Standard & Poor's insurer financial strength rating definitions

An insurer rated BBB or higher is regarded as having financial security characteristics that outweigh any vulnerabilities and is highly likely to have the ability to meet financial commitments.

AAA: An insurer rated AAA has EXTREMELY STRONG financial security characteristics. AAA is the
highest insurer financial strength rating assigned by Standard & Poor's.

AA: An insurer rated AA has VERY STRONG financial security characteristics, differing only
slightly from those rated higher.

A: An insurer rated A has STRONG financial security characteristics, but is somewhat more likely
to be affected by adverse business conditions than are insurers with higher ratings.

BBB: An insurer rated BBB has GOOD financial security characteristics, but is more likely to be
affected by adverse business conditions than are higher rated insurers.

An insurer rated BB or lower is regarded as having vulnerable characteristics that may outweigh its strengths. BB indicates the least degree of vulnerability within the range, CC the highest.

BB: An insurer rated BB has MARGINAL financial security characteristics. Positive attributes exist,
but adverse business conditions could lead to insufficient ability to meet financial

B:An insurer rated B has WEAK financial security characteristics. Adverse business conditions are
likely to impair its ability to meet financial commitments.

CCC: An insurer rated CCC has VERY WEAK financial security characteristics, and is dependent on
favourable business conditions to meet financial commitments.

CC: An insurer rated CC has EXTREMELY WEAK financial security characteristics and is not likely to
meet some of its financial commitments.

R: An insurer rated R has experienced a REGULATORY ACTION regarding solvency. The rating does
not apply to insurers subject only to non-financial actions such as market conduct violations.

NR: An insurer designated NR is NOT RATED, which implies no opinion about the insurer's
financial security.

Plus (+) or minus (-) signs following ratings from AA to CCC show relative standing within the major rating categories.

The next to a company's rating in the list means that this company is a Standard & Poor's Security Circle Insurer.

Security Circle insurers voluntarily underwent Standard & Poor's most comprehensive review and have achieved one of its four top rating categories. In addition, the company has agreed to co-operate with Standard & Poor's ongoing monitoring of its financial condition.

'Pi' ratings, denoted with a 'pi' subscript, are insurer financial strength ratings based on an analysis of published financial informationand additional information in the public domain. They do not reflect in-depth meetings with an insurer's management and are therefore based on less comprehensive information than ratings without a 'pi' subscript. 'Pi' ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event occurs that may affect an insurer's financial security.

'Pi' ratings are not subject to potential CreditWatch listings