Arrow Re Reaffirmed

April 3, 2000

The “A+” claims paying ability rating on the Bermuda-domiciled Arrow Reinsurance Company Ltd. (Arrow Re) was reaffirmed by DCR. The rating outlook is stable. Arrow Re is a wholly owned subsidiary of New York-based Goldman Sachs Group Inc., whose strength as a company and support of Arrow Re form a partial basis for the reaffirmation. Arrow Re’s sound underwriting policies and controls, as well as its level of capital and expertise in the reinsurance market, also contributed to the rating.