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Rating Action:

NAC RE RATING AFFIRMED AT A1; OTHER XL AMERICA GROUP RATINGS RAISED OR ASSIGNED

11 Jan 2001
NAC RE RATING AFFIRMED AT A1; OTHER XL AMERICA GROUP RATINGS RAISED OR ASSIGNED

Leading US Broker Market Reinsurer and Major Unit of XL Capital Ltd. (NYSE: XL). Approximately $100 Million of Securities Affected.

New York, January 11, 2001 -- Moody's Investors Service has affirmed the A1 Insurance Financial Strength Rating of NAC Reinsurance Corporation (outlook: positive), and upgraded the senior unsecured debt rating of its immediate parent - NAC Re Corp. - to A2 from A3 (outlook: stable). Additionally, Moody's upgraded - to A1 from A2 (outlooks: positive) - the Insurance Financial Strength Ratings of Greenwich Insurance Company and Indian Harbor Insurance Company, and assigned first-time A1 ratings (outlooks: positive) to two other XL America Group subsidiaries, XL Specialty Insurance Company, and XL Insurance Company of New York.

According to Moody's, the rating affirmation for NAC Reinsurance considers NAC Re's well-established position as a leading U.S. broker market reinsurer and its historically strong underwriting capabilities and sound financial fundamentals. The rating organization noted that these strengths are tempered in part by the company's reduced capitalization following the implementation of a quota share reinsurance arrangement with its XL Mid Ocean Reinsurance (XLMO Re) affiliate in Bermuda, and by the pooling of NAC's underwriting operations with those of its less seasoned and faster growing primary insurance affiliates within the XL America Group. The positive outlook on NAC Re reflects NAC's increased financial integration with XLMO Re through the intercompany quota share, and Moody's expectation that - following a recent management reorganization at XL Capital Ltd. - NAC Re (a specialist in US casualty reinsurance) and XLMO Re (a leader in international property catastrophe reinsurance) will become further integrated as XL Capital seeks to strengthen its brand identity and to broaden its product offerings in international reinsurance.

Moody's added that the rating upgrades on two of NAC's primary insurance subsidiaries, and the assignment of new ratings to two others, reflects their participation in the NAC Re intercompany reinsurance pool - which provides them with the benefits of enhanced spread of risk and reduced volatility - as well as their disciplined underwriting management, sound financial fundamentals, and appropriate risk-adjusted capitalization. The rating upgrade on the senior unsecured debt of NAC Re Corp. reflects Moody's belief that noteholders benefit from the fundamental strengths and cash flow of both the underlying XL America subsidiary operations, as well as implicitly - but not explicitly - from the support of XL Capital Ltd. (not rated), given the ultimate parent's broader risk and earnings diversification, its substantial capitalization and access to internal cash flows, and its significant investment in - and strategic interest commitment to - its North American subsidiary operations.

Ratings affirmed are as follows:

NAC Reinsurance Corporation - Insurance Financial Strength at A1.

Ratings upgraded are as follows:

Greenwich Insurance Company - Insurance Financial Strength to A1 from A2;

Indian Harbor Insurance Company - Insurance Financial Strength to A1 from A2;

NAC Re Corporation - senior unsecured debt to A2 from A3.

New ratings assigned are as follows:

XL Specialty Insurance Company - Insurance Financial Strength at A1;

XL Insurance Company of New York - Insurance Financial Strength at A1.

XL Capital Ltd. (NYSE:XL), headquartered in Bermuda, is a leading provider of insurance, reinsurance, and specialty financial products worldwide through subsidiaries in Bermuda, the United States, Europe, and elsewhere. XL Capital's principal operating units include XL Insurance and XL Mid Ocean Reinsurance in Bermuda, NAC Reinsurance and XL Capital Assurance in the USA, and the XL Brockbank Lloyd's Syndicates and XL Europe in Europe. As of September 30, 2000, XL Capital Ltd. reported consolidated assets of $16.4 billion and shareholders' equity of $5.6 billion.

New York
Alan Murray
VP - Senior Credit Officer
Property & Casualty Insurance
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

New York
Ted Collins
Managing Director
Property & Casualty Insurance
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

No Related Data.
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