Best Places FSR for Temple Insurance Co. Under Review; Negative Outlook

July 18, 2005

A.M. Best Co. has placed the financial strength rating of A (Excellent) of Temple Insurance Company (Temple) (Toronto) under review with negative implications, in line with Muenchener Rueckversicherungs-Gesellschaft (Munich Re) (Germany), following the announcement that Munich Re was reviewing the reserve position of its U.S. subsidiary, American Re Corporation Group (Wilmington, Del.).

Temple’s published rating was recently affirmed on June 24, 2005, based on the stand-alone analysis of its financial position. The affirmation recognizes Temple’s excellent risk-adjusted capitalization on a stand-alone basis and historically favorable earnings.

However, given that Temple’s current published rating reflects partially the rating enhancement from its affiliation with Munich Re, its rating will remain under review until the rating issues concerning its ultimate parent are resolved.

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