Ratings Recap; OIL; Talanx; HDI; Trust; AUGI; Fuji Fire, Pioneer (NZ)

July 13, 2007

Standard & Poor’s Ratings Services has affirmed its ‘A-‘ counterparty credit and financial strength ratings on Oil Insurance Ltd. (OIL) and removed them from CreditWatch with negative implications, where they were placed on April 23, 2007. The outlook is negative.

A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit rating (ICR) of “a” of the main operating subsidiaries of Talanx AG: HDI Industrie Versicherung AG (Germany), Gerling-Konzern Allgemeine Versicherung AG (Germany), Gerling America Insurance Company (New York) and HDI-Gerling Lebenversicherung AG (Germany). Best also affirmed the FSR of “A” (Excellent) and the ICR of “a” of HDI Haftpflichtverband der Deutschen Industrie V.a.G., the ultimate mutual parent company of Talanx AG.

A.M. Best Co. has affirmed the financial strength rating (FSR) of “A” (Excellent) and the issuer credit rating (ICR) of “a” of HDI Industrie Versicherung AG (HDI Industrie) (Germany), Gerling-Konzern Allgemeine Versicherung AG (GKA) (Germany) and
Gerling America Insurance Company (New York). The outlook for all
ratings remains stable.

A.M. Best Co. has upgraded the issuer credit rating (ICR) to “bbb+” from “bbb” and affirmed the financial strength rating (FSR) of B++ (Good) of Bahrain’s Trust International Insurance Co. The outlook for both ratings is stable.

Standard & Poor’s Ratings Services said that its ‘BBB’ counterparty credit and insurer financial strength ratings on Australian Unity General Insurance Ltd. (AUGI) had been placed on CreditWatch with negative implications following the recent announced sale of AUGI to Calliden Group Ltd. (Calliden; unrated). The sale, which is subject to regulatory approval, is expected to be completed by July 31, 2007.

A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” of Japan’s Fuji Fire and Marine Insurance Company, Limited with a stable outlook. “The ratings reflect Fuji Fire’s solid risk-adjusted capitalization, stable operating performance and continuous improvement in its investment portfolio,” said best. “The ratings also recognize the close business affiliation with American International Group (AIG) and ORIX Corp (ORIX).”

A.M. Best Co. has downgraded the financial strength rating to “B” (Fair) from “B+” (Good) and the issuer credit rating (ICR) to “bb” from “bbb-“of New Zealand’s Pioneer Insurance Company Limited, and has placed the ratings under review with developing implications. “The rating actions reflect Pioneer Insurance’s decline in risk-adjusted capitalization due to internal control failures and management reporting deficiencies,” said Best. “

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