A.M. Best Updates FSR Status for Gerling Konzern Allgemeine Versicherung

February 13, 2003

A.M. Best Co. released comment on the continuous uncertainties regarding the future ownership of the Gerling-Konzern Versicherungs-Beteiligungs-AG (GKB) and the potential impact on the A- (Excellent) financial strength rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA).

In A.M. Best’s view, the ongoing discussion about the future ownership has not negatively impacted GKA’s business profile. This has been demonstrated by a strong renewal season in 2003 for industrial business. A.M. Best also believes that GKA’s assets are sufficiently protected to meet policyholders’ claims and will not be accessed to finance any potential difficulties of Gerling Konzern Globale Ruckversicherungs AG (GKG). GKA maintains an excellent risk-adjusted capitalization and an excellent business position in industrial lines. The A- (Excellent) financial strength rating and the stable outlook remain unchanged.

A.M. Best will closely monitor the developments in respect to the sales process of GKB.

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