Best Downgrades, Withdraws Ratings for Commercial Risk Partners; Outlook Negative

April 15, 2005

A.M. Best Co. has downgraded the financial strength ratings to B- (Fair) from B (Fair) and the issuer credit ratings to “bb-” from “bb” of Commercial Risk Reinsurance Company Limited (Hamilton, Bermuda) and its U.S. subsidiary, Commercial Risk Re-Insurance Company (Burlington, Vt.), together known as Commercial Risk Partners. The rating outlook for both companies has been revised to negative from stable.

The companies are insurance subsidiaries of the Bermudian holding company, Commercial Risk Partners Limited (CRP) and are ultimately wholly-owned by SCOR (Paris, France).

In response to management’s request that the operating subsidiaries be removed from A.M. Best’s interactive rating process, the ratings will be withdrawn and assigned a rating of NR-4 (Company Request). In January 2003, these companies ceased writing new business and placed themselves into voluntary run off.

The rating downgrades have taken into consideration the current level of risk-adjusted capitalization, the potential for continued adverse reserve development and the timing risk of payments and investment returns, which may vary from projections.

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