S&P Assigns NGI ‘BBB’ Rating

September 9, 2005

Standard & Poor’s Ratings Services announced that it has assigned its “BBB” long-term counterparty credit and insurer financial strength ratings to Dubai-based insurer National General Insurance Co.(NGI) with a stable outlook.

“The ratings reflect NGI’s strong capitalization, strong earnings, and close working relationships with key shareholders,” stated S&P credit analyst Kevin Willis. “These factors are offset by the company’s modest competitive position and investment portfolio concentration risks.”

S&P said the stable outlook reflects its “expectation that NGI will maintain its strong capitalization through very strong capital adequacy. Standard & Poor’s expects NGI to leverage its competitive position within the Dubai insurance market through development of its relationship with Emirates Bank Group and partnerships with international insurers.

“Growth is expected to at least keep pace with the market as distribution and product capabilities expand. NGI is expected to maintain a strong operating performance, with profitable gross and net underwriting supported by a good investment yield from an increasingly liquid portfolio.”

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