S&P Revises UMS Generali Marine SpA Outlook to Positive

July 17, 2003

Standard & Poor’s Ratings Services said it revised its outlook on Italy-based marine insurer UMS Generali Marine SpA (UMS) to positive from stable.

At the same time, S&P affirmed its ‘A-‘ long-term counterparty credit and insurer financial strength ratings on UMS.

“The outlook revision reflects Standard & Poor’s expectation that UMS will see further improvement in its technical profitability throughout 2003 and 2004,” S&P credit analyst Peter Grant said.

The ratings reflect UMS’ strategic importance to its parent, Assicurazioni Generali SpA (AA/Negative/–); good business position; good operating performance; and strong level of capitalization.

The ratings may be raised if UMS establishes a track record of operating performance in respect of its newly established participation in the London Market and maintains its risk-adjusted capitalization at a strong level.

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