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Rating Action:

MOODY'S REVIEWS RATINGS OF CERTAIN INSURERS AND REINSURERS WITH EXPOSURE TO RECENT TERRORIST ATTACKS

24 Sep 2001
MOODY'S REVIEWS RATINGS OF CERTAIN INSURERS AND REINSURERS WITH EXPOSURE TO RECENT TERRORIST ATTACKS

New York, September 24, 2001 -- In the wake of the terrorist attacks occurring on September 11, Moody's Investors Service has initiated rating reviews for possible downgrade of a number of insurance enterprises. Moody's has also changed its outlooks for the ratings of a number of other insurers. While the losses reported to-date by rated insurers do not pose a threat to solvency, the magnitude of expected claims is significant and has not generally been factored into existing ratings.

Although each firm's situation is unique, Moody's has identified a number of concerns that are common to each, and that will be subject to further consideration and analysis during the review process. These common concerns are:

1) The magnitude of actual losses reported, both gross and net, relative to capitalization, fixed charges, cash flows, and core earnings.

2) The degree of uncertainty surrounding current estimates of loss, including the prospect for disputes about the extent to which reinsurance will respond.

3) The extent to which, following the recent attacks, the profile of risk within the insurance industry has changed, at least for some period of time.

Moody's initiates rating reviews in situations where current information suggests that the existing rating may be inappropriate, and where additional information and analysis is expected to be helpful in reaching a definitive conclusion. In the current situation, it is possible that the relevant uncertainties will take a long time to become resolved. However, the range of uncertainty will probably be materially reduced over the next few months. Moody's expects to conclude its reviews in this time frame.

To the extent that the actual damages from these events are consistent with initial estimates, Moody's expects that the rating reviews would typically conclude with either a confirmation or a one notch downgrade. Rating downgrades of two or more notches are quite unlikely except in cases where actual losses are significantly higher than current estimates or other adverse trends or events become manifest.

In individual cases, the rating reviews may also focus on issues other than the ones mentioned above. One example of such an issue would be the adequacy of loss reserves, in the context of Moody's annual loss reserve assessment, which is now complete. Another issue to be considered in certain cases is the extent to which a firm's future business opportunities

may be constrained by its relatively modest size, given the possibility that the magnitude of these expected losses could lead some insurance buyers to direct their business to the largest players. The specifics of each rating review will be outlined in separate press releases following this one.

For some insurers, Moody's believes that losses from the terrorist attacks have put pressure on the company's financial strength, but not to the extent that an immediate rating review is warranted. This may be true either because the size of the loss for that company is not expected to be severe or because the firm is supported by affiliates, either implicitly or

explicitly. In these cases, Moody's has elected to change its rating outlook to signal to counterparties and investors how that rating could trend over the medium term. The specifics of these changes in rating outlook will also be outlined in separate press releases.

Moody's has placed the insurance financial strength and long-term debt ratings of the following groups (including rated subsidiaries) under review for possible downgrade, except as qualified below:

ACE Limited (senior unsecured debt at A2; rating for commercial paper at Prime-1), review includes ACE Guaranty Re (insurance financial strength at Aa2), excludes ACE USA insurance financial strength ratings;

American Re-Insurance Company (insurance financial strength at Aaa, senior unsecured debt at Aa1);

Chubb Corporation (insurance financial strength at Aa1, senior unsecured debt at Aa3);

Copenhagen Reinsurance Company Limited (insurance financial strength at A3);

Hartford Financial Services Group, Inc. and Hartford Life, Inc. (senior unsecured debt at A2; rating for commercial paper at Prime-1); review excludes financial strength ratings of rated affiliated property/casualty and life insurance companies;

Liberty Mutual Group (insurance financial strength at Aa3, surplus notes at A2, rating for commercial paper at Prime-1); review includes Liberty Financial Companies' debt ratings, but excludes insurance financial strength ratings of rated affiliated life insurance companies;

Lloyd's Syndicate #2488 (ACE) - insurance financial strength at Aa2;

Lloyd's Syndicate #2020 (Wellington) - insurance financial strength at Aa3;

Lloyd's Syndicate #2001 (Amlin) - insurance financial strength at A1;

Markel Corporation (insurance financial strength at A3, senior unsecured debt at Baa3);

Munich Reinsurance Company (insurance financial strength at Aaa);

PartnerRe Ltd. (insurance financial strength at Aa3, preferred stock at A3);

PMA Capital Insurance Company (insurance financial strength at A3);

PXRE Group Ltd. (insurance financial strength at Baa1, trust preferred securities at Ba1);

Royal & Sun Alliance Insurance Group plc (insurance financial strength at Aa3, subordinated at A2); Codan Insurance Company Limited (insurance financial strength at A1); review excludes insurance financial strength ratings of rated US-based subsidiaries;

St. Paul Companies and St. Paul Reinsurance Company Ltd. - insurance financial strength at Aa2, senior unsecured debt at A1; review excludes insurance financial strength ratings of affiliated life insurance companies;

Swiss Reinsurance Company (insurance financial strength at Aaa, senior unsecured debt at Aaa);

Trenwick Group Ltd. (insurance financial strength at A3, senior unsecured debt at Baa3);

XL Capital Ltd (insurance financial strength at Aa2, senior unsecured debt at A1);

Zurich Capital Markets Group (counterparty ratings at Aa1; preferred stock and MTNs at Aa2 and Aa3.

Zurich Insurance Company and guaranteed subsidiaries (insurance financial strength at Aa1, senior unsecured debt at Aa3); review excludes rated members of the Farmers Insurance Group, Centre Solutions Group, and Zurich Kemper Life companies.

Ratings on the following entities are already on review for possible downgrade, and will now consider - in addition to other issues - exposure to losses from the terrorist attack:

CNA (Continental Casualty Company insurance financial strength at A2; senior unsecured debt at Baa1);

Hannover Reinsurance Company (insurance financial strength at Aa3);

Legion Insurance Group (insurance financial strength at A3);

Lloyd's Syndicates #1007 and #1212 (SVB) - insurance financial strength at Aa3 and A1, respectively;

Zurich Reinsurance North America (to be renamed Converium Re) - insurance financial strength at Aa3, senior unsecured debt at A1.

The following ratings outlooks have been changed:

Employers Reinsurance Group (including GE Re, ERC Frankona Re) - insurance financial strength at Aaa, to negative from stable;

General Reinsurance Group (including GeneralCologne Re) - insurance financial strength at Aaa, to negative from stable;

Kemper National Insurance Companies (insurance financial strength at A2, to negative from stable);

Odyssey Reinsurance Group (insurance financial strength at Baa1, to stable from positive).

SCOR (insurance financial strength at A1, to stable from positive);

Sirius (insurance financial strength at A1, to stable from positive).

In some cases, certain of the companies referred to above may provide support, in the form of credit enhancement, to securities that are not direct obligations of these firms. Moody's is in the process of identifying and evaluating these securities and will comment on possible rating implications for those securities over the next few days.

Moody's will host a teleconference discussing these developments for the benefit of our research subscribers, on Friday September 28, at 10:00am Eastern Daylight Time. For further information, please call your Moody's Customer Service representative at 215-967-6233.

New York
Ted Collins
Managing Director
P&C Insurance and Reinsurance
Moody's Investors Service
JOURNALISTS: (215) 967-6233
SUBSCRIBERS: (215) 967-6233

New York
Mark Hewlett
Managing Director
European Insurance & Lloyd's
Moody's Investors Service
JOURNALISTS: (215) 967-6233
SUBSCRIBERS: (215) 967-6233

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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