Ratings Recap: Horace Mann, American Physicians, Ophthalmic Mutual

May 21, 2007

A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit ratings (ICR) of “a-” of Horace Mann Educators Corporation’s (HMEC) P/C group, Horace Mann Insurance Group (Horace Mann) and its subsidiaries and HMEC’s life/health insurance company, Horace Mann Life Insurance Company (Horace Mann Life). Best has also affirmed the ICR of “bbb-” as well as the debt ratings of HMEC’s outstanding debt securities. All the ratings have a stable outlook.

A.M. Best Co. has affirmed the financial strength rating (FSR) of B++ (Good) and upgraded the issuer credit rating (ICR) to “bbb+” from “bbb” for American Physicians Assurance Corporation, the primary subsidiary of American Physicians Capital, Inc. (APCapital). Best also upgraded its ICR to “bb+” from “bb”, and revised its rating outlook to positive from stable. Best also affirmed the FSRs of “B+” (Good) and “B-” (Fair) and the ICRs of “bbb-” and “bb-” of APSpecialty Insurance Corporation and Insurance Corporation of America respectively. The outlook for APSpecialty’s FSR and ICR is stable, while the outlook for ICA’s FSR and ICR is negative.

A.M. Best Co. has upgraded the financial strength rating (FSR) to “A” (Excellent) from “A-” (Excellent) and assigned an issuer credit rating (ICR) of “a” to Ophthalmic Mutual Insurance Company, a risk retention group, located in San Francisco, CA. The outlook for the FSR has been revised to stable from positive, while the outlook assigned to the ICR is stable.”

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