Fireman’s Fund Affirmed

S&P’s removed from CreditWatch and affirmed its “A+” counterparty and financial strength ratings on Fireman’s Fund Insurance Co. and related entities (FFIC) because of
support from the companies’ parent, Allianz AG. The outlook on these companies is stable.

An S&P’s analyst said FFIC’s capital adequacy ratio should come in at around 135 percent for calendar year 2002. The company is expected to maintain prospective capitalization and marketable financial strength at competitive levels on its own. If additional explicit support from its parent is needed, the amount is expected to be limited.