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Cloud Call Center Community Featured Article

[August 16, 2006]

A.M. Best Affirms Ratings of General Re Group

(BestWire Services Via Thomson Dialog NewsEdge)
A.M. Best Co. has affirmed the financial strength ratings (FSR) of A++ (Superior) and the issuer credit ratings (ICR) of aa+ for the General Re Group (Gen Re) (Delaware). These ratings apply to General Reinsurance Corp. (Delaware) and its core property/casualty and life reinsurance and insurance subsidiaries operating both in the United States and internationally.


In addition, A.M. Best has affirmed the ICR of aa+, the senior debt rating of aa+ and the commercial paper rating of AMB-1+ of the groups direct parent, General Re Corp. (Connecticut). The outlook for all ratings is stable (see below for a detailed list of the ratings).

The ratings consider Gen Res strengthened balance sheet, favorable underwriting results on business written since 2001, strong leadership position in the global reinsurance marketplace and adherence to stringent underwriting discipline. Gen Res ratings also reflect both the implicit and explicit financial support provided by the groups ultimate parent, Berkshire Hathaway Inc. (Berkshire Hathaway) (Nebraska). These factors in turn contribute to Gen Res strong prospective earnings capability.

Gen Res risk-adjusted capitalization has improved considerably over the past few years, which is supported by significant reinsurance protections provided by affiliates, National Indemnity Co. and Columbia Insurance Co., both rated A++ (Superior). Effective Jan. 1, 2005, these protections include a loss portfolio reinsurance contract and a quota share reinsurance contract. The loss portfolio provides for a 50% reinsurance cover on existing net losses as of Dec. 31, 2004, with an aggregate limit of $11.2 billion. The quota share contract provides for a 50% reinsurance cover on net losses from business in force on or after Jan. 1, 2005.

Gen Re has historically maintained a leadership position in the global reinsurance marketplace, ranking among the top four reinsurers worldwide. Following the events of Sept. 11, 2001, the group embraced a more rigorous underwriting stance, eschewing unprofitable accounts and adhering to tighter underwriting standards and better management of aggregate exposure. While this has resulted in lower gross premium volume, the overall quality of its retained underwriting portfolio has significantly improved in terms of pricing, contract terms and conditions and aggregation of risk exposure. This, in concert with generally improved conditions in the U.S. and international reinsurance markets, has contributed to significantly improved accident year underwriting trends for the most recent accident years.

Furthermore, Gen Res prudent investment strategy has tempered any significant permanent write-downs in its investment holdings. Given its sizable base of invested assets, its strengthened reserve position, availability of quota share and loss portfolio reinsurance to absorb any unanticipated losses and improved quality of current underwriting earnings, A.M. Best expects favorable trends exhibited in its underwriting and overall performance to be sustainable and thereby serve to augment its strengthened capital base.

Partially offsetting these positive rating factors are the competitive pressures in the property/casualty reinsurance segment, which, given Gen Res conservative underwriting guidelines, may continue to compress the groups gross writings and further pressure its overall expense position. Moreover, while Gen Re has strengthened reserves over the past four years, the potential for further leakage exists, given the recent material loss emergence in the primary insurance sector relative to long-tail casualty classes of business and increased litigation activity relative to latent liability claims. Despite these concerns, A.M. Best believes that Gen Res financial flexibility is greatly enhanced by the explicit commitment and superior financial strength of Berkshire Hathaway.

The FSRs of A++ (Superior) and the ICRs of aa+ have been affirmed for General Re Group and its following core property/casualty and life reinsurance and insurance companies:

General Reinsurance Corp.

General Star Indemnity Co.

General Star National Insurance Co.

Genesis Indemnity Insurance Co.

Genesis Insurance Co.

General Reinsurance UK Ltd.

Klnische Rckversicherungs-Gesellschaft AG

General Reinsurance Australia Ltd.

General Reinsurance Africa Ltd.

General Reinsurance Life UK Ltd.

General Reinsurance Life Australia Ltd.

The ICR of aa+ has been affirmed for General Re Corp.

The following debt rating has been affirmed:

General Re Corp.

-- aa+ on $150 million 9% senior unsecured debentures, due 2009

The following rating has been affirmed:

General Re Corp.

-- AMB-1+ on commercial paper

At this time, the FSR of A++ (Superior) and the ICR of aa+ of Faraday Reinsurance Co. Ltd. are unchanged. A.M. Bests annual review of the company is ongoing, and A.M. Best expects to conclude the review within the next two months.

Copyright 2006 A.M. Best Company, Inc.

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