Best Reviewing Cayman Islands Insurers’ Ratings

September 16, 2004

A.M. Best Co. announced that it has placed the financial strength ratings of “A-” (Excellent) of Island Heritage Insurance Company Ltd., British Caymanian Insurance Company Ltd., and Cayman General Insurance Company Ltd., under review with negative implications. All companies are located in Grand Cayman, Cayman Islands.

“These rating actions reflect the uncertainty surrounding the ultimate net exposure from Hurricane Ivan and its impact on the capitalization of each company,” said Best. “Although all three companies carry catastrophic reinsurance protection, it is premature to assess the total insured impact of the hurricane. A.M. Best remains concerned with the elevated probable maximum loss and the ability of all three companies to absorb a subsequent catastrophic event.”

Best said it would “continue to closely monitor the impact that Hurricane Ivan will have on the financial strength of these companies, along with any necessary management actions to improve capitalization.”

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