A.M. Best. Country Totals

Transcription

1 A.M. Best March Non-U.S. Credit Ratings This report includes credit ratings for all Non-U.S. companies rated by A.M. Best Company, as well as their Outlooks and Implications. Credit ratings consist of the Financial Strength Rating (FSR) 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 28 February, For current ratings please visit Country Totals Algeria....1 Anguilla....2 Antigua and Barbuda...1 Australia....8 Austria....1 Bahamas....7 Bahrain...6 Barbados...17 Belgium Bermuda...91 Bosnia and Herzegovina Brazil....1 Canada Cayman Islands China...7 Costa Rica....1 Cyprus...1 Dominican Republic....1 Egypt...1 Finland....1 France Germany...25 Ghana...1 Guam...5 Guernsey...3 Hong Kong India...4 Indonesia...2 Ireland...23 Isle of Man...1 Italy....2 Jamaica...2 Japan Jordan...5 Kazakhstan...4 Kenya...3 Kuwait...5 Lebanon...3 Liechtenstein Luxembourg...7 Macau...4 Malaysia...6 Malta....2 Mexico...7 Micronesia, Federates States of...1 Morocco...1 Netherlands...2 New Zealand Nigeria...4 Northern Mariana Islands...1 Oman...1 Pakistan....2 Panama...7 Philippines...2 Poland....1 Puerto Rico Qatar....4 Russia...4 Saint Kitts and Nevis....1 Saudi Arabia...3 Singapore...12 Slovenia...1 South Africa...1 South Korea...8 Spain....7 St. Maarten...1 Sweden...2 Switzerland Taiwan...2 Thailand...1 Trinidad and Tobago...3 Tunisia...1 Turkey...1 Ukraine...1 United Arab Emirates...9 United Kingdom...59 Vietnam...3 Algeria Compagnie Centrale de Reassurance bbb- Stable B+ Stable Anguilla Cotswold Insurance Limited ICZ Holding N.V. bbb- u Negative B+ u Negative Nagico Insurance Company Limited Nagico Holdings Limited bbb Stable B++ Stable Antigua and Barbuda Caribbean Alliance Insurance Company Limited a- Stable A- Stable Australia AIG Australia Limited American International Group, Inc a Stable A Stable Ansvar Insurance Limited Allchurches Trust Limited a- Stable A- Stable NUS a Copyright 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. No part of this report or document November 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:

2 Australia (continued) Chubb Insurance Company of Australia Limited The Chubb Corporation aa+ Stable A++ Stable First American Title Insurance Company of Australia Pty Limited First American Financial Corporation a- Stable A- Stable General Reinsurance Australia Ltd Berkshire Hathaway Inc 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- Stable A- Stable QBE Insurance (International) Ltd QBE Insurance Group Limited a+ Negative A Stable Austria Garant Versicherungs-Aktiengesellschaft Office National du Ducroire a- Stable A- 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- Negative A- Negative Family Guardian Insurance Company Limited Famguard Corporation Limited bbb+ Stable B++ Stable RoyalStar Assurance Limited a- Positive A- Positive Sagicor Capital Life Insurance Company Limited Sagicor Financial Corporation a- u Negative A- u Negative Security and General Insurance Company Limited Edmund Gibbons Limited a- Stable A- Stable Bahrain 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+ Stable B++ Stable Bahrain Kuwait Insurance Company B.S.C. Gulf Insurance Company K.S.C. 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+ Negative B++ Negative Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re Nest Investments (Holdings) Limited a- Stable A- Stable Barbados BMO Reinsurance Limited Bank of Montreal a+ Stable A Stable CIBC Reinsurance Company Limited Canadian Imperial Bank of Commerce a+ Stable A Stable CRC Reinsurance Limited Fairfax Financial Holdings Limited a- Stable A- Stable DuraRock Reinsurance, Ltd. Matthew T. Moroun a Stable A Stable Energy Insurance Mutual Limited Energy Insurance Mutual Limited a Stable A Stable Evergreen Indemnity, Ltd. a- Stable A- Stable Harmony General Insurance Company Ltd. ABH Holdings Inc. bbb- Stable B+ 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 and Casualty Reinsurance Corporation Great-West Lifeco Inc a+ 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- u Negative A- u Negative Sagicor Life Inc. Sagicor Financial Corporation a- u Negative A- u Negative Scotia Insurance (Barbados) Limited Bank of Nova Scotia a+ Stable A Stable TD Reinsurance (Barbados) Inc. Toronto-Dominion Bank a+ Stable A Stable United Insurance Company Limited Neal & Massy Holdings Limited 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 Stable A Stable CIGNA Life Insurance Company of Europe S.A.-N.V. Cigna Corporation a Stable A Stable Bermuda AAA Life Re, Ltd. American Automobile Association Inc a- Stable A- Stable ACE Bermuda Insurance Ltd. ACE Limited aa Stable A+ Stable ACE Tempest Life Reinsurance Ltd. ACE Limited aa Stable A+ Stable ACE Tempest Reinsurance Ltd. ACE Limited aa Stable A+ Stable ACP Re Ltd American Partners Re Holdings LLC a- Stable A- Stable Aetna Life & Casualty (Bermuda) Ltd. Aetna Inc a+ u Negative A u Negative Ageas Insurance Company (Asia) Limited Ageas N.V. a- Stable A- Stable Allied World Assurance Company, Ltd Allied World Assurance Co Holdings AG a Positive A Stable Alterra Bermuda Limited Alterra Capital Holdings Limited a Stable A 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 American Safety Reinsurance Limited American Safety Insurance Holdings, Ltd. a Negative A Negative 2 March 2013

3 Bermuda (continued) AmerInst Insurance Company, Ltd. AmerInst Insurance Group, Ltd a- Stable A- Stable 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 Arden Reinsurance Company Ltd. Arden Holdings, Ltd. 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 Negative B++ Negative Aspen Bermuda Limited Aspen Insurance Holdings Limited a Stable A Stable Associated Electric & Gas Insurance Services Limited (AEGIS) a- Positive A- Positive Attorneys' Liability Assurance Society (Bermuda) Ltd. Attorneys' Liability Assr Society (BM) a Stable A Stable Aurigen Reinsurance Limited Aurigen Capital Limited a- Stable A- Stable AXIS Specialty Limited AXIS Capital Holdings Limited a+ Positive A Positive Bermuda Life Insurance Company Limited Argus Group Holdings Limited bbb Negative B++ Negative 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 CastlePoint Reinsurance Company Limited Tower Group, Inc. a- Stable A- Stable Catlin Insurance Company Limited Catlin Group Limited a Stable A Stable Chubb Atlantic Indemnity Ltd. The Chubb Corporation aa+ Stable A++ Stable Citadel Reinsurance Company Limited a- Stable A- Stable Coastal Medical Insurance Ltd. Meridian Health System and Affiliates a- Positive A- Positive 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 Corporate Officers & Directors Assurance Ltd. ACE Limited aa Stable A+ Stable Crown Global Life Insurance (Bermuda) Limited Crown Global Insurance, LLC bbb+ Stable B++ Stable Crown Global Life Insurance Limited Crown Global Insurance, LLC bbb+ Stable B++ Stable DaVinci Reinsurance Ltd RenaissanceRe Holdings Ltd a+ Stable 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 Reinsurance Company, Ltd. Evergreen International S.A. a Stable A Stable Genesis Limited a Stable A Stable GeoVera Re, Ltd. Flexpoint Ford, LLC a Stable A Stable Glencoe Insurance Ltd RenaissanceRe Holdings 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 Heddington Insurance Limited Chevron Corporation 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 International General Insurance Company Limited International General Insur Holdings Ltd a- Stable A- Stable Ironshore Insurance Ltd. Ironshore Inc. a- Positive A- Positive JRG Reinsurance Company Ltd. Franklin Holdings (Bermuda) Ltd. a- Stable A- Stable Lancashire Insurance Company Limited Lancashire Holdings Limited a Stable A Stable Lantana Insurance Ltd QBE Insurance Group Limited a+ Negative A Stable Lion Reinsurance Company Limited Grupo ASSA, S.A. a- Stable A- Stable Maiden Insurance Company Ltd. Maiden Holdings, Ltd. a- Stable A- Stable Montpelier Reinsurance Ltd. Montpelier Re Holdings Ltd. a Stable A Stable MS Frontier Reinsurance Ltd MS&AD Insurance Group Holdings, Inc. a+ Stable A Stable NEWGT Reinsurance Company, Ltd. ITOCHU Corporation a- Stable A- Stable Nissan Global Reinsurance, Ltd. a- Stable A- Stable North Rock Insurance Company Limited Loews Corporation a Stable A Stable Oil Casualty Insurance, Ltd a- Stable A- Stable PaCRe Ltd. a- Stable A- Stable Partner Reinsurance Company Ltd. PartnerRe Ltd aa- Negative A+ Negative Platinum Underwriters Bermuda, Ltd Platinum Underwriters Holdings Ltd a Stable 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 Ltd. bbb+ Stable B++ Stable Rembrandt Insurance Company, Ltd. Vitol Holding B V a Stable A Stable Renaissance Reinsurance Ltd. RenaissanceRe Holdings Ltd aa- Stable A+ Stable S.A.C. Re, Ltd. S.A.C. Re Holdings, Ltd. a- Stable A- Stable Somers Isles Insurance Company Limited Argus Group Holdings Limited bbb Negative B++ Negative March

4 Bermuda (continued) Sorford Surety Insurance Co. Ltd. bb+ Stable B Stable Starr Insurance & Reinsurance Limited Starr International Company, Inc. a Stable A Stable State Farm International Life Insurance Company Ltd. State Farm Mutual Automobile Ins Co aa 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 Through Transport Mutual Insurance Association Limited Through Transport Mutual Ins Assoc Ltd a- Stable A- Stable Tokio Millennium Re Ltd. Tokio Marine Holdings, Inc. aa+ Stable A++ Stable Top Layer Reinsurance Ltd State Farm Mutual Automobile Ins Co aa- Stable A+ Stable Torus Insurance (Bermuda) Limited Torus Insurance Holdings 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 Wilton Reinsurance Bermuda Limited Wilton Re Holdings Limited a Stable A Stable Wind River Reinsurance Company, Ltd. Global Indemnity plc a Stable A Stable XL Insurance (Bermuda) Ltd XL Group plc a Stable A Stable XL Life Ltd XL Group plc a- Stable A- Stable XL Re Ltd XL Group plc a Stable A Stable Bosnia and Herzegowina Bosna Reosiguranje d.d. Sarajevo bbb- Stable B+ Stable Brazil IRB - Brasil Resseguros S.A. IRB - Brasil Resseguros S.A. a- Stable A- Stable Canada ACE INA Insurance ACE Limited aa Stable A+ Stable Aetna Life Insurance Company (Canada Branch) a+ u Negative A u Negative Affiliated FM Insurance Company (Canada Branch) aa 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- Stable A- Stable American Bankers Insurance Company of Florida (Canada Branch) a Stable A Stable American Bankers Life Assurance Company of Florida (Canada Branch) a- Stable A- Stable American Health and Life Insurance Company (Canada Branch) a- Stable A- Stable 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. aa- Stable A+ Stable Associated Electric & Gas Insurance Services Limited (Canada Branch) a- Positive A- Positive 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+ Negative A Stable AXA Assurances Inc. aa- Stable A+ Stable AXA Equitable Life Insurance Company (Canada Branch) aa- Negative A+ Negative AXA Insurance (Canada) Intact Financial Corporation aa- Stable A+ Stable AXA Pacific Insurance Company Intact Financial Corporation aa- Stable A+ Stable AXIS Reinsurance Company (Canada Branch) a+ Positive A Positive 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+ Negative A++ Negative The Canada Life Assurance Company Great-West Lifeco Inc aa Stable A+ Stable Canadian Premier Life Insurance Company AEGON N.V. a Stable A Stable Canassurance Hospital Service Association Canassurance Hospital Service Assn a Stable A Stable Canassurance Insurance Company Canassurance Hospital Service Assn a Stable A Stable Chartis Insurance Company of Canada American International Group, Inc a Stable A Stable Cherokee Insurance Company (Canada Branch) a Stable A Stable Chubb Insurance Company of Canada The Chubb Corporation aa+ Stable A++ Stable CMFG Life Insurance Company (Canada Branch) a Stable A Stable Co-operators Life Insurance Company The Co-operators Group Limited a Stable A Stable Coachman Insurance Company Province of Saskatchewan a- Stable A- Stable 4 March 2013

5 Canada (continued) Combined Insurance Company of America (Canada Branch) a+ Stable A Stable Connecticut General Life Insurance Company (Canada Branch) a Stable A Stable 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 COSECO Insurance Company The Co-operators Group Limited bbb- Positive B+ Positive Darwin National Assurance Company (Canada Branch) a Positive A Stable Ecclesiastical Insurance Office plc (Canada Branch) a Stable A Stable Echelon General Insurance Company EGI Financial Holdings Inc. bbb+ Stable B++ Stable Electric Insurance Company (Canada Branch) a Stable A Stable Elite Insurance Company AVIVA plc a+ Negative 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 Endurance Reinsurance Corporation of America (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) aa+ Stable A++ Stable Federated Insurance Company of Canada Fairfax Financial Holdings Limited a Stable A Stable Finial Reinsurance Company (Canada Branch) a- Stable A- Stable First American Title Insurance Company (Canada Branch) a- Stable A- Stable 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 Grain Insurance and Guarantee Company a Negative A Negative Great American Insurance Company (Canada Branch) a+ Positive A Positive The Great-West Life Assurance Company Great-West Lifeco Inc aa Stable A+ Stable The Guarantee Company of North America Princeton Holdings Limited a Stable A Stable Hannover Rueckversicherungs AG (Canada Branch) aa- Stable A+ Stable Hanover Insurance Company (Canada Branch) a Stable A Stable Hartford Fire Insurance Company (Canada Branch) a+ Stable A Stable Hartford Life Insurance Company (Canada Branch) a- Stable A- Stable Household Life Insurance Company (Canada Branch) bbb+ Stable B++ 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 a+ Stable A Stable InnovAssur, assurances generales inc Intact Financial Corporation a- Stable A- Stable The Insurance Company of Prince Edward Island Province of Saskatchewan bbb Stable B++ Stable Intact Assurances agricoles inc Intact Financial Corporation aa- Stable A+ Stable Intact Insurance Company Intact Financial Corporation aa- Stable A+ Stable Jevco Insurance Company Intact Financial Corporation a Positive A Positive 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 Stable A Stable London Life Insurance Company Great-West Lifeco Inc aa Stable A+ Stable Lumbermen's Underwriting Alliance (Canada Branch) bbb- Negative B+ Negative The Manufacturers Life Insurance Company Manulife Financial Corporation aa- Stable A+ Stable Massachusetts Mutual Life Insurance Company (Canada Branch) 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 America, Inc. (Canada Branch) aa- Stable A+ Stable Munich Reinsurance Company of Canada Munich Reinsurance Company aa- Stable A+ Stable Munich Reinsurance Company (Canada Branch) aa- Stable A+ Stable The Mutual Fire Insurance Company of British Columbia a- Stable A- Stable March

6 Canada (continued) National Liability & Fire Insurance Company (Canada Branch) aaa Stable A++ Stable Nationwide Mutual Insurance Company (Canada Branch) aa- Negative A+ Negative New York Life Insurance Company (Canada Branch) aaa Stable A++ Stable NIPPONKOA Insurance Company Ltd (Canada Branch) aa- 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 Indemnity 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 bbb+ Stable B++ Stable Optimum Insurance Company Inc Optimum Group Inc bbb+ Stable B++ Stable Optimum Reassurance Inc. Optimum Group Inc a- Stable A- Stable Optimum West Insurance Company Optimum Group Inc bbb+ Stable B++ Stable Partner Reinsurance Company Ltd. (Canada Branch) aa- Negative A+ Negative Partner Reinsurance Europe Limited (Canada Branch) aa- Negative A+ Negative Peace Hills General Insurance Company Samson Cree Nation bbb- Positive B+ Positive Pilot Insurance Company AVIVA plc a+ Negative A Stable 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 Stable A Stable RGA Life Reinsurance Company of Canada Reinsurance Group of America Inc aa- Stable A+ Stable S&Y Insurance Company AVIVA plc a+ Negative 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+ Negative 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 Stable A Stable 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. a- Stable A- Stable State Farm Fire and Casualty Company (Canada Branch) aa- Stable A+ Stable State Farm International Life Insurance Company Ltd. (Canada Branch) aa Stable A+ Stable State Farm Mutual Automobile Insurance Company (Canada Branch) aa+ Stable A++ Stable Stewart Title Guaranty Company (Canada Branch) bbb+ Stable B++ 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+ Negative A Stable Trafalgar Insurance Company of Canada Intact Financial Corporation aa- Stable A+ Stable Transamerica Life Canada AEGON N.V. a- Stable A- Stable Transatlantic Reinsurance Company (Canada Branch) a+ Stable A Stable Transportation Property and Casualty Company Inc. a- Positive A- Positive 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 Stable A Stable L'Union Canadienne Compagnie D'Assurances RSA Insurance Group plc bbb- u Developing B+ u Developing Union of Canada Life Insurance Company rs F United American Insurance Company (Canada Branch) aa- Stable A+ Stable Utica Mutual Insurance Company (Canada Branch) a- Stable A- Stable 6 March 2013

7 Canada (continued) Virginia Surety Company, Inc. (Canada Branch) a- Positive A- Positive Wawanesa Life Insurance Company Wawanesa Mutual Insurance Company a Stable A Stable The Wawanesa Mutual Insurance Company Wawanesa Mutual Insurance Company aa- Stable A+ Stable Western Financial Insurance Company Desjardins Financial Group a- Stable A- Stable Western Life Assurance Company Desjardins Financial Group a- Stable A- Stable Westport Insurance Corporation (Canada Branch) aa- Stable A+ Stable XL Insurance Company Limited (Canada Branch) a Stable A Stable XL Reinsurance America Inc (Canada Branch) a Stable A Stable Zenith Insurance Company Fairfax Financial Holdings Limited a Stable A Stable Zurich Insurance Company Ltd (Canada Branch) aa- 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 Eastern Re Ltd. S.P.C. Eastern Insurance Holdings, Inc. 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 Investors Trust Assurance SPC ITA International Holdings LLC bbb+ Stable B++ Stable Island Heritage Insurance Company, Ltd BF&M Limited a- Stable A- Stable Knight Insurance Company Ltd. Knight Holdings, Inc. a- Stable A- Stable Radius Insurance Company a Stable A Stable Raffles Insurance Limited a- Stable A- Stable Risk Reinsurance Limited Transpower New Zealand Limited aa- 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- 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 Hyundai Insurance (China) Co., Ltd. Hyundai Marine & Fire Insurance Co, Ltd a- Stable A- Stable Lloyd's Insurance Company (China) Limited Lloyd's a+ Stable A Stable NIPPONKOA Insurance Company (China) Limited NKSJ Holdings, Inc. a- Stable A- Stable Costa Rica Instituto Nacional de Seguros a- Stable A- Stable Cyprus Flagstone Alliance Insurance and Reinsurance PLC Validus Holdings, Ltd. a- Stable A- Stable Dominican Republic La Colonial, S.A. - Compania de Seguros bbb+ Stable B++ Stable Egypt Arab Misr Insurance Group S.A.E. Gulf Insurance Company K.S.C. bbb Negative B++ Negative Finland LocalTapiola General Mutual Insurance Company LocalTapiola General Mutual Ins Co a Stable A Stable France AGA International SA Allianz SE a+ Stable A Stable Allianz Global Corporate & Specialty (France) Allianz SE aa- Stable A+ Stable Allianz IARD Allianz SE aa- Stable A+ Stable Allianz Vie Allianz SE aa- Stable A+ Stable Assurances Mutuelles de France Societe de Groupe d'assurance Mut Covea a- Stable A- Stable Caisse Centrale de Reassurance aa+ Negative A++ Negative Generali Iard Assicurazioni Generali S.p.A. a Negative A Negative Generali Vie Assicurazioni Generali S.p.A. a Negative A Negative SCOR Global Life SE SCOR SE a+ Stable A Stable SCOR Global P&C SE SCOR SE a+ Stable A Stable March

8 France (continued) SCOR SE SCOR SE a+ Stable A Stable Germany AachenMuenchener Lebensversicherung AG Assicurazioni Generali S.p.A. a Negative A Negative AachenMuenchener Versicherung AG Assicurazioni Generali S.p.A. a Negative A Negative Allianz Global Corporate & Specialty AG Allianz SE aa- Stable A+ Stable Allianz Lebensversicherungs-Aktiengesellschaft Allianz SE aa- Stable A+ Stable Allianz Private Krankenversicherungs-AG Allianz SE aa- Stable A+ Stable Allianz SE Allianz SE aa- Stable A+ Stable Allianz Versicherungs-Aktiengesellschaft Allianz SE aa- Stable A+ Stable Central Krankenversicherung Aktiengesellschaft Assicurazioni Generali S.p.A. a Negative A Negative COSMOS Lebensversicherungs-AG Assicurazioni Generali S.p.A. a Negative A Negative COSMOS Versicherung Aktiengesellschaft Assicurazioni Generali S.p.A. a Negative A Negative Delvag Luftfahrtversicherungs-AG Deutsche Lufthansa Aktiengesellschaft a Stable A Stable Delvag Rueckversicherungs-AG Deutsche Lufthansa Aktiengesellschaft a Stable A Stable E+S Rueckversicherung AG HDI V.a.G. aa- Stable A+ Stable Euler Hermes Deutschland Aktiengesellschaft Allianz SE aa- Stable A+ Stable General Reinsurance AG Berkshire Hathaway Inc aa+ Stable A++ Stable Generali Deutschland Holding AG Assicurazioni Generali S.p.A. a Negative A Negative Generali Lebensversicherung AG Assicurazioni Generali S.p.A. a Negative A Negative Generali Versicherung AG Assicurazioni Generali S.p.A. a Negative A Negative Hannover Rueckversicherung AG HDI V.a.G. aa- Stable A+ Stable HDI-Gerling Industrie Versicherung Aktiengesellschaft HDI V.a.G. a Positive A Stable HDI-Gerling Welt Service Aktiengesellschaft HDI V.a.G. a Positive A Stable HDI Haftpflichtverband der Deutschen Industrie V.a.G. HDI V.a.G. a Positive A Stable HDI Lebensversicherung Aktiengesellschaft HDI V.a.G. a Stable A Stable Munich Reinsurance Company Munich Reinsurance Company aa- Stable A+ Stable SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG SOGAZ, Insurance Company OJSC bbb Stable B++ Stable Ghana Ghana Reinsurance Company Limited bb Stable B Stable Guam Century Insurance Company (Guam) Limited Tan Holdings Corporation bbb Positive B++ Stable Dongbu Insurance Co., Ltd. (U.S. Guam Branch) a Positive 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 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 Stable A Stable Hong Kong Blue Cross (Asia-Pacific) Insurance Limited Bank of East Asia Limited a- Stable A- Stable BOC Group Life Assurance Company Limited a Stable A Stable Chartis Insurance Hong Kong Limited American International Group, Inc a Stable A Stable China Taiping Insurance (HK) Company Limited China Taiping Insurance Group Co. a Stable A Stable Hong Leong Insurance (Asia) Limited Hong Leong Company (Malaysia) Berhad a- Stable A- Stable NIPPONKOA Insurance Company (Asia) Limited NKSJ Holdings, Inc. a Stable A Stable Peak Reinsurance Company Limited Fosun International Holdings 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 Co. a- Stable A- Stable Tugu Insurance Company Limited PT PERTAMINA (PERSERO) bbb Positive B++ Stable Wing Lung Insurance Company Limited China Merchants Bank Co., Ltd. bbb+ Positive B++ Positive India General Insurance Corporation of India a- Stable A- 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 8 March 2013

9 Indonesia PT Asuransi Jasa Indonesia (Persero) bbb Positive 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 Stable A+ Stable Allied World Assurance Company (Europe) Limited Allied World Assurance Co Holdings AG a Positive A Stable Allied World Assurance Company (Reinsurance) Limited Allied World Assurance Co Holdings AG a Positive A Stable Alterra Europe plc Alterra Capital Holdings Limited a Stable A Stable AmTrust International Underwriters Limited AmTrust Financial Services, Inc a Stable A Stable Atradius Reinsurance Limited Grupo Catalana Occidente S.A. a Stable A Stable AXIS Re SE AXIS Capital Holdings Limited a+ Positive A Positive AXIS Specialty Europe SE AXIS Capital Holdings Limited a+ Positive A Positive Canada Life International Re Limited Great-West Lifeco Inc a+ Stable A Stable Chartis Excess Limited American International Group, 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) Plc HDI V.a.G. aa- Stable A+ Stable Ironshore Europe Limited Ironshore Inc. a- Positive A- Positive Liffey Reinsurance Company Limited QBE Insurance Group Limited a- Stable A- Stable London Life and General Reinsurance Company Limited Great-West Lifeco Inc a+ Stable A Stable Partner Reinsurance Europe SE PartnerRe Ltd aa- Negative A+ Negative PartnerRe Ireland Insurance Limited PartnerRe Ltd aa- Negative A+ Negative Renaissance Reinsurance of Europe RenaissanceRe Holdings Ltd aa- Stable A+ Stable Talanx Reinsurance (Ireland) Ltd. HDI V.a.G. a Stable A Stable XL Re Europe Limited XL Group plc a 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 Negative A Negative Jamaica Jamaica International Insurance Company Limited GraceKennedy Limited bbb u Negative B++u Negative Sagicor Life Jamaica Limited Sagicor Financial Corporation bbb- u Negative B+ u Negative Japan Aioi Nissay Dowa Insurance Company Limited MS&AD Insurance Group Holdings, Inc. a+ Stable A Stable American Family Life Assurance Company of Columbus (Japan Branch) aa- Stable A+ Stable The Fuji Fire & Marine Insurance Company, Limited American International Group, Inc 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 Nippon Life Insurance Company Nippon Life Insurance Company aa- Stable A+ Stable NIPPONKOA Insurance Company Ltd NKSJ Holdings, Inc. aa- Stable A+ Stable Sompo Japan Insurance Inc. NKSJ Holdings, Inc. aa- 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 Company K.S.C. bbb+ Stable B++ Stable ARABIA Insurance Company - Jordan bbb- Stable B+ Stable First Insurance Company bbb Stable B++ Stable Jordan Insurance Company Plc. bbb+ Stable B++ Stable Middle East Insurance Company Plc bbb Stable B++ Stable Kazakhstan Eurasia Insurance Company JSC Eurasian Finance Company JSC bbb+ Stable B++ Stable Halyk-Kazakhinstrakh, Ins Subsidiary Company of Halyk Bank of Kazakhstan, JSC Holding Group Almeks JSC bbb Stable B++ Stable Halyk-Life, Life Ins Subsidiary Company of the Halyk Bank of Kazakhstan, JSC Holding Group Almeks JSC bbb- Stable B+ Stable Victoria Insurance Company JSC bbb- Stable B+ Stable March

10 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 Al Fajer Retakaful Insurance Company K.S.C. (Closed) bbb+ Negative B++ Negative Boubyan Takaful Insurance Company K.S.C. (Closed) b Positive C++ Positive Gulf Insurance Company K.S.C. Gulf Insurance Company K.S.C. a- Stable A- Stable Gulf Life Insurance Company K.S.C. (Closed) Gulf Insurance Company K.S.C. a- Stable A- Stable Kuwait Reinsurance Company K.S.C. (Closed) a- Negative A- Negative Lebanon Al Ittihad Al Watani (L'Union Nationale) Societe Generale d'assurances Al Ittihad Al Watani Soc Gen Asr Proche bbb- Negative B+ Negative Arab Reinsurance Company S.A.L. bbb- Stable B+ Stable ARABIA Insurance Company s.a.l. bbb+ Stable B++ Stable Liechtenstein Elips Life AG, Vaduz Swiss Re Ltd a+ Stable A Stable Infrassure Ltd., Vaduz Infrassure Holding AG a- Stable A- Stable PrismaLife AG Onesty Group AG a- Stable A- Stable Torus Insurance (Europe) AG Torus Insurance Holdings Limited a- Stable A- Stable Luxembourg Builders Reinsurance S.A. a- Stable A- Stable Casiopea Re S.A. Telefonica S A a- Stable A- Stable The Shipowners' Mutual Protection and Indemnity Association (Luxembourg a- Stable A- Stable 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) a- Negative A- Negative Macau China Taiping Insurance (Macau) Co., Ltd. China Taiping Insurance Group Co. a- Positive A- Positive 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 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- Stable A- Stable Malta ArgoGlobal SE Argo Group International Holdings, Ltd a Stable A Stable FNF Title Insurance Company Ltd. Fidelity National Financial, Inc. a- Stable A- Stable Mexico Afianzadora Aserta, S.A. de C.V. Grupo Financiero Aserta SA de C.V. a- Stable A- Stable Afianzadora Insurgentes, S.A. de C.V. Grupo Financiero Aserta SA de C.V. a- Stable A- Stable Grupo Nacional Provincial S.A.B. a- Stable A- Stable Mapfre Tepeyac S.A. MAPFRE S.A. a- Stable A- Stable Qualitas Compania de Seguros S.A.B. de C.V. bb- Stable B- Stable Reaseguradora Patria, S.A.B. a- Stable A- Stable Seguros Inbursa, S.A. Grupo Financiero Inbursa Grupo Financiero Inbursa, S.A.B. de C.V. a Stable A Stable Micronesia, Federated States of Marble Reinsurance Corporation a- Stable A- Stable Morocco Societe Centrale de Reassurance Caisse de Depot et de Gestion bbb Stable B++ Stable 10 March 2013

11 Netherlands Atradius Credit Insurance N.V. Grupo Catalana Occidente S.A. a Stable A Stable N.V. Unive Her Cooperatie Unive U.A. a- Stable A- Stable New Zealand ACS (NZ) Limited Canterbury Earthquake Church & Heritage bb+ u Developing B u Developing Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch) a+ Stable A Stable AMI Insurance Limited a- Stable A- Stable Beneficial Insurance Limited Broadlands Finance Limited bbb- Stable B+ Stable BNZ Life Insurance Limited National Australia Bank Limited a Stable A Stable CBL Insurance Limited bbb- Positive B+ Positive China Taiping Insurance (NZ) Co Limited China Taiping Insurance Group Co. 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 Fisher & Paykel Appliances Hldgs Ltd bbb Stable B++ Stable The Education Benevolent Society Incorporated bbb Stable B++ Stable Farmers' Mutual Group Farmers' Mutual Group a Stable A Stable Fidelity Life Assurance Company Limited a- Stable A- Stable FMG Insurance Limited Farmers' Mutual Group a Stable A Stable Kiwi Insurance Limited a- 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+ u Negative B++u Negative Pacific International Insurance Limited bbb Stable B++ Stable Partners Life Limited bbb Stable B++ Stable The Pinnacle Life Insurance Partnership bb+ Stable B Stable Police Health Plan Limited New Zealand Police Association bbb Stable B++ Stable Sovereign Assurance Company Limited Commonwealth Bank of Australia aa- Stable A+ Stable TOWER Health & Life Limited TOWER Limited a- Stable A- Stable TOWER Insurance Limited TOWER Limited a- Stable A- Stable TOWER Life (N.Z.) Limited TOWER Limited a- Stable A- Stable TOWER Medical Insurance Limited TOWER Limited a- Stable A- Stable Union Medical Benefits Society Limited a- Stable A- Stable Virginia Surety Company, Inc. (New Zealand Branch) a- Positive A- Positive Nigeria African Reinsurance Corporation African Reinsurance Corporation a- Stable A- Stable Continental Reinsurance Plc bbb- Stable B+ Stable Custodian and Allied Insurance Plc bb Stable B Stable Mansard Insurance Plc Assur Africa Holding Limited bb+ Stable B Stable Northern Mariana Islands Century Insurance Company, Ltd. Tan Holdings Corporation bbb- Stable B+ Stable Oman National Life & General Insurance Company SAOC Oman National Investment Corp Holding bbb Negative B++ Negative Pakistan Adamjee Insurance Company Limited Adamjee Insurance Company Limited bbb- Stable B+ Stable Jubilee General Insurance Company Limited bbb Stable B++ Stable Panama Aseguradora Ancon S.A. Nacalui N.V. a- Stable A- Stable ASSA Compania de Seguros S.A. Grupo ASSA, S.A. a Stable A Stable Barents Re Reinsurance Company, Inc. Arden & Price Group a- Positive A- Positive Compania Internacional de Seguros S.A. a Stable A Stable Del Istmo Assurance Corp QBE Insurance Group Limited a- Stable A- Stable Mapfre Panama S.A. MAPFRE S.A. a- Stable A- Stable QBE del Istmo Reinsurance Company, Inc. QBE Insurance Group Limited a- Stable A- Stable Philippines Malayan Insurance Co., Inc. Pan Malayan Mgmt & Investment Corp bbb Stable B++ Stable National Reinsurance Corporation of the Philippines bbb Stable B++ Stable March

12 Poland Polskie Towarzystwo Reasekuracji S.A. Fairfax Financial Holdings Limited a- Stable A- Stable Puerto Rico ACE Insurance Company (Puerto Rico) ACE Limited aa Stable A+ Stable Antilles Insurance Company Anglo Puerto Rican Insurance Corporation a+ Stable A Stable Atlantic Southern Insurance Company R.D. Tips, Inc. b+ Stable C++ Stable Caribbean American Life Assurance Company Assurant Inc a- Stable A- Stable Caribbean American Property Insurance Company Assurant Inc a Stable A Stable Chartis Insurance Company - Puerto Rico American International Group, Inc a Stable 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+ Stable B++ Stable Humana Insurance of Puerto Rico, Inc. Humana Inc. bbb+ Stable B++ Stable INTEGRAND Assurance Company Victor J Salgado & Associates Inc a- Stable A- Stable MAPFRE Pan American Insurance Company MAPFRE S.A. a Negative A Negative MAPFRE PRAICO Insurance Company MAPFRE S.A. a Negative A Negative MAPFRE Preferred Risk Insurance Company MAPFRE S.A. a Negative A Negative Multinational Insurance Company Nacalui N.V. bbb+ Stable B++ Stable Multinational Life Insurance Company Nacalui N.V. bbb- Stable B+ Stable National Insurance Company rs F Newport Bonding and Surety Company b u Negative C++u Negative Popular Life Re Popular Inc bbb- Stable B+ Stable QBE Optima Insurance Company 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 Stable B Stable Trans-Oceanic Life Insurance Company Trans-Oceanic Group Inc bbb Positive B++ Stable Triple-S Propiedad, Inc. Triple-S Management Corporation a- Stable A- Stable Triple-S Salud, Inc. Triple-S Management Corporation bbb+ Positive B++ Positive Triple-S Vida, Inc. Triple-S Management Corporation bbb+ Positive B++ Positive United Surety & Indemnity Company USIC Group, Inc. a+ Stable A Stable Universal Insurance Company (PR) Universal Group, Inc. a Stable A Stable Universal Life Insurance Company Universal Group, Inc. bbb+ Positive B++ Positive USIC Life Insurance Company USIC Group, Inc. bbb- Positive B+ Positive Qatar Q-Re LLC Qatar Insurance Company S.A.Q. a Stable A Stable Qatar General Insurance and Reinsurance Company S.A.Q. bbb+ Positive B++ Positive Qatar Insurance Company S.A.Q. 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 Transsiberian Reinsurance Corporation bb+ Stable B Stable Russian Reinsurance Company JSC bbb- Stable B+ Stable SOGAZ, Insurance Company OJSC SOGAZ, Insurance Company OJSC bbb Stable B++ Stable Unity Reinsurance Company, Ltd. bbb- Positive B+ Positive Saint Kitts and Nevis Tristar Insurance Company Limited cc Stable C- Stable Saudi Arabia ARABIA Insurance Cooperative Company bbb Stable B++ Stable Saudi United Cooperative Insurance Company (Wala'a) bbb Stable B++ Stable Trade Union Cooperative Insurance Company - A Saudi Joint Stock Company bbb+ Stable B++ Stable Singapore Asia Capital Reinsurance Group Pte. Ltd. ACR Capital Holdings Pte. Ltd. a- Stable A- Stable Chartis Singapore Insurance Pte. Ltd. American International Group, Inc a Stable A Stable China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance Group Co. a- Stable A- Stable ECICS Limited IFS Capital Limited a- Stable A- Stable First Capital Insurance Limited Fairfax Financial Holdings Limited a Stable A Stable PARIS RE Asia Pacific Pte. Ltd. PartnerRe Ltd a- Negative A- Negative 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 12 March 2013

13 Singapore (continued) SHC Insurance Pte. Ltd. See Hoy Chan Sdn. Berhad 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 a+ Positive A Positive Slovenia Pozavarovalnica Sava d.d. a- Stable A- Stable South Africa General Reinsurance Africa Ltd Berkshire Hathaway Inc aa+ Stable A++ Stable South Korea Dongbu Insurance Co., Ltd. Dongbu Insurance Co., Ltd. a Positive A Stable Hanwha General Insurance Company Limited bbb u Negative B++u Negative Hyundai Marine & Fire Insurance Co., Ltd. Hyundai Marine & Fire Insurance Co, Ltd a Stable A Stable Korea P&I Club a- Stable A- Stable Korean Reinsurance Company a Stable A Stable LIG Insurance Company Limited a- Stable A- Stable MERITZ Fire & Marine Insurance Co., Ltd. Meritz Financial Group Inc. a- Stable A- Stable Samsung Fire & Marine Insurance Co., Ltd. Samsung Fire & Marine Insurance Co, Ltd aa+ Stable A++ Stable Spain Bilbao, Compania Anonima de Seguros y Reaseguros S.A. Grupo Catalana Occidente S.A. a- Stable A- Stable Compania Espanola de Seguros y Reaseguros de Credito y Caucion, S.A. Grupo Catalana Occidente S.A. a Stable A Stable Mapfre Global Risks, Compania Internacional de Seguros y Reaseguros S.A. MAPFRE S.A. a Negative A Negative MAPFRE RE, Compania de Reaseguros, S.A. MAPFRE S.A. a Negative A Negative Nacional de Reaseguros, S.A. a- Stable A- Stable Ocaso, S.A. Seguros y Reaseguros Ocaso, S.A. Seguros y Reaseguros a+ Negative A Negative Seguros Catalana Occidente, S.A. de Seguros y Reaseguros Grupo Catalana Occidente S.A. a- Stable A- 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 Stable A Stable Solid Forsakringsaktiebolag Resurs Holding AB bbb Stable B++ Stable Switzerland Allianz Risk Transfer AG Allianz SE a+ Stable A Stable Amlin AG Amlin plc a Stable A Stable Catlin Re Switzerland Ltd Catlin Group Limited a Stable A Stable European Reinsurance Company of Zurich Swiss Re Ltd aa- Stable A+ Stable Flagstone Reassurance Suisse S.A. Validus Holdings, Ltd. a- Stable A- Stable Infrassure Ltd. Infrassure Holding AG a- Stable A- Stable New Reinsurance Company Munich Reinsurance Company aa- Stable A+ Stable Schweizerische National-Versicherungs-Gesellschaft AG Schweizerische National-Vers a- Positive A- Positive SCOR Switzerland AG SCOR SE a+ Stable A Stable Swiss Re Corporate Solutions Ltd Swiss Re Ltd aa- Stable A+ Stable Swiss Reinsurance Company Limited Swiss Re Ltd aa- Stable A+ Stable Trans Re Zurich Reinsurance Company Ltd Alleghany Corporation a+ Stable A Stable XL Insurance Switzerland Ltd XL Group plc a Stable A Stable XL Re Latin America Ltd. XL Group plc a Stable A Stable Zurich Insurance Company Limited Zurich Insurance Group Ltd aa- Stable A+ Stable Taiwan Central Reinsurance Corporation a Stable A Stable South China Insurance Co., Ltd. Hua Nan Financial Holdings Co. Ltd. a- Stable A- Stable Thailand Asian Reinsurance Corporation bb u Developing B u Developing Trinidad and Tobago Guardian General Insurance Limited Guardian Holdings Limited a- Stable A- Stable March

14 Trinidad and Tobago (continued) 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- u Negative B+ u Negative Ukraine Lemma Insurance Company Lemma Kosmos Limited bb Negative B Negative United Arab Emirates Abu Dhabi National Insurance Company a Stable A Stable Al-Sagr National Insurance Company P.S.C. bbb- Stable B+ Stable Alliance Insurance (PSC) a- Stable A- Stable Dubai Insurance Company (PSC) bbb Stable B++ Stable Emirates Insurance Company P.S.C. a- Stable A- Stable Gulf Reinsurance Limited Gulf Re Holdings Limited a- Stable A- Stable National General Insurance Company (P.S.C.) bbb+ Stable B++ Stable Oman Insurance Company (PSC) Mashreqbank psc a Stable A Stable Orient Insurance PJSC Orient Insurance PJSC a Stable A Stable United Kingdom ACE European Group Limited ACE Limited aa Stable A+ Stable AIG Europe Limited American International Group, Inc a Stable A Stable Allianz Insurance plc Allianz SE aa- 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 Annuity UK Limited AVIVA plc a+ Negative A Stable Aviva Insurance Limited AVIVA plc a+ Negative A Stable Aviva International Insurance Limited AVIVA plc a+ Negative A Stable Aviva Life & Pensions UK Limited AVIVA plc a+ Negative A Stable Catlin Insurance Company (UK) Ltd. Catlin Group Limited a Stable A Stable Chubb Insurance Company of Europe SE The Chubb Corporation aa+ Stable A++ Stable Ecclesiastical Insurance Office plc Allchurches Trust Limited a Stable A Stable Electrical Contractors' Insurance Company Limited Electrical Contractors' Association 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- Stable A- Stable FM Insurance Company Limited Factory Mutual Insurance Company aa 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 a+ Stable A Stable Hiscox Insurance Company Limited Hiscox Ltd a+ Stable A Stable HSB Engineering Insurance Limited Munich Reinsurance Company aa+ Stable A++ Stable InterGlobal Insurance Company Limited bbb+ Stable B++ Stable International General Insurance Company (UK) Limited International General Insur Holdings Ltd a- Stable A- Stable International Insurance Company of Hannover Limited HDI V.a.G. aa- Stable A+ Stable Lancashire Insurance Company (UK) Limited Lancashire Holdings Limited a Stable A Stable Legal & 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+ Stable A Stable Lloyd's Synd 623 (Beazley Furlonge Limited) a+ Stable A s Stable Lloyd's Syndicate 1225 (AEGIS Managing Agency Limited) a+ Stable A s Stable Lloyd's Syndicate 2001 (Amlin Underwriting Limited) aa- Stable A+ s Stable Lloyd's Syndicate 2003 (Catlin Underwriting Agencies Limited) a+ Stable A s Stable Lloyd's Syndicate 2010 (Cathedral Underwriting Limited) a+ Stable A s Stable Lloyd's Syndicate 2623 (Beazley Furlonge Limited) a+ Stable A s Stable Lloyd's Syndicate 3000 (Markel Syndicate Management Limited) a+ Stable A s Stable Lloyd's Syndicate 33 (Hiscox Syndicates Limited) a+ Stable A s Stable Lloyd's Syndicate 3622 (Beazley Furlonge Limited) a+ Stable A s Stable 14 March 2013

15 United Kingdom (continued) Lloyd's Syndicate 3623 (Beazley Furlonge Limited) a+ Stable A s Stable Lloyd's Syndicate 510 (RJ Kiln & Co. Limited) a+ Stable A s Stable Lloyd's Syndicate 609 (Atrium Underwriters Limited) a+ Stable A s Stable Lloyd's Syndicate 958 (Omega Underwriting Agents Limited) a+ Stable A s Stable London General Insurance Company Limited Onex Corporation a- Stable A- Stable London General Life Company Limited Onex Corporation a- Stable A- Stable Markel International Insurance Company Limited Markel Corporation 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+ Negative A Stable QBE Re (Europe) Limited QBE Insurance Group Limited a+ Negative 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 Stewart Title Limited Stewart Information Services Corporation bbb+ Stable B++ Stable Sunderland Marine Mutual Insurance Company Limited Sunderland Marine Mutual Ins Co Ltd a- Negative A- Negative Torus Insurance (UK) Limited Torus Insurance Holdings Limited a- Stable A- Stable 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 Limited XL Group plc a Stable A Stable Vietnam PVI Insurance Corporation Vietnam National Oil & Gas Group bbb- Stable B+ Stable PVI Reinsurance Company Vietnam National Oil & Gas Group bbb- Stable B+ Stable Samsung Vina Insurance Limited Samsung Fire & Marine Insurance Co, Ltd bbb+ Stable B++ Stable March

16 GUIDE TO BEST S FINANCIAL STRENGTH RATINGS A Best s Financial Strength Rating is an independent opinion of an insurer s financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company s balance sheet strength, operating performance and business profile. Financial Strength Ratings Rating Descriptor Definition Assigned to companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. A++, A+ Superior Assigned to companies that have, in our opinion, an excellent ability to meet their ongoing insurance A, A- Excellent obligations. Assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance obligations. B++, B+ Good Secure B, B- Fair Assigned to 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. C++, C+ Marginal Assigned to 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. Vulnerable C, C- Weak D E Positive Negative Stable Poor Under Regulatory Supervision Assigned to 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 companies that have, in our opinion, a poor ability to meet their ongoing insurance obligations. Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies (and possibly their subsidiaries/affiliates) 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. F In Liquidation Assigned to companies placed in liquidation by a court of law or by a forced liquidation. S Suspended Assigned to rated companies when sudden and significant events affect their balance sheet strength or operating performance and rating implications cannot be evaluated due to a lack of timely or adequate information. Rating Modifiers Modifier Descriptor Definition u Under Review Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. pd Public Data Indicates rating assigned to insurer that chose not to participate in A.M. Best s interactive rating process. (Discontinued in 2010) s Syndicate Indicates rating assigned to a Lloyd s syndicate. Outlooks Indicates potential direction of a Financial Strength Rating over an intermediate term, generally defined as 12 to 36 months. Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level. Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level. Indicates low likelihood of a rating change due to stable financial/market trends. Not Rated Designation NR: Assigned to companies that are not rated by A.M. Best. Rating Disclosure A Best s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contracts and do not address any other risk, including, but not limited to, an insurer s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Best s Financial Strength Rating is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. For additional details, see A.M. Best s Terms of Use at Best s Financial Strength Ratings are distributed via press release and/or the A.M. Best Web site at and are published in the Credit Rating Actions section of BestWeek. Best s Financial Strength Ratings are proprietary and may not be reproduced without permission. Copyright 2013 by A.M. Best Company, Inc. Version A M BEST

17 GUIDE TO BEST S ISSUER CREDIT RATINGS A Best s Issuer Credit Rating assigned to an insurance company is an independent opinion of an insurer s financial strength and ability to meet its ongoing senior financial obligations. It is based on a comprehensive quantitative and qualitative evaluation of a company s balance sheet strength, operating performance and business profile. Rating Descriptor Definition Investment Grade Non-Investment Grade aaa aa a bbb bb b ccc, cc c rs Exceptional Superior Excellent Good Fair Marginal Weak Poor Regulatory Supervision/ Liquidation Assigned to insurance companies that have, in our opinion, an exceptional ability to meet their ongoing senior financial obligations. Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing senior financial obligations. Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing senior financial obligations. Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing senior financial obligations. Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing senior financial 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 senior financial 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 senior financial 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 senior financial obligations. Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurers placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or rehabilitation that prevents conduct of normal, ongoing insurance operations, or in liquidation by a court of law or by a forced liquidation. Ratings from aa to ccc may be enhanced with a + (plus) or - (minus) to indicate whether credit quality is near the top or bottom of a category. Rating Modifiers Modifier Descriptor Definition u pd Under Review Public Data Rating Outlooks Indicates the potential direction of a Credit Rating over an intermediate term, generally defined as 12 to 36 months. Positive Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level. Negative Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level. Stable Indicates low likelihood of a rating change due to stable financial/market trends. Not Rated Designation The Not Rated (NR) designation may be assigned to issuers that are not rated. Rating Disclosure Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. Indicates rating assigned to a company that chose not to participate in A.M. Best s interactive rating process. (Discontinued in 2010) When assigned to an insurance company the Issuer Credit Rating opinion addresses the relative ability of an insurer to meet its ongoing senior financial obligations. The rating is not assigned to specific insurance policies or contracts, or any other financial obligations, and does not address any other risk, including, but not limited to, liquidity risk, market value risk, an insurer s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The Insurer Issuer Credit 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, or any other financial obligation for a specific purpose or purchaser. Best s Issuer Credit Ratings are distributed via press release and/or the A.M. Best Web site at and are published in the Credit Rating Actions section of BestWeek. Best s Credit Ratings are proprietary and may not be reproduced without permission. Copyright 2013 by A.M. Best Company, Inc. Version A M BEST

18 Founded in 1899, A.M. Best Company is the world s oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best Company World Headquarters Ambest Road, Oldwick, NJ Phone: +1 (908) WASHINGTON OFFICE 830 National Press Building th Street N.W., Washington, DC Phone: +1 (202) MIAMI OFFICE Suite 949, 1221 Brickell Center Miami, FL Phone: +1 (305) A.M. Best Europe Rating Services Ltd. A.M. Best Europe Information Services Ltd. 12 Arthur Street, 6th Floor, London, UK EC4R 9AB Phone: +44 (0) A.M. Best asia-pacific LTD. Unit 4004 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Phone: A.M. BEST MENA, SOUTH & CENTRAL ASIA Office 102, Tower 2 Currency House, DIFC PO Box , Dubai, UAE Phone: