Best Puts Primary Insurance Co. Ratings under Review – Negative

June 23, 2006

A.M. Best Co. has placed the financial strength rating of “B++” (Very Good) and issuer credit rating of “bbb” (ICR) for Ireland’s Primary Insurance Company Limited (PICL) under review with negative implications.

“These rating actions follow worse than anticipated financial performance in the last quarter of 2005, driven mainly by reserve strengthening in PICL’s commercial small to medium sized enterprise (SME) account,” said Best.

“PICL’s ratings will remain under review while A.M. Best assesses the impact of this reserve strengthening on the company’s risk adjusted capitalization.”

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