S&P Notes Amedex Insurance Co.’s ‘A-‘ Ratings Affirmed Then Withdrawn

March 11, 2004

Standard & Poor’s has affirmed its ‘A-‘ counterparty credit and financial strength ratings and negative outlook on Amedex Insurance Co.

Standard & Poor’s subsequently withdrew the ratings at the company’s request. The ratings reflected Amedex’s good business position as a niche provider of major medical products in Latin America, favorable operating performance, and strong capitalization.

These positive factors are offset by Amedex’s limited size, declining enrollment trends, new business risk through Amedex Bermuda, and high operating expenses, which are the direct consequence of its target market and high level of service provided.

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