Sirius Upgraded to ‘AA-‘

May 29, 2000

The counterparty credit and insurer financial strength ratings on Sirius International Insurance Corporation were upgraded by S&P from “A+” to “AA-.” The rating outlook is stable. Concurrently, S&P lowered the counterparty credit and insurer financial strength ratings on Kemper Europe Reassurances S.A. (Kemper) to “BBB” from “A-.” The downgrade followed the Dec. 1, 1999, acquisition of Kemper by Sirius from Employers Reinsurance Corp.

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