S&P Withdraws Ratings on Brit Insurance by Request

March 29, 2002

Standard & Poor’s announced that it affirmed its single-‘A’-minus long-term counterparty credit and insurer financial strength ratings on Brit Insurance Ltd., and then withdrew the ratings at the request of Brit’s management.

“Brit is consequently no longer subject to continuous surveillance by Standard & Poor’s,” said the announcement. It further observed that Brit’s ratings were “based mainly on the company’s very strong capital adequacy, and an able management team with strong credentials for conducting certain specialized lines of financial risk business. These factors were offset by Brit’s moderate but improving business position, and a volatile earnings history on the company’s catastrophe book.”

The announcement stated that “Brit’s management has confirmed that the withdrawal of Standard & Poor’s ratings does not trigger any provisions within the terms and conditions of any of Brit’s financial lines transactions.” It gave no further reasons for the company’s request to withdraw from the ratings.

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