S&P Withdraws Ratings on Empire Group

January 18, 2002

Standard & Poor’s announced that it has withdrawn its double-‘B’-minus counterparty credit and financial strength ratings on Empire Insurance Co., Allcity Insurance Co., and Centurion Insurance Co., the members of the Empire Insurance Intercompany Pool (Empire).

“These ratings were withdrawn at the request of company management. Empire is in the process of a complete and orderly liquidation of all the group’s operations,” said S&P’s announcement.

It added that, “Empire — though still part of Leucadia National Corp., which will continue to be rated — will no longer be subject to continuous surveillance by Standard & Poor’s.”|”snp, withdraws, ratings, on, empire, group

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