. Territory: The company is licensed in the District of Columbia, American Samoa, Guam, AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI and WY. Reserve basis: (Current ordinary business): 1980 CSO 4%; 2001 CSO at 4%; CRVM and Level valuation. (Group permanent life business): 1958 CSO 3%; CRVM valuation. (Current annuity business): Annuity % and 1994 GAR at 5.5%; CARVM valuation A.M. Best Company, Oldwick, NJ Printed June 21, Page 4 of 6

5 FINANCIAL INFORMATION BALANCE SHEET ($000) - December 31, 2010 Assets Liabilities *Total bonds 2,758,484 + policy reserves 1,665,172 *Total preferred stocks 57 Policy claims 119,279 *Total common stocks 26,397 Deposit type contracts 12,664 Mortgage loans 327,421 Interest maint reserve 11,720 Real estate 2,601 Comm taxes expenses 61,441 Contract loans 28,071 Borrowed money 484,349 Cash & short-term inv 78,766 Asset val reserve 5,841 Prems and consids due 63,201 Funds held reinsurance 684,550 Accrued invest income 32,919 Other liabilities 66,270 Other assets 80,549 Tot liab w/o sep accts 3,111,285 Tot assets w/o sep accts 3,398,466 Separate account bus 382,417 Separate account bus 382,457 Total Liabilities 3,493,703 Common stock 2,500 Paid in & contrib surpl 5,805 Unassigned surplus 278,876 Other surplus 40 Assets 3,780,924 Total 3,780,924 *Securities are reported on the bases prescribed by the National Association of Insurance Commissioners. +Analysis of reserves; Life $239,203; annuities $1,076,065; supplementary contracts with life contingencies $206; accidental death benefits $178; disability active lives $277; disability disabled lives $15,478; miscellaneous reserves $1,589; accident & health $332,176. SUMMARY OF OPERATIONS ($000) Premiums: Death benefits 18,061 Ordinary life 68,095 Annuity benefits 11,631 Individual annuities 124,155 Surrender benefits 76,966 Group life 1,336 Acc & health benefits 256,635 Group annuities 3,764 Int on policy funds 2,533 Acc & health group 309,483 Supplementary contracts 10 Acc & health other 174,406 Incr life reserves 106,773 Total premiums 681,238 Incr a & h reserves 31,045 Supplementary contracts 162 Commissions 106,622 investment income 151,714 Comm exp reins assumed 12,747 Amort interest maint res 1,164 Insur taxes lic & fees 26,126 Comm & exp reins ceded 8,366 General ins expenses 132,481 Res adj on reins ceded 2,289 transf to sep acct -596 Reinsurance income 25,199 Other income 7,275 Mgt and/or service fee 566 Total 1,610,381 Total 1,610,381 SEPARATE ACCOUNT DATA Sep Acct Assets 382, , , , ,433 % Growth S/A Assets/Adm Assets Sep Acct Reserves 380, , , , ,009 % Individual Annuities % Group Annuities Other Liabilities 1,493 1,541 1,219 2,024 2,385 Sep Acct Surplus S/A Prems & Deposits 51,970 41,356 47,315 49,737 42,215 % Individual Annuities % Group Annuities Sep Acct Fees & Charges 5,014 3,970 4,586 5,260 1,103 % Individual Annuities % Group Annuities Fees & Chgs to Assets% Sep Acct Ben & Wdrwls 44,032 17,476 27,632 43,606 48,378 % Individual Annuities % Group Annuities Ben & Wdrwl to Assets% Ord. Lapse Ratio % ORDINARY LIFE STATISTICS Average 1st Yr Ord. Policy Avg. Prem / (in dollars) Prem Total 1st Yr Comm / 1st Yr Prem Gen. Exp. / Policies In Force Issued In Force ($/M) Prem ,984 65, ,122 66, ,821 68, ,321 68, ,472 69, # Policies Issued (000) # Policies in Force (000) First Premium (000) Gen l Exp / Reserves Return on Reserves , , , , , INDIVIDUAL ANNUITY STATISTICS Comm & Benefits & Benefits & Total 877,971 Total 781,033 NPW & Res & Dep Liab Exp to Res & Dep Exp to NPW & Wdrwls to NPW & Wdrwls to Res & Dep Gain from operations before FIT & div to policyholders... 96,939 Dep (000) (000) Liab * Dep Dep Liab * Dividends to policyholders: life , , ,559 1,005, Gains from operations after dividends to policyholders... 96, ,442 1,015, Federal income taxes incurred... 32, ,455 1,146, gain from operations after FIT and dividends... 64, ,155 1,265, * Includes Separate Account reserves. CASH FLOW ANALYSIS ($000) GROUP ANNUITY STATISTICS Funds Provided Funds Applied Comm & Benefits & Benefits & Gross cash from oper 865,196 Benefits paid 353,103 Res & Exp to Exp to Wdrwls to Wdrwls to Long-term bond proceeds 649,844 Comm, taxes, expenses 278,039 NPW & Dep Liab Res & Dep NPW & NPW & Res & Dep Other cash provided 58,085 Long-term bonds acquired 800,215 Dep (000) (000) Liab * Dep Dep Liab * Decr cash & short-term 37,256 Other cash applied 179, , , , , , , , , , , * Includes Separate Account reserves A.M. Best Company, Oldwick, NJ Printed June 21, Page 5 of 6

6 TOTAL ANNUITY ACTUARIAL RESERVES & DEPOSIT TYPE LIABILITIES BY WITHDRAWAL CHARACTERISTICS Total Annuity Res & Dep Liab (000) Min or No Surrender Charge * With Surrender Charge 5% or more * With MVA * No Surrender Allowed * ,180, ,232, ,168, ,332, ,475, * Includes Separate Account reserves. NEW LIFE BUSINESS ISSUED ($000) Whole Life & Endow. Term Credit Group Industrial Total Insurance Issued Non- Par Par ,428 1,211,507 72,353 1,505, ,883 1,364,044 55,331 1,610, ,267 2,565,488 9,838 2,855, ,048 2,484,354 14,921 2,925, ,357 1,861,247 5,498 2,269, Whole Life Endow. & LIFE INSURANCE IN FORCE ($000) Total Insurance In Force Adds Term Credit Group Industrial ,374,227 14,020,720 1,602,031 18,996, ,351,983 14,156,282 1,090,256 18,598, ,410,667 15,334, ,791 19,447, ,173,240 16,303, ,225 20,982, ,303,925 16,638, ,444 21,481,434 Why is this Best s Rating Report important to you? A Rating Report from the A.M. Best Company represents an independent opinion from the leading provider of insurer ratings of a company's financial strength and ability to meet its obligations to policyholders. The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of insurance companies since The Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance 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 an insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Best's Financial Strength Rating is 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. The company information appearing in this pamphlet is an extract from the complete company report prepared by the A.M. Best Company. A Best's Financial Strength Rating is assigned after a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. Best's Financial Strength Ratings are assigned according to the following scale: Secure Best's Financial Strength Ratings A++ and A Superior A and A Excellent B++ and B Good Vulnerable Best's Financial Strength Ratings B and B Fair C++ and C Marginal C and C Weak D Poor E Under Regulatory Supervision F In Liquidation S Rating Suspended For the latest Best's Financial Strength Ratings and AMB Credit Reports visit the A.M. Best web site at You may also obtain AMB Credit Reports by 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 June 21, Page 6 of 6

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