S&P UPS REINSURERS’ OUTLOOK TO STABLE

April 17, 2006

In two recently issued reports Standard & Poor’s Ratings Services revised its outlook on the global reinsurance industry to stable from negative, “indicating that there will be little near-term movement in ratings or outlooks.” S&P credit analyst Simon Marshall indicated: “The industry has managed the massive losses of the 2005 hurricane season and is enjoying the profits and healthy balance sheets that have resulted from a continued hard market.”