S&P’s Cuts National Heritage Ins Co. Rating

March 3, 2003

Standard & Poor’s has lowered its counterparty credit and insurer financial strength ratings on National Heritage Insurance Co. (Texas) (National Heritage TX) to “Bpi” from “BBpi”.

“The ratings actions are based on National Heritage TX’s weak capitalization, high geographic and product concentrations, and volatile earnings,” said Standard & Poor’s credit analyst Allison MacCullough.

National Heritage TX is licensed and operates only in Texas. Its major line of business is group accident and health, and it is not a member of any insurance group. The company commenced operations in 1976.

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