Hanover Fire and Casualty Ratings Affirmed

November 25, 2002

Standard & Poor's Ratings Services announced it has affirmed its "Bbpi" counterparty credit and financial strength ratings of Hanover Fire and Casualty Insurance Co. of Plymouth Meeting, Pa.

According to S&P's analyst Alan Koerber, Hanover's ratings correspond to its small capital base, limited scope of operation, and unstable reserve development. The company writes fire and burglary and theft insurance, operating in Pennsylvania, Illinois, and Washington D.C.