'A' Assigned to Maritime Ins. Co.

Maritime Insurance Company Ltd. (CNA Maritime) was assigned counterparty credit and financial strength ratings of "A" by Standard & Poor's (S&P), which indicated that the ratings were a reflection of the company's own stand-alone rating characteristics as well as its strategic importance to the CNA group of companies. The rating outlook is stable.

RenaissanceRe Ratings Increased

Moody's Investors Service raised the following RenaissanceRe Holdings Ltd. ratings: Renaissance Re Capital Trust capital securities to "baa2" from "baa3"; RenaissanceRe Holdings Ltd. junior subordinated debt to "Baa2" from "Ba1." The ratings action reflects the Bermuda-based company's strengths in cumulative operating performance, underwriting and exposure management strategy.

Michigan Lawyers Gets 'BBpi'

A "BBpi" financial strength rating was assigned to Michigan Lawyers Mutual Insurance Co. by S&P. Rating factors included the company's higher than average susceptibility to regulatory changes, irregular operating earnings pattern and volatility in the areas of premium income and reserve development.

Accident Fund Co. Gets 'A'

A.M. Best upgraded Accident Fund Company, Michigan's leading workers' comp insurer, to an "A" rating. Best indicated that the upgrade reflected the company's strong earnings performance, excellent capital position, high quality investment portfolio and leadership position in the workers' comp market in Michigan.

S&P Affirms ULLICO Ratings

S&P affirmed the "BBpi" financial strength ratings on several stock companies, all members of the ULLICO Group (a mid-sized insurance group, ultimately owned by the privately held stock company, ULLICO Inc.).

Ulico Casualty Co., domiciled in Delaware, is licensed in 48 states and the District of Columbia. Approximately 70 percent of the company's business is in Florida, California, New York, Michigan and Illinois, and it is an authorized surplus lines writer in Puerto Rico and Rhode Island.

Ulico Standard of America Casualty Co., domiciled and licensed only in California, counts workers' comp, other liability (claims-made) insurance and other multi-peril as its major lines of business.

Ulico Indemnity Co., domiciled and licensed only in Arkansas, has about 78 percent of its business in its major states of operation, Michigan, New York and Rhode Island. Its major line of business is workers' comp with additional specialization in excess and surplus, other liability (claims-made) and commercial multi-peril. It markets primarily through brokers.

The ratings are based on the interaffiliate pool, consisting of Ulico Casualty Co. (75 percent) and its directly owned companies, Ulico Indemnity Co (20 percent) and Ulico Standard of America Casualty Co. (5 percent).

The companies are all based in Washington, D.C.

S&P Rating Actions Taken on European Companies

The "AA+" long-term counterparty credit and insurer financial strength ratings on Zurich Insurance Co. were affirmed by S&P. The affirmation comes in the wake of the Switzerland-based company's announced intention of simplifying its dual Anglo-Swiss holding company structure into a single Zurich-based holding company.

S&P assigned its "AA-"/"A-1+" foreign and local currency counterparty credit ratings to the Netherland's ING Groep N.V. (ING Group). S&P's "AA-"/"A-1+" senior unsecured debt ratings and "A+"
subordinated debt rating to the Euro Medium-Term Note Program (issued by ING Group) was also assigned. Ratings on the preferred shares issued by ING Capital Funding Trust I (guaranteed by ING Group) were affirmed. The outlook is stable.

The outlook on the core entities of the Hannover Reinsurance Group (Hannover Re) was revised by S&P to negative from stable, reflecting ongoing concerns with respect to the group's risk-based capitalization.

General Re Corp. Gets 'A++'

A.M. Best assigned a group financial strength rating of "A++" to Stamford, Connecticut-based General Reinsurance Corp., and its core affiliated property/casualty and life/health insurance and reinsurance companies worldwide. Best cited the group's exceptional balance-sheet strength, above-average operating profitability and leadership in the global reinsurance market as major rating
factors.