ART Assigned Rating

July 16, 2001

Zurich-based Allianz Risk Transfer (ART) received an “AA” financial enhancement rating (FER) from S&P. The rating was the first FER issued to a European multiline insurance company. At the same time, S&P assigned an “A1+” short-term counterparty credit rating to ART.

S&P also affirmed its “AA” insurer FSR on ART and its Bermudan and Dutch guaranteed subsidiaries, Allianz Risk Transfer (Bermuda) Ltd. and Allianz Risk Transfer N.V., and its “AA” long-term counterparty credit rating on ART. The outlook is stable.

The ratings are backed by a very strong capital position, solid underwriting, and an experienced and focused management team. Partly offsetting those strengths is a rather short track record of the company, which began operations in 1997, and the immaturity of the business.

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