Best Affirms St. Paul Guarantee (Canada) Rating; Withdraws Travelers Canada Rating

January 7, 2005

A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of Toronto, Canada-based St. Paul Guarantee Insurance Company.

At the same time Best withdrew the financial strength rating of “A+” (Excellent) of its affiliate company, Travelers Casualty and Surety Company of Canada and assigned it a rating of “NR-5” (Not Formally Followed). Both ratings have been removed from under review with developing implications, and St. Paul Guarantee has been assigned a “stable” rating outlook.

“These rating actions follow the January 1, 2005, completion of the amalgamation of St. Paul Guarantee and Travelers Canada,” said Best. “St. Paul Guarantee is a prominent insurer specializing in liability insurance and surety products in the Canadian marketplace.”

Best also noted that “the company is a strategic subsidiary of The St. Paul Travelers Companies, Inc. and as such, St. Paul Guarantee benefits from St. Paul Travelers’ management and underwriting expertise, financial flexibility and operational support.”

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