A.M. Best’s Credit Ratings

1 best s Credit BestFebruary 2018 Copyright 2018 best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. No part of this report or document may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of best . For additional details, refer to our Terms of Use available at best website: ..1 Anguilla ..1 Antigua and Barbuda ..1 Argentina .. 3 Australia ..9 Austria ..1 Azerbaijan ..2 Bahamas ..7 Bahrain ..10 Barbados ..23 Belgium ..5 Bermuda ..95 Bhutan ..1 Bosnia and Herzegovina ..1 Brazil ..9 British Virgin Islands ..2 Canada ..155 Cayman Islands ..24 China ..13 Costa Rica ..2 Cura ao ..1 Cyprus ..1 Czech Republic ..1 Dominican Republic ..1 Egypt ..3El Salvador ..1 Fiji ..1 Finland.

2 1 France ..14 Germany ..20 Ghana ..1 Gibraltar ..3 Guam ..6 Guernsey ..5 Honduras ..1 Hong Kong ..16 Iceland ..1 India ..5 Indonesia ..4 Ireland ..20 Isle of Man ..1 Italy ..5 Jamaica ..2 Japan ..13 Jordan .. 6 Kazakhstan ..12 Kenya ..3 Kuwait ..4 Lebanon ..4 Liechtenstein ..4 Luxembourg ..14 Macau ..5 Malaysia ..10 Malta ..2 Mauritius ..1 Mexico ..30 Micronesia, Federated States of ..1 Morocco ..1 Nepal ..2 Netherlands ..3 New Zealand ..37 Nigeria ..5 Norway ..1 Oman ..2 Pakistan ..2 Panama ..9 Papua New Guinea ..2 Peru ..1 Philippines ..4 Poland ..1 Portugal ..1 Puerto Rico ..28 Qatar ..5 Russia ..2 Singapore ..17 Slovenia ..3 South Africa ..1 South Korea ..13 Spain ..11St . Kitts and Nevis ..1St . Lucia ..1St . Maarten ..1 Sweden ..2 Switzerland ..16 Taiwan.

3 6 Thailand ..4 Togo ..1 Trinidad and Tobago ..4 Tunisia ..1 Turkey ..1 United Arab Emirates ..16 United Kingdom ..55U .S . Virgin Islands ..3 Vietnam ..6 Country best s Credit RatingsFEBRUARY 20181 FEBRUARY best s Credit best Credit Rating Definitions best s financial Strength Rating (FSR)An independent opinion of an insurer s financial strength and ability to meet its ongoing insurance policy and contract obligations best s Issuer Credit Rating (ICR)An independent opinion of an entity s ability to meet its ongoing financial obligations, issued on either a long- or short-term basis best s Issue Credit Rating (IR) An independent opinion of Credit quality assigned to issues that gauges the ability to meet the terms of the obligation, issued on a long- or short-term basis best s National Scale Rating (NSR)

4 A relative measure of creditworthiness in a specific local jurisdiction that is issued on a long-term basis and derived exclusively by mapping the NSR from a corresponding global Issuer Credit Rating (ICR) using a transition chart best s Credit Rating ScaleComparison of financial Strength Rating (FSR) to Credit Market ScaleLong-Term ICRFSRaaa, aa+A++aa, aa-A+ a+, aAa-A-bbb+, bbbB++bbb-B+bb+, bbBbb-B-b+, bC++b-C+ccc+, cccCccc-, ccC-cDFinancial Size Category TableTo enhance the usefulness of Ratings , best assigns each rated (A++ through D) insurance company a financial Size Category (FSC). The FSC is based on adjusted policyholders surplus (PHS) in dollars and may be impacted by foreign currency fluctuations. The FSC is designed to provide a convenient indicator of the size of a company in terms of its statutory surplus and related PHS ($ Millions)ClassAdj.

5 PHS ($ Millions)ILess than 1 IX250 to 500II1 to 2X 500 to 750 III2 to 5XI750 to 1,000IV5 to 10 XII1,000 to 1,250V10 to 25 XIII1,250 to 1,500VI25 to 50 XIV1,500 to 2,000 VII50 to 100XV2,000 or greaterVIII100 to 250 This report includes Credit Ratings for all companies rated by best worldwide, as well as their Outlooks and Implications. It excludes entities rated in the United States. Credit Ratings consist of the financial Strength Rating (FSR) and Issuer Credit Rating (ICR) for each company. Detailed reports, including rationales, are made available to subscribers on our website shortly after Ratings are explanations of rating terminology, refer to the Guides to best s Ratings following this report. Credit Ratings are effective as of 31 January 2018. For current Ratings please visit best s Credit Ratings3 AMB#NameUltimate ParentICRO utlook/ImplicationFSRO utlook/ImplicationALGERIA090777 Compagnie Centrale de R assurancebbb-StableB+StableANGUILLA09058 5 Nagico Insurance Company LimitedNagico Holdings LimitedbbbPositiveB++StableANTIGUA AND BARBUDA013025 Caribbean Alliance Insurance Company LimitedaStableAStableARGENTINA077351 American Home Assurance Company (Argentina Branch)aStableA Stable094990 IRB-Brasil Resseguros S.

6 A . (Argentina Branch)a-StableA-Stable093224 Starr Indemnity & Liability Company (Argentina Branch)aStableAStableAUSTRALIA086552 Ansvar Insurance LimitedAllchurches Trust Limiteda-StableA-Stable086085 Chubb Insurance Company of Australia LimitedChubb Limitedaa+StableA++Stable086993 First American Title Insurance Company of Australia Pty LimitedFirst American financial CorporationaStableA Stable086052 General Reinsurance Australia LtdBerkshire Hathaway Inc .aa+StableA++Stable086652 General Reinsurance Life Australia Ltd .Berkshire Hathaway Inc .aa+StableA++Stable077834 Guild Insurance LimitedThe Pharmacy Guild of Australiaa-StableA-Stable077924 The Hollard Insurance Company Pty LtdHollard Investments Cooperatieve U .A .a-StableA-Stable093909 The New India Assurance Company Limited (Australia Branch)a-StableA-Stable078302 Pacific International Insurance Pty LimitedGRAMAR Family Holdings Pty LtdbbbStableB++StableAUSTRIA090599 Credendo - Single Risk Insurance AGCredendo Export Credit Agencya-StableA-StableAZERBAIJAN093787 AzRe Reinsurance, OJSCAzRe Reinsurance, OJSCbbb-StableB+Stable095015 PASHA Insurance OJSCPASHA Holding LLCbbb-StableB+StableBAHAMAS086819 Atlantic Medical Insurance LimitedEdmund Gibbons Limiteda-StableA- Stable086960 Bahamas First General Insurance Company LimitedBahamas First Holdings Limiteda-StableA-Stable089077 Colina Insurance LimitedAF Holdings Ltd.

7 A-StableA-Stable087111 Family Guardian Insurance Company LimitedFamGuard Corporation Limiteda-StableA-Stable087888 RoyalStar Assurance LimitedRoyalStar Holdings Ltd .aStableAStable086820 Security and General Insurance Company LimitedEdmund Gibbons Limiteda-StableA-Stable083010 Summit Insurance Company Limiteda-StableA-StableBAHRAIN091291 ACE American Insurance Company (Bahrain Branch)aa+StableA++Stable085013 Arab Insurance Group (B .S .C .)Arab Insurance Group (B .S .C .)a-StableA-Stable085489 Bahrain Kuwait Insurance Company B .S .C .Gulf Insurance Group K .S .C .P .a-StableA-Stable087928 The Bahrain National Insurance Company BSC (c)Bahrain National Holding Company BSCbbb+StableB++Stable094316 FAIR Oil & Energy Insurance Syndicatebb+PositiveBPositive077623 Life Insurance Corporation (International) B.

8 S .C . (c)Life Insurance Corporation of Indiabbb+ uNegativeB++uNegative092458 Saudi Arabian Insurance Company B .S .C .Mawarid Holding Companya- uNegativeA- uNegative091539 SNIC Insurance B .S .C . (c)E .A . Juffali & Brothersbbb-StableB+Stable088717 Solidarity Bahrain B .S .C .Solidarity Group Holding BSC (c)bbbPositiveB++Stable086326 Trust International Insurance & Reinsurance Company B .S .C . (c) Trust ReNest Investments (Holdings) Limiteda-StableA-StableBARBADOS093065 Active Capital Reinsurance, Ltd .bbb+StableB++Stable056229 BMO Reinsurance LimitedBank of Montreala+StableAStable093560 The Canada Life Assurance Company (Barbados Branch)aaStableA+ Stable072561 CIBC Reinsurance Company LimitedCanadian Imperial Bank of Commercea+StableAStable086477 DuraRock Reinsurance, Ltd .Matthew T . MorounaNegativeANegative085496 Energy Insurance Mutual LimitedEnergy Insurance Mutual LimitedaStableAStable095287 Energy Risk Indemnity Reinsurance Inc.

9 Energy Powerhouse Consortium S .A .bbb-StableB+Stable075202 ICM Assurance LtdCNOOC Limiteda-StableA-Stable086555 Insurance Corporation of Barbados LimitedBF&M Limiteda-StableA-Stable077342 London Life and Casualty (Barbados) CorporationGreat-West Lifeco Inca+StableAStable093559 London Life Insurance Company (Barbados Branch)aaStableA+ Stable086916 Massy United Insurance Ltd .Massy Holdings Ltd .a-StableA-Stable093077 Ocean International Reinsurance Company Limiteda-StableA-Stable093682 Optimum Reassurance Inc . (Barbados Branch)a-StableA-Stable093943 RBC Life Insurance Company (Barbados Branch)aPositiveAStable090222 RGA Atlantic Reinsurance Company, Ltd .Reinsurance Group of America, Inc .aa-StableA+ Stable086956 Royal Bank of Canada Insurance Company LtdRoyal Bank of Canadaa+StableAStable086979 Sagicor General Insurance Inc.

10 Sagicor financial Corporation Limiteda-StableA-Stable086569 Sagicor Life Inc .Sagicor financial Corporation Limiteda-StableA-Stable057051 Scotia Insurance (Barbados) LimitedBank of Nova Scotiaa+StableAStable095145 Scotia Reinsurance LimitedBank of Nova Scotiaa+StableAStable056952TD Reinsurance (Barbados) Inc .Toronto-Dominion Banka+StableAStable086298 Wentworth Insurance Company LimitedFairfax financial Holdings LimitedaStableAStableBELGIUM089527 CIGNA Europe Insurance Company S .A . - N .V .Cigna CorporationaStableA StableFEBRUARY best s Credit Ratings4 AMB#NameUltimate ParentICRO utlook/ImplicationFSRO utlook/ImplicationBELGIUM (CONTINUED)083121 CIGNA Life Insurance Company of Europe S .A .-N .V .Cigna CorporationaStableAStable083113 Compagnie Belge d Assurances Aviation S .A . (Aviabel)AXIS Capital Holdings LimitedaStableAStable077673 European Liability Insurance for the Nuclear Industrya-StableA-Stable089416 European Mutual Association for Nuclear InsuranceaStableAStableBERMUDA0951524 Ever Life International Limiteda-StableA- Stable077031 Aetna Life & Casualty (Bermuda) Ltd.