Best Puts Carraig's 'A-' Rating Under Review

April 30, 2004

A.M. Best Co. announced that it has placed the financial strength rating of "A-" (Excellent) of Ireland's Carraig Insurance Limited under review with negative implications.

Best said its decision follows "the announcement of the takeover of its parent, Aventis S.A., by Sanofi-Synthèlabo, a French pharmaceutical group. The under review status reflects the uncertainty of Carraig's position in the newly formed group"

Best said it expects to resolve the under review status following detailed discussions with Carraig's management.