Reliance Downgraded

February 12, 2001

The FSR of Reliance Insurance Co. Pennsylvania and its property/casualty subsidiaries was downgraded from ā€œDā€ to ā€œEā€ by A.M. Best. The rating action followed an announcement that the company had been placed under regulatory supervision by the Pennsylvania Department of Insurance. The rating action applies to 14 subsidiaries of Reliance.