A.M. Best Places Rating of The Underwriter Insurance Company Under Review

March 11, 2003

A.M. Best Co. announced that it “has placed the financial strength rating of A- (Excellent) of The Underwriter Insurance Company Limited (TU), United Kingdom, under review with negative implications.”

A.M. Best Co. announced that it “has placed the financial strength rating of A- (Excellent) of The Underwriter Insurance Company Limited (TU), United Kingdom, under review with negative implications.”

“The action reflects an expected weakening of the company’s risk-adjusted capital adequacy due to the likelihood of significantly worse than expected earnings for the full 2002 year,” said Best. The rating agency is also concerned about the company’s business strategy following the resignation last week of Keith Rutter, the former CEO.

Best noted that “Subject to Financial Services Authority (FSA) approval, he will be replaced by Nigel Rogers, a non-executive Director of the company.

Best said it “will be meeting with management in the next few days to discuss ongoing capital adequacy and future business strategy.”

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