List Of Issuers With Ratings Under Criteria ... - Standard & Poor's
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List Of Issuers With Ratings Under Criteria ... - Standard & Poor's

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<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong><strong>Criteria</strong> Observation Due To S&P’sNew Insurers Rating MethodologyPrimary Credit Analysts:Karin Clemens, Frankfurt (49) 69-33-999-193; karin.clemens@standardandpoors.comGregory S Gaskel, New York 212-438-2787; greg.gaskel@standardandpoors.comRitesh Maheshwari, Singapore (65) 6239-6308; ritesh.maheshwari@standardandpoors.comSantiago Carniado, Mexico City (52) 55-5081-4413; santiago.carniado@standardandpoors.comBernard De Longevialle, Paris (33) 1-4420-7334; bernard.delongevialle@standardandpoors.comWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 1<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. SeeTerms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation Due To S&P’s New Insurers RatingMethodology<strong>Standard</strong> & <strong>Poor's</strong> <strong>Ratings</strong> Services today published its final criteria for rating insurance companies (see "Insurers:Rating Methodology" published May 7, 2013).Following changes in rating methodology, credit rating agencies regulated under Regulation (EC) No 1060/2009), asamended (Regulation), are required immediately to place credit ratings potentially affected by such changes "underobservation" (see "<strong>Standard</strong> & <strong>Poor's</strong> Announces "<strong>Under</strong> <strong>Criteria</strong> Observation" Identifier For <strong>Ratings</strong> PotentiallyAffected By <strong>Criteria</strong> Changes," published May 7, 2013).The issuers with ratings placed "under observation" as a result of the changes to our insurance criteria can be foundbelow.The insurance ratings "under observation" are under review. Any rating changes prompted by the new criteria will bepublished in compliance with the Regulation.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 2<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation21st Century Advantage Insurance Co.21st Century Casualty Co.21st Century Centennial Insurance Co.21st Century Indemnity Insurance Co.21st Century Insurance Co.21st Century Insurance Co. of the Southwest21st Century Insurance Group21st Century North America Insurance Co.21st Century Pacific Insurance Co.21st Century Pinnacle Insurance Co.21st Century Preferred Insurance Co.21st Century Premier Insurance Co.21st Century Security Insurance Co.21st Century Superior Insurance Co.AA Insurance Ltd.AAA Life Insurance Co.AAA Mid-Atlantic Insurance Co.AAA Mid-Atlantic Insurance Co. of NJAAA Northern California, Nevada & Utah InsuranceExchangeAachenMuenchener Lebensversicherung AGAachenMuenchener Versicherung AGAAG Holding Co. Inc.AAI Ltd.Abu Dhabi National Insurance Co. (PSC)ACA Insurance Co.Acacia Life Insurance Co.Acadia Insurance Co.Accident Fund Insurance Co. of AmericaACE American Insurance Co.ACE Bermuda Insurance Ltd.ACE Bermuda International Insurance (Ireland) Ltd.ACE Capital Trust IIACE Capital Trust IIIWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 3<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)ACE Capital Trust IVACE European Group Ltd.ACE Fire <strong>Under</strong>writers Insurance Co.ACE INA Holdings Inc.ACE INA Insurance Co.ACE Indemnity Insurance Co.ACE Insurance (Switzerland) Ltd.ACE Insurance Co.ACE Insurance Co. of the MidwestACE Insurance Ltd. (Australia)ACE Insurance Ltd. (Hong Kong)ACE Insurance Ltd. (New Zealand)ACE Insurance Ltd. (Singapore)ACE Ltd.ACE Property & Casualty Insurance Co.ACE Seguros, S.A.ACE Tempest Life Reinsurance Ltd.ACE Tempest Reinsurance Ltd.Achmea B.V.Achmea Hypotheekbank N.V.Achmea Pensioen & Levensverzekeringen N.V.Achmea Schadeverzekeringen N.V.Achmea Zorgverzekeringen N.V.ACUITY a Mutual Insurance Co.Admiral Indemnity Co.Admiral Insurance Co.Advocard Rechtsschutzversicherung AGAEGON Bank N.V.AEGON Funding Company LLCAEGON Levensverzekering N.V.AEGON N.V.AEGON Schadeverzekering N.V.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 4<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Aetna Dental Inc. (a New Jersey corporation)Aetna Dental Inc. (a Texas Corp.)Aetna Dental of California Inc.Aetna Health and Life Insurance Co.Aetna Health Inc. (a Connecticut corporation)Aetna Health Inc. (a Florida corporation)Aetna Health Inc. (a Georgia corporation)Aetna Health Inc. (a Maine corporation)Aetna Health Inc. (a Michigan corporation)Aetna Health Inc. (a New Jersey corporation)Aetna Health Inc. (a New York corporation)Aetna Health Inc. (a Pennsylvania corporation)Aetna Health Inc. (a Texas corporation)Aetna Health Insurance Co.Aetna Health Insurance Co. of New YorkAetna Health Insurance Company of Europe Ltd.Aetna Health of California Inc.Aetna Inc.Aetna Life Insurance Co.Aetna Services Inc.Affiliated FM Insurance Co.Aflac Inc.African Reinsurance Corp.African Trade Insurance AgencyAG InsuranceAG2R PrevoyanceAGA International S.A.AGCS Marine Insurance Co.Ageas Insurance LtdAgeas S.A./N.V.AGF - Assurances Generales de France CASH (SNC)Agria Ins. Co. Ltd.AHICO First American-Hungarian Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 5<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)AIA Australia Ltd.AIA Co. Ltd.AIA Group Ltd.AIA International Ltd.AIA Singapore Pte. Ltd.AIG Asia Pacific Insurance Pte. Ltd.AIG Australia Ltd.AIG Cap Trust IAIG Capital Trust IIAIG Europe Ltd.AIG Financial Products Corp.AIG Funding Inc.AIG Insurance Hong Kong Ltd.AIG Insurance New Zealand Ltd.AIG Korea Inc.AIG Liquidity Corp.AIG Matched Funding Corp.AIG Seguros Mexico S.A. de C.V.AIG SunAmerica Global Financing XAIG Taiwan Insurance Co. Ltd.AIG United Guaranty Insurance (Asia) Ltd.AIG-FP Capital Funding Corp.AIG-FP Matched Funding (Ireland) PLCAIG-FP Matched Funding Corp.Aioi Nissay Dowa Insurance Co of Europe Ltd.Aioi Nissay Dowa Insurance Co. Ltd.AIU Insurance Co.AIU Insurance Company, LtdAIU JapanAl Ain Ahlia Ins. Co.Al Buhaira National Insurance Co. (PSC)Al Dhafra Insurance Co. P.S.C.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 6<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Al Khaleej Takaful GroupAl Sagr Cooperative Insurance Co.Al-Ahleia Insurance Co. S.A.K.Alands Omsesidiga ForsakringsbolagAlfa Mutual Fire Insurance Co.Alfa Mutual Insurance Co.Algemene Levensherverzekering Maatschappij N.V.Alleanza Toro S.p.AAlleghany Corp.AllianceBernstein L.P.Allianz Australia Insurance Ltd.Allianz BanqueAllianz Elementar Lebensversicherungs AGAllianz Elementar Versicherungs - AGAllianz Finance Corp.Allianz Finance II B.V.Allianz Fire and Marine Insurance Japan Ltd.Allianz FranceAllianz Global Corporate & Specialty (France)Allianz Global Corporate & Specialty AGAllianz Global Corporate & Specialty Resseguros BrasilS.AAllianz Global Risks U.S. Insurance Co.Allianz IARDAllianz Insurance PLCAllianz Lebensversicherungs AktiengesellschaftAllianz Life Insurance Co. of New YorkAllianz Life Insurance Co. of North AmericaAllianz Mexico Compania de Seguros S.A.Allianz Nederland Levensverzekering N.V.Allianz Nederland Schadeverzekering N.V.Allianz New Zealand Ltd.Allianz PLCWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 7<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Allianz Private Krankenversicherungs - AGAllianz Risk Transfer (Bermuda) Ltd.Allianz Risk Transfer AGAllianz Risk Transfer N.V.Allianz SEAllianz Sigorta A.S.Allianz SpAAllianz Suisse Lebenversicherungs - GesellschaftAllianz Suisse Versicherungs - GesellschaftAllianz <strong>Under</strong>writers Insurance Co.Allianz Versicherungs AGAllianz VieAllianz Worldwide Care Ltd.Allied World Assurance Co. (Europe) Ltd.Allied World Assurance Co. (Reinsurance) Ltd.Allied World Assurance Co. Holdings AGAllied World Assurance Co. Ltd.Allied World Assurance Co. U.S. Inc.Allied World Assurance Company, AGAllied World National Assurance Co.Allied World Reinsurance Co.Allstate Corp.Allstate County Mutual Insurance Co.Allstate Financial Global Funding LLCAllstate Financing IIIAllstate Financing IVAllstate Financing IXAllstate Financing VAllstate Financing VIAllstate Financing VIIAllstate Financing VIIIAllstate Financing XAllstate Indemnity Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 8<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Allstate Insurance Co.Allstate Life Global Funding IIAllstate Life Global Funding TrustsAllstate Life Insurance Co.Allstate Life Insurance Co. of New YorkAllstate Property & Casualty Insurance Co.Allstate Texas Lloyd'sAllstate Vehicle And Property Insurance Co.Alpha Property & Casualty Insurance Co.Alte Leipziger Lebensversicherung a.G.Alte Leipziger Versicherung AGAlterra America Insurance Co.Alterra Bermuda Ltd.Alterra Capital Europe Ltd.Alterra Capital Holdings Ltd.Alterra Capital Trust IAlterra Capital UK Ltd.Alterra Europe PLCAlterra Excess & Surplus Insurance Co.Alterra Finance LLCAlterra Reinsurance USA Inc.Alterra USA Holdings Ltd.America First Insurance Co.American Agri Business Insurance Co.American Alternative Insurance Corp.American Automobile Insurance Co.American Bankers Insurance Co. of FLAmerican Bankers Life Assurance Co. of FLAmerican Casualty Co. of Reading PAAmerican Compensation Insurance Co.American Contractors Indemnity Co.American Economy Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 9<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)American Empire Insurance Co.American Empire Surplus Lines Insurance Co.American Equity Investment Life Holding Co.American Equity Investment Life Insurance Co.American Family Life Assurance Co. - Japan BranchAmerican Family Life Assurance Co. of ColumbusAmerican Family Life Assurance Co. of NYAmerican Family Mutual Insurance Co.American Federation Insurance Co.American Fidelity Assurance Co.American Financial Group Inc.American Fire & Casualty Co.American General Assignment Services TrustAmerican General Capital IIAmerican General Institutional Capital AAmerican General Institutional Capital BAmerican General Life Insurance Co.American Guarantee & Liability Insurance Co.American Healthcare Indemnity Co.American Heritage Life Insurance Co.American Home Assurance Co.American Home Assurance Co. Japan BranchAmerican Home Assurance Co. Korea BranchAmerican Income Life Insurance Co.American Insurance Co.American International Assurance Co. (Bermuda) Ltd. -Korea BranchAmerican International Assurance Co. (Bermuda) Ltd.(New Zealand Branch)American International Group Inc.American International Reinsurance Co. Ltd.American Life Insurance Co. (DE)American Maturity Life Insurance Co.American Memorial Life Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 10<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)American National Insurance Co.American National Life Insurance Co. of New YorkAmerican National Life Insurance Co. of TexasAmerican Physicians Assurance Corp.American Pioneer Life Insurance Co. (FL)American Progressive Life & Health Insurance Co. of NYAmerican Public Life Insurance Co.American Republic Insurance Co.American Security Insurance Co.American Select Insurance Co.American States Insurance Co.American States Preferred Insurance Co.American Steamship Owners Mutual P&I Assoc. Inc.American <strong>Under</strong>writers Insurance Co.American United Life Insurance Co.American Zurich Insurance Co.Americo Financial Life & Annuity Insurance Co.Americo Life Inc.Ameriprise Capital Trust IAmeriprise Capital Trust IIAmeriprise Capital Trust IIIAmeriprise Capital Trust IVAmeriprise Financial Inc.Ameritas Life Insurance Corp of New YorkAmeritas Life Insurance Corp.Amica Mutual Insurance Co.Amlin AGAmlin Europe N.V.Amlin PLCAMP (UK) Finance Services PLCAMP Bank Ltd.AMP Group Finance Services Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 11<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)AMP Group Holdings Ltd.AMP Life Ltd.AMP Life Ltd. (New Zealand Branch)Annuity Investors Life Insurance Co.Anthem Blue Cross Life & Health Insurance Co.Anthem Health Plans Inc.Anthem Health Plans of Kentucky Inc.Anthem Health Plans of Virginia Inc.Anthem Holding Corp.Anthem Insurance Cos. Inc.ANZ Wealth Australia Ltd.Appalachian Insurance Co.Arbella Mutual Insurance Co.Arbella Protection Insurance Co. Inc.Arch Capital Group Ltd.Arch Excess & Surplus Insurance Co.Arch Indemnity Insurance Co.Arch Insurance Canada Ltd.Arch Insurance Co.Arch Insurance Co. (Europe) Ltd.Arch Mortgage Insurance Co. LtdArch Reinsurance Co.Arch Reinsurance Europe <strong>Under</strong>writing Ltd.Arch Reinsurance Ltd.Arch Specialty Insurance Co.Argo Group US Inc.Argonaut Great Central Insurance Co.Argonaut Insurance Co.Argonaut Limited Risk Insuance CoArgonaut-Midwest Insurance Co.Argonaut-Southwest Insurance Co.Artisan and Truckers Casualty Co.Ascentus Insurance Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 12<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Asia Capital Reinsurance Group Pte Ltd.Asia Insurance Co. Ltd.ASIF IIASIF III (Jersey) Ltd.Aspen Bermuda Ltd.Aspen Insurance Holdings Ltd.Aspen Insurance U.K. Ltd.ASR Levensverzekering N.V.ASR Nederland N.V.ASR Schadeverzekering N.V.Assicurazioni Generali SpAAssociated Indemnity Corp.Assurance Co. of AmericaAssuranceforeningen Gard - gjensidig -Assuranceforeningen SKULD (Gjensidig)Assurant General Insurance Ltd.Assurant Inc.Asteron Life Ltd.Atlantic Employers Insurance Co.Atlantic Specialty Insurance Co.Australian Unity Health Ltd.Auto Club Family Insurance Co.Auto Club Group Insurance Co.Auto Club Insurance Assoc.Auto Club Life Insurance Co.Automobile Club Inter-Insurance ExchangeAutomobile Insurance Co. of Hartford, CTAuto-Owners Insurance Co.Auto-Owners Life Insurance Co.AvanssurAvant Insurance Ltd.Avemco Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 13<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Aviabel Cie. Belge d'Assurances Aviation S.A.Aviva Assurances S.A.Aviva Insurance Co. of CanadaAviva Insurance Ltd.Aviva International Insurance Ltd.Aviva Life & Annuity Co. of New YorkAviva Life & Pensions UK Ltd.Aviva Life and Annuity Co.Aviva PLCAviva Re Ltd.Aviva Vie S.A.AXAAXA Art Insurance Ltd.AXA Assurances IARD MutuelleAXA Bank Europe S.A.AXA BelgiumAXA Corporate Solutions AssuranceAXA Equitable Life Insurance Co.AXA Financial Inc.AXA France IARDAXA France VieAXA Insurance Co.AXA Insurance U.K. PLCAXA Krankenversicherung AGAXA Lebensversicherung AGAXA Life and Annuity Co.AXA Life Insurance Co. Ltd.AXA Seguros GeneralesAXA Seguros S.A. de C.V.AXA Sigorta A.S.AXA Versicherung AGAXA Versicherungen AGAxeria PrevoyanceWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 14<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Axeria Re Ltd.AXIS Capital Holdings Ltd.Axis Capital Trust IAxis Capital Trust IIAxis Capital Trust IIIAxis Insurance Co.AXIS Re SEAxis Reinsurance Co.AXIS Speciality Europe SEAXIS Specialty Finance LLCAXIS Specialty Insurance Co.AXIS Specialty Ltd.AXIS Surplus Insurance Co.Badischer Gemeinde-Versicherungs-VerbandBangkok Insurance Public Co. Ltd.Bank of China Group Insurance Co. Ltd.Bank SoyuzBankers Conseco Life Insurance Co.Bankers Life & Casualty Co.Bankers <strong>Standard</strong> Fire & Marine Co.Bankers <strong>Standard</strong> Insurance Co.BankTaiwan Life Insurance Co. Ltd.Banner Life Insurance Co.Banque AIGBasler Versicherung AGBayerische Beamtenkrankenkasse AGBayerische Landesbrandversicherung AGBayerischer Versicherungsverband Versicherungs AGBayern-Versicherung Lebensversicherung AGBelarusian National Reinsurance OrganizationBerkley Insurance Co.Berkley National Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 15<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Berkley Regional Insurance Co.Berkley Regional Specialty Ins Co.Berkshire Hathaway Assurance Corp.Berkshire Hathaway Finance Corp.Berkshire Hathaway Homestate Insurance CompanyBerkshire Hathaway Inc.Berkshire Hathaway International Insurance Ltd.Berkshire Hathaway Life Insurance Co. of NEBerkshire Life Insurance Co. of AmericaBEST RE (L) Ltd.BEST RE Family (L) Ltd.BHP Billiton Marine & General Insurances Pty Ltd.Bituminous Casualty Corp.Bituminous Fire & Marine Insurance Co.Bloomington Compensation Insurance Co.Blue Cross & Blue Shield of Florida Inc.Blue Cross & Blue Shield of Georgia Inc.Blue Cross & Blue Shield of Rhode Island Inc.Blue Cross Blue Shield Health Care Plan of Georgia Inc.Blue Cross of CaliforniaBlue Ridge Indemnity Co.Blue Ridge Insurance Co.Blue Square Re N.V.BlueCross BlueShield of Tennessee Inc.BNP Paribas CardifBridgefield Casualty Insurance Co.Bridgefield Employers Insurance Co.British Reserve Insurance Co. Ltd.Bulstrad Vienna Insurance Group.C.M. Life Insurance Co.Caisse Centrale de ReassuranceCanada Life Assurance Co. (U.S. branch)Canada Life Capital Corp. Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 16<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Canada Life Capital TrustCanada Life Financial Corp.Canada Life Insurance Co. of AmericaCanadian Northern Shield Insurance Co.Cardif Assurance VieCardif Colombia Seguros Generales S.A.Cardif-Assurances Risques DiversCarolina Casualty Insurance Co.Castlepoint Insurance Co.CastlePoint National Insurance Co.Cathay Century Insurance Co. Ltd.Cathay Financial Holding Co. Ltd.Cathay Life Insurance Co. Ltd.Cathay United Bank Co. Ltd.Catlin Insurance Co. (U.K.) Ltd.Catlin Insurance Co. Inc.Catlin Insurance Co. Ltd.Catlin Re SwitzerlandCatlin Speciality Insurance Co.Centene Corp.Central Krankenversicherung AGCentral Reinsurance Corp.Central States Health & Life Co. of OmahaCentral States Indemnity Co. of OmahaCentre Reinsurance (U.S.) Ltd.Century Surety Co.Ceska pojistovna a.s.CGU Insurance Ltd.CGU Insurance Ltd. (New Zealand Branch)Challenger Life Co. Ltd.Challenger Ltd.Charter Indemnity Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 17<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Charter Oak Fire Insurance Co.Chartis Casualty Co.Chartis Europe (Netherlands) N.V.Chartis Excess Ltd.Chartis Insurance Company of CanadaChartis Insurance Ireland Ltd.Chartis Property Casualty Co.Chartis Specialty Insurance Co.Chicago Insurance Co.China Life Insurance Co. Ltd.China Taiping Capital Ltd.China Taiping Insurance (HK) Co. Ltd.China Taiping Insurance (UK) Co. Ltd.China Taiping Insurance Holdings Co. Ltd.Chubb Corp.Chubb Custom Insurance Co.Chubb Indemnity Insurance Co.Chubb Insurance (China) Co. Ltd.Chubb Insurance Co. of AustraliaChubb Insurance Co. of CanadaChubb Insurance Co. of EuropeChubb Insurance Co. of New JerseyChubb Lloyd's Insurance Co. of TexasChubb National Insurance Co.Chung Kuo Insurance Co. Ltd.CIGNA Corp.CIGNA Health and Life Insurance CompanyCIIH (BVI) Ltd.Cincinnati Casualty Co.Cincinnati Financial Corp.Cincinnati Indemnity Co.Cincinnati Insurance Co.Cincinnati Life Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 18<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Citation Insurance Co. (MA)Citizens Insurance Co. of America (MI)CJSC Insurance Co. TRANSNEFTClarica Life Insurance Co.Clearwater Insurance Co.Clerical Medical Finance PLCClerical Medical Investment Group Ltd.Clermont Ins Co.CNA Financial Capital ICNA Financial Capital IICNA Financial Capital IIICNA Financial Corp.CNA Insurance Co. Ltd.CNO Financial Group Inc.CNP AssurancesCodan Forsikrings A/SColonial American Casualty & Surety Co.Colonial Holding Co. Ltd.Colonial Life & Accident Insurance Co.Colonial Penn Life Insurance Co.Colony Insurance Co.Colony National Insurance Co.Colony Specialty Insurance Co.Colorado Casualty Insurance Co.Columbia Casualty Co.Columbia Insurance Co.Columbus Life Insurance Co.Combined Insurance Co. of AmericaCombined Life Insurance Co. of NYCommerce & Industry Insurance Co.Commerce Insurance Co.Commonwealth Annuity and Life Insurance CompanyWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 19<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Commonwealth Annuity And Life Reinsurance CompanyLimitedCommonwealth General Corp.Community Insurance Co.Compagnie d'Assurances et de ReassurancesTuniso-EuropeenneCompania Espanola de Seguros de Credito a laExportacion S.A.Companion Life Insurance Co. (NY)Congregational & General Insurance PLCConnectiCare Inc.ConnectiCare of Massachusetts Inc.ConnectiCare of New YorkConnecticut General Life Insurance Co.Conseco Life Insurance Co.Consolidated Insurance Co.Continental Casualty Co.Continental Corp.Continental Divide Insurance Co.Continental Western Insurance Co.Cooperatie TVM U.A.Co-operators Financial Services Ltd.Co-operators General Insurance Co.Co-operators Life Insurance Co.Corporate <strong>Of</strong>ficers and Directors Assurance Ltd.Cosmos Lebensversicherungs AGCosmos Versicherung AGCotton States Mutual Insurance Co.Country Casualty Insurance Co.Country Life Insurance Co.Country Mutual Insurance Co.Country Preferred Insurance Co.COUNTS Trust Series 2006-4Covea Insurance PLCWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 20<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Coventry Health Care Inc.Credit Union Insurance Ltd.Crestbrook Insurance Co.Crum & Forster Holdings Corp.Crum & Forster Indemnity Co.Crum & Forster Specialty Insurance Co.Crum and Forster Insurance CompanyCSI Life Insurance Co.CSOB Pojistovna a. s.Cypress Insurance Co. (CA)D.A.S. Legal Expenses Insurance Co. Ltd.D.A.S. Oesterreichische Allgemeine RechtsschutzVersicherungs AGD.A.S. Rechtsschutz Versicherungs AGDaido Life Insurance Co.Dairyland County Mutual Insurance Co. of TexasDairyland Insurance Co.Dakota Fire Insurance Co.DaVinci Re Holdings Ltd.DaVinci Reinsurance Ltd.DBV Deutsche Beamten-Versicherung AGDBV Deutsche Beamtenversicherung LebensversicherungAGDearborn National Life Insurance Co.Dearborn National Life Insurance Co. of New YorkDelphi Financial Group Inc.Delta Dental of New Jersey Inc.Delta Lloyd Levensverzekering N.V.Delta Lloyd N.V.Delta Lloyd Schadeverzekering N.V.Delta Lloyd Treasury B.V.Deseret Mutual Insurance Co.Deutsche Bausparkasse Badenia AGDeutsche Rueckversicherung AGWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 21<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Deutsche Rueckversicherung Schweiz AGDEVK Allgemeine Lebensversicherungs-AGDEVK Allgemeine Versicherungs-AGDEVK Deutsche Eisenbahn Versicherung Sach-undHUK-Versicherungsverein a.G. BetrieblicheSozialeinrichtung der Deutschen BahnDEVK Rueckversicherungs- und Beteiligungs-AGDiageo Group Insurance Co. Ltd.Direct Line Insurance Group PLCDiscover Property & Casualty Insurance Co.Discover Specialty Insurance Co.DKV Deutsche Krankenversicherung AGDoctors Co. an Interinsurance ExchangeDoha Bank Assurance Co. LLCDoha Insurance Co. Q.S.C.Dongbu Insurance Co. Ltd.Dongbu Insurance Co. Ltd. (U.S. Branch)Double Oak Capital Trust IDouble Oak Capital Trust IIDouble Oak Capital Trust IIIDouble Oak Capital Trust IVDubai Islamic Insurance & Reinsurance Co. (Aman)E+S Rueckversicherung AGEcclesiastical Insurance <strong>Of</strong>fice PLCElite Insurance Co.EMC Property & Casualty Insurance Co.EMC Reinsurance Co.Emcasco Insurance Co.Empire Fidelity Investments Life Insurance Co.Empire Fire & Marine Insurance Co.Empire HealthChoice Assurance Inc. d/b/a Empire BlueCross and Blue ShieldEmpire Indemnity Insurance Co.Employers Insurance Co. of WausauWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 22<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Employers Mutual Casualty Co.Endurance American Insurance Co.Endurance American Specialty Insurance Co.Endurance Reinsurance Corp. of AmericaEndurance Risk Solutions Assurance Co.Endurance Specialty Holdings Ltd.Endurance Specialty Insurance Ltd.Endurance Worldwide Insurance Ltd.Energogarant JSICEnvivas Krankenversicherung AGEquator Reinsurances Ltd.Equitable Life & Casualty Insurance Co.Equitable of Iowa Cos. Capital Trust IIEquiTrust Life Insurance Co.ERGO Direkt Lebensversicherung AGERGO Lebensversicherung AGERGO Versicherung AGERGO Versicherungsgruppe AGErie Family Life Insurance Co.Erie Insurance Co.Erie Insurance Co. of New YorkErie Insurance ExchangeErie Insurance Property & Casualty Co.ERV ForsakringsaktiebolagEssentia Insurance Co.Euler Hermes Deutschland AGEuler Hermes EuropeEuler Hermes FranceEuler Hermes North America Insurance CompanyEurasia Insurance Co.Europaeiske Rejseforsikring A/SEuropean Reinsurance Co. of ZurichWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 23<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Everest National Insurance Co.Everest Re Capital Trust IIEverest Re Capital Trust IIIEverest Re Group Ltd.Everest Reinsurance (Bermuda) Ltd.Everest Reinsurance Co.Everest Reinsurance Co. (Ireland) Ltd.Everest Reinsurance Holdings Inc.Excellus Health Plan Inc.Excelsior Insurance Co.Executive Risk Indemnity Inc.Executive Risk Specialty Insurance Co.F.M. Insurance Co. Ltd.Factory Mutual Insurance Co.Fair American Insurance and Reinsurance Co.Fairfax Financial Holdings Ltd.Fairmont Insurance Co.Fairmont Premier Insurance Co.Falcon Insurance Co. (Hong Kong) Ltd.Faraday Reinsurance Co. Ltd.Farm Bureau Life Insurance Co. of MIFarm Bureau Property & Casualty Isurance Co.Farmer's Exchange CapitalFarmers Insurance Co. Inc.Farmers Insurance Co. of ArizonaFarmers Insurance Co. of Columbus (OH)Farmers Insurance Co. of IdahoFarmers Insurance Co. of ORFarmers Insurance Co. of WAFarmers Insurance ExchangeFarmers Insurance Hawaii, Inc.Farmers Texas County Mutual Insurance Co.Farmington Casualty Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 24<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Farmland Mutual Insurance Co.Federal Insurance Co.Federal Insurance Co. Hong KongFederal Insurance Co. JapanFederal Insurance Co. KoreaFederal Insurance Co. TaiwanFederated Insurance Co. of CanadaFederated Life Insurance Co.Federated Mutual Insurance Co.Federated Service Insurance Co.Fenix Directo S.A.Fennia Mutual Insurance Co.Feuersozietaet Berlin Brandenburg Versicherung AGFIATC Mutua de Seguros y Reaseguros a Prima Fija ySociedades FilialesFidelity & Deposit Co. of MarylandFidelity & Guaranty Insurance Co.Fidelity & Guaranty Insurance <strong>Under</strong>writers Inc.Fidelity & Guaranty Life Holdings, Inc.Fidelity & Guaranty Life Insurance Co.Fidelity & Guaranty Life Insurance Co. of New YorkFidelity Investments Life Insurance Co.Fidelity Security Life Insurance Co.Filia - MAIFFinancial Assurance Co. Ltd.Financial Indemnity Co.Financial Insurance Co. Ltd.Finial Holdings Inc.Fire Insurance ExchangeFireman's Fund County Mutual Insurance Co.Fireman's Fund Indemnity Corp.Fireman's Fund Insurance Co.Fireman's Fund Insurance Co. of Hawaii Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 25<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Fireman's Fund Insurance Co. of OhioFiremen's Insurance Co. of Washington DCFirst Allmerica Financial Life Insurance Co.First American Czech Insurance Co. AS (AmcicoPojistovna A.S.)First Investors Life Insurance Co.First Liberty Insurance Corp.First Mercury Insurance Co.First MetLife Investors Insurance Co.First National Insurance Co. of AmericaFirst Penn-Pacific Life Insurance Co.First Reliance <strong>Standard</strong> Life Insurance Co.First Security Benefit Life Insurance and Annuity Co. ofNew YorkFirst Symetra National Life Insurance Co. New YorkFirst UNUM Life Insurance Co.Flagship City Insurance Co.Florida Farm Bureau Casualty Insurance Co.Fondiaria-SAI SpAForemost County Mutual Insurance Co.Foremost Insurance Co. of Grand Rapids MIForemost Property & Casualty Insurance Co.Foremost Signature Insurance Co.Forethought Financial Group Inc.Forethought Life Insurance Co.Forsakringsaktiebolaget AlandiaFounders Insurance Co.Friends Life Group PLCFriends Life Ltd.Fubon Insurance Co. Ltd.Fubon Life Insurance Co. Ltd.Fuji Fire & Marine Insurance Co. Ltd.Fukoku Mutual Life Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 26<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Garantia Insurance Co. Ltd.Gard Marine & Energy Forsakring ABGard Marine & Energy Ltd.Gard P&I (Bermuda) Ltd.Gartenbau-Versicherung V VaGGEICO Casualty Co.GEICO Corp.GEICO General Insurance Co.GEICO Indemnity Co.Gemini Insurance Co.General American Life Insurance Co.General Casualty Co of WisconsinGeneral Casualty Insurance Co.General Insurance Co. of AmericaGeneral Re Corp.General Re Financial Products Corp.General Re Life Corp.General Reinsurance Africa Ltd.General Reinsurance AGGeneral Reinsurance Australia Ltd.General Reinsurance Corp.General Reinsurance Life Australia Ltd.General Repackaging ACES SPCGeneral Security Indemnity Co. of ArizonaGeneral Security National Insurance Co.General Star Indemnity Co.General Star National Insurance Co.Generali (U.S. branch)Generali Deutschland Pensionskasse AGGenerali Finance B.V.Generali Holding Vienna AGGenerali IARDGenerali Lebensversicherung AGWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 27<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Generali PanEurope Ltd.Generali Rueckversicherung AGGenerali USA Life Reassurance Co.Generali Versicherung AG (Austria)Generali Versicherung AG (Germany)Generali VieGenesis Insurance Co.Genworth Financial Inc.Genworth Financial Mortgage Indemnity Ltd.Genworth Financial Mortgage Insurance Ltd.Genworth Financial Mortgage Insurance Pty Ltd.Genworth Financial Mortgage Insurance Pty Ltd. (NZBranch)Genworth Global Funding TrustsGenworth Holding Inc.Genworth Life and Annuity Insurance Co.Genworth Life Institutional Funding TrustGenworth Life Insurance Co.Genworth Life Insurance Co. of New YorkGerber Life Insurance Co.GF-Forsikring A/SGIO General Ltd.Giva Insurance Company LLCGjensidigeGjensidige Bank ASAGjensidige Bank Boligkreditt ASGlen Meadow Pass-Through TrustGlobe Life & Accident Insurance Co.Golden Eagle Insurance Corp.Golden Rule Insurance Co.Gothaer Allgemeine Versicherung AGGothaer Krankenversicherung AGGothaer Lebensversicherung AGWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 28<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Government Employees Insurance Co.Government Personnel Mutual Life Insurance Co.Grain Insurance Co. JSCGrange Indemnity Insurance Co.Grange Life Insurance Co.Grange Mutual Casualty Co.Granite State Insurance Co.Graphic Arts Mutual Insurance Co.Great American Alliance Insurance Co.Great American Assurance Co.Great American Casualty Insurance Co.Great American Contemporary Insurance Co.Great American E&S Insurance Co.Great American Fidelity Insurance Co.Great American Financial Resources Inc.Great American Insurance Co.Great American Insurance Co. of New YorkGreat American International Insurance Ltd.Great American Life Insurance Co. (OH)Great American Protection Insurance Co.Great American Security Insurance Co.Great American Spirit Insurance Co.Great Divide Insurance Co.Great Lakes Reinsurance (U.K.) PLCGreat Lakes Reinsurance (U.K.) PLC (Australia Branch)Great Northern Insurance Co.Great West Casualty Co.Great-West Life & Annuity Insurance Capital LP IIGreat-West Life & Annuity Insurance Capital, LPGreat-West Life & Annuity Insurance Co.Great-West Life & Annuity Insurance Company of NewYorkGreat-West Life Assurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 29<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Great-West Life Assurance Co. (U.S. Branch)Great-West Lifeco Finance (Delaware) LPGreat-West Lifeco Finance (Delaware) LP IIGreat-West Lifeco Inc.Greenwich Insurance Co.Group Health CooperativeGroup Health Inc.Group Health Options Inc.Group Health Plan Inc.Grupo Nacional Provincial S.A.B.Guarantee Co. of North AmericaGuarantee Trust Life Insurance Co.Guardian Insurance & Annuity Co.Guardian Life Insurance Co. of AmericaGulf Insurance Co. K.S.C.Gulf <strong>Under</strong>writers Insurance Co.GWL&A Financial Inc.Hallmark General Insurance Co. Ltd.Hallmark General Insurance Co. Ltd. (New ZealandBranch )Hallmark Life Insurance Co. Ltd.Hallmark Life Insurance Co. Ltd. (New Zealand Branch)Hamilton Mutual Insurance Co. of CincinnatiHang Seng Insurance Co. Ltd.Hannover Finance (Luxembourg) S.A.Hannover Life Reassurance (U.K.) Ltd.Hannover Life Reassurance Africa Ltd.Hannover Life Reassurance Bermuda Ltd.Hannover Life Reassurance Co. of AmericaHannover Life Reassurance of Australasia Ltd.Hannover Re (Ireland) PLCHannover Re Bermuda Ltd.Hannover Reinsurance Africa Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 30<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Hannover ReTakaful B.S.C.Hannover Rueck SEHannoversche Lebensversicherung AGHanover Insurance Co.Hanover Lloyd's Insurance Co.Harleysville Insurance Co.Harleysville Insurance Co. of New YorkHarleysville Insurance Co. of NJHarleysville Lake States Insurance Co.Harleysville Pennland Insurance Co.Harleysville Preferred Insurance Co.Harleysville Worcester Insurance Co.Hartford Accident & Indemnity Co.Hartford Casualty Insurance Co.Hartford Financial Products International Ltd.Hartford Financial Services Group Inc.Hartford Fire Insurance Co.Hartford Insurance Co. of IllinoisHartford Insurance Co. of the MidwestHartford Insurance Co. of the SoutheastHartford International Life Reassurance Corp.Hartford Life & Accident Insurance Co.Hartford Life and Annuity Insurance Co.Hartford Life Global Funding TrustsHartford Life Inc.Hartford Life Institutional FundingHartford Life Insurance Co.Hartford Lloyd's Insurance Co.Hartford <strong>Under</strong>writers Insurance Co.Hawkeye-Security Insurance Co.HCC Capital Trust IHCC Capital Trust IIWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 31<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)HCC Insurance Holdings Inc.HCC International Insurance Co. PLCHCC Life Insurance Co.HCC Reinsurance Co. Ltd.HCC Specialty Insurance Co.HDI Haftpflichtverband der Deutschen Industrie VaGHDI Versicherung AG (Austria)HDI Versicherung AG (Germany)HDI-Gerling America Insurance Co.HDI-Gerling Assurances S.A.HDI-Gerling Industrie Versicherung AGHDI-Gerling Verzekeringen N.V.HDI-Gerling Welt Service AGHDI-Lebensversicherung AGHealth Care Service Corp. d/b/a Blue Cross Blue Shieldof Illinois, New Mexico, Oklahoma, and TexasHealth Insurance Plan of Greater New YorkHealth Net Health Plan of Oregon Inc.Health Net Inc.Health Net Life Insurance Co.Health Net of Arizona Inc.Health Net of California Inc.Health Service Welfare Society Ltd.HealthNow New York Inc.HealthPartners Inc.Helvetia Assurances S.A.Helvetia SchweizerischeLebensversicherungsgesellschaft AGHelvetia Schweizerische Versicherungsgesellschaft AGHigh Point Preferred Insurance Co.Highmark Inc. d/b/a Highmark BCBS & Highmark BlueShieldHighway Insurance Co. Ltd.Hillstar Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 32<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Hiscox Insurance Co. Ltd.Hitachi Capital Insurance Corp.HMO Louisiana Inc.Hochheim Prairie Casualty Insurance Co.Hochheim Prairie Farm Mutual Insurance Assoc.Holyoke Mutual Insurance Co. in SalemHomeland Insurance Co. of New YorkHome-Owners Insurance Co.Homesteaders Life Co.Hoosier Insurance Co.Horace Mann Educators Corp.Horace Mann Insurance Co.Horace Mann Life Insurance Co.Horace Mann Property and Casualty Insurance Co.Horizon Healthcare of New Jersey Inc.Horizon Healthcare Services Inc. d/b/a Horizon BlueCross Blue Shield of New JerseyHouston Casualty Co.Houston Casualty Company Europe Seguros &Reaseguros S.A.HSBC Insurance (Singapore) Pte. Ltd.HSBC Life (International) Ltd.Hudson Specialty Insurance Co.Humana Employers Health Plan of Georgia Inc.Humana Health Benefit Plan of Louisiana Inc.Humana Health Insurance Co. of Florida Inc.Humana Health Plan Inc.Humana Health Plan of Ohio Inc.Humana Health Plan of Texas Inc.Humana Health Plans of Puerto Rico Inc.Humana Inc.Humana Insurance Co.Humana Insurance Co. of KYHumana Insurance of Puerto Rico Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 33<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Humana Medical Plan Inc.Humana Wisconsin Health Organization Insurance Co.Hyundai Marine & Fire Insurance Co. Ltd.IAG Finance (New Zealand) Ltd.IAG New Zealand Ltd.IAG Re Australia Ltd.IAG Re Labuan (L) BerhadIAG Re Singapore Pte. Ltd.If P&C Insurance Co. Ltd.If P&C Insurance Ltd. (publ)IGM Financial Inc.Illinois Emcasco Insurance Co.Illinois Farmers Insurance Co.Illinois National Insurance Co.Illinois Union Insurance Co.INA ASSITALIA SpAIndemnity Insurance Co. of North AmericaIndependence Life & Annuity Co.India International Insurance Pte. Ltd.Indian Harbor Insurance Co.Indiana Insurance Co.Industrial Alliance Capital TrustIndustrial Alliance Insurance and Financial Services Inc.Infinity Assurance Insurance Co.Infinity Auto Insurance Co.Infinity Casualty Insurance Co.Infinity Indemnity Insurance Co.Infinity Insurance Co.Infinity Preferred Insurance Co.Infinity Property and Casualty Corp.Infinity Safeguard Insurance Co.Infinity Security Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 34<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Infinity Select Insurance Co.Infinity <strong>Standard</strong> Insurance Co.ING Life Insurance & Annuity Co.ING Life Insurance Co. Ltd.ING Re (Netherlands) N.V.ING Security Life Institutional FundingING U.S. Annuity and Life Insurance Co.ING U.S., Inc.ING Verzekeringen N.V.Ingosstrakh Insurance Co.Insurance Australia Funding 2007 Ltd.Insurance Australia Group Ltd.Insurance Australia Ltd.Insurance Co. Kazkommerts-Policy JSCInsurance Co. of North AmericaInsurance Co. of the State of PennsylvaniaInsurance Co. Tsesna-Garant JSCInsurance Note Capital RMI 2006-1Insurance Note Capital RMI 2006-2Insurance Note Capital RMI 2006-3Integrity Life Insurance Co.Interinsurance Exchange of the Automobile ClubInternational General Insurance Co. Ltd.International Insurance Co. of Hannover Ltd.Interstate Fire & Casualty Co.Irish Life Assurance PLCIrish Public Bodies Mutual Insurances Ltd.Ironshore Holdings (U.S.) Inc.Ironshore Inc.Itzehoer Versicherung/Brandgilde von 1691 VVagJackson National Life Funding LLCJackson National Life Global FundingJackson National Life Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 35<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Jackson National Life Insurance Co. of New YorkJohn Alden Life Insurance Co.John Hancock Capital Corp.John Hancock Global Funding IIJohn Hancock Life & Health Insurance Co.John Hancock Life Insurance Co. (USA)John Hancock Life Insurance Co. of New YorkJSC Oil Insurance CoJupiter Insurance Ltd.Kaiser Foundation Health Plan Inc.Kaiser Foundation Health Plan of ColoradoKaiser Foundation Health Plan of Georgia, IncKaiser Foundation Health Plan of OhioKaiser Foundation Health Plan of the Mid-AtlanticStates, Inc.Kaiser Foundation Health Plan of the NorthwestKaiser Permanente Insurance Co.Kanawha Insurance Co.Kansas Bankers Surety Co.KBC Group Re S.A.KBC Insurance N.V.Kemper Corp.Kemper Independence Insurance Co.Kentucky Farm Bureau Mutual Insurance Co.Keskinainen Vakuutusyhtio TurvaKey Risk Insurance Co.Keystone Insurance Co.Knights of ColumbusKobstaedernes ForsikringKommunal LandspensjonskasseKorean Reinsurance Co.Kot Insurance Co. A.G.KRAVAG-LOGISTIC Versicherungs AGWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 36<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Kuwait Reinsurance Co. K.S.C.Kyoei Fire & Marine Insurance Co. Ltd.La MondialeLaererstandens Brandforsikring G/SLafayette Life Insurance Co.Lancashire Holdings Ltd.Lancashire Insurance Co. (UK) Ltd.Lancashire Insurance Co. Ltd.Lansforsakringar ABLansforsakringar BankLansforsakringar HypotekLansforsakringar Sak Forsakrings ABLantana Insurance Ltd.Leading Ins Grp Ins Co. Ltd. (U.S. Branch)Legal & General Assurance Society Ltd.Legal & General Finance PLCLegal & General Group PLCLegal & General Insurance Ltd.LEXGARANT Insurance Co. Ltd.Lexington Insurance Co.Liberty Insurance Corp.Liberty Insurance <strong>Under</strong>writers Inc.Liberty Life Assurance Co. of BostonLiberty Mutual Fire Insurance Co.Liberty Mutual Group Inc.Liberty Mutual Insurance Co.Liberty Mutual Insurance Europe Ltd.Liberty Mutual Mid-Atlantic Insurance Co.Liberty National Life Insurance Co.Liberty Northwest Insurance Corp.Liberty Personal Insurance Co.Liberty Surplus Insurance Corp.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 37<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Life Insurance Co. of the SouthwestLife Re Capital Trust IILiffey Reinsurance Co. Ltd.LIG Insurance Co. Ltd.LIICA Holdings LLCLincoln Benefit Life Co.Lincoln Heritage Life Insurance Co.Lincoln Life & Annuity Co. of NYLincoln National Capital IXLincoln National Capital VIILincoln National Capital VIIILincoln National Corp.Lincoln National Life Insurance Co.Lion Connecticut Holdings Inc.Lion of Africa Insurance Co Ltd.Liverpool Victoria Friendly Society Ltd.Liverpool Victoria Insurance Co. Ltd.Lloyd'sLloyd's Insurance Co. (China) Ltd.LM Insurance Corp.LM Property & Casualty Insurance Co.Loews Corp.London Insurance Group Inc.London Life Insurance Co.London Verzekeringen N.V.Louisiana Farm Bureau Casualty Insurance Co.Louisiana Health Service & Indemnity Co. (d/b/a BlueCross and Blue Shield of Louisiana)Lumley General Insurance (N.Z.) Ltd.L'Union Canadienne, Compagnie D'AssurancesMacquarie Life Ltd.Madison National Life Insurance Co. Inc.Magellan Health Services Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 38<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Maiden Holdings Ltd.Maiden Holdings North America, Ltd. (US)Maiden Insurance Co. Ltd. (Bermuda)Maiden Reinsurance Co.Maiden Specialty Insurance Co.MAIF, Mutuelle Ass. des Instituteurs de FranceMalath Cooperative Insurance & Reinsurance Co.Malayan Insurance Co. Inc.Manchester Unity Friendly SocietyManufacturers Investment Corp.Manulife (International) Ltd.Manulife Bank of CanadaManulife Finance (Delaware) L.P.Manulife Financial Capital TrustManulife Financial Capital Trust IIManulife Financial Corp.Manulife Life Insurance CompanyMapfre Global Risks, Compania Internacional de Segurosy Reaseguros S.A.Mapfre Re, Compania de Reaseguros, S.A.Mapfre S.A.Mapfre U.S.A. Corp.MARAC Insurance Ltd.Markel Corp.Maryland Casualty Co.Massachusetts Bay Insurance Co.Massachusetts Mutual Life Insurance Co.MassMutual Funding LLCMassMutual Global Funding IIMassMutual Global Funding LLCMassMutual Life Insurance Co.MCS Advantage Inc.MCS Health Management Options Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 39<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)MCS Life Insurance Co.MedAmerica Insurance Co.MedAmerica Insurance Co. of FloridaMedAmerica Insurance Co. of New YorkMedical Card System Inc.Medical Insurance Australia Pty Ltd.Medical Insurance Society Ltd.Medical Life Assurance Society Ltd.Medical Protective Co.Medical Securities Ltd.Medis Companhia Portuguesa de Seguros de Saude, S.A.Mediterranean & Gulf Cooperative Insurance andReinsurance Co.Meiji Yasuda Life Insurance Co.MemberSelect Insurance Co.Meridian Citizens Mutual Insurance Co.Meridian Security Insurance Co.Met Life Institutional Funding I LLCMetLife Alico Life Insurance KKMetLife Assurance Ltd.MetLife Capital Trust IVMetLife Capital Trust XMetLife Europe Ltd.Metlife Funding Inc.MetLife Inc.MetLife Institutional Funding IIMetLife Insurance Co. of ConnecticutMetLife Insurance Ltd. (Australia)MetLife Insurance Ltd. (U.K.)MetLife Investors Insurance Co.MetLife Investors USA Insurance Co.MetLife of Connecticut Global Funding IMetLife of Connecticut Institutional Funding Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 40<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)MetLife Reinsurance Co. of CharlestonMetLife Short Term Funding LLCMetropolitan Life Global Funding IMetropolitan Life Insurance Co.MGIC Australia Pty Ltd.MICO Insurance Co.Mid-Century Insurance Co.Mid-Century Insurance Co. of TexasMid-Continent Casualty Co.Mid-Continent Insurance Co. (OK)Middlesex Insurance Co.Middlesex Mutual Assurance Co.Midland National Life Insurance Co.Midwest Employers Casualty Co.Midwestern Indemnity Co.Midwestern United Life Insurance Co.Milano Assicurazioni SpAMilbank Insurance Co.Milli Reasurans T.A.S.Minnesota Life Insurance Co.Mississippi Farm Bureau Casualty Insurance Co.Mitsui Life Insurance Co. Ltd.Mitsui Sumitomo Aioi Life Insurance Co. Ltd.Mitsui Sumitomo Insurance (China) Co. Ltd.Mitsui Sumitomo Insurance (London) Ltd.Mitsui Sumitomo Insurance Co. (Europe) Ltd.Mitsui Sumitomo Insurance Co. Ltd.Mitsui Sumitomo Insurance Co. Ltd. (New ZealandBranch)Mitsui Sumitomo Primary Life Insurance Co. Ltd.Mitsui Sumitomo Reinsurance Ltd.MLC Ltd.MMA IARD Assurances MutuellesWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 41<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)MMI Capital Trust IMML Bay State Life Insurance Co.MMM Holdings Inc.Modern Service Insurance Co.Montgomery Mutual Insurance Co.Montpelier Re Holdings Ltd.Montpelier Reinsurance Ltd.Monumental Global Fdg II- 2006-HMonumental Global Funding III 2007-AMonumental Global Funding III 2007-BMonumental Global Funding III 2008-DMonumental Global Funding III 2008-FMonumental Global Funding Ltd.Monumental Life Insurance Co.MONY Life Insurance Co.MONY Life Insurance Co. of AmericaMortgage Risk Management Pty Ltd.Moscow Reinsurance Co.Motorists Commercial Mutual Insurance Co. (The)Motorists Life Insurance Co.Motorists Mutual Insurance Co.Mountain Laurel Assurance Co.MS Frontier Reinsurance Ltd.MSI Corporate Capital Ltd.MSI Preferred Insurance Co.MSIG Insurance (Hong Kong) Ltd.MSIG Insurance (Singapore) Pte. Ltd.MSIG Insurance Europe AGMSIG Mingtai Insurance Co. Ltd.Mt. Hawley Insurance Co.MTL Insurance Co.Muang Thai Life Assurance Co. Ltd.Munich American Reassurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 42<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Munich Mauritius Reinsurance Co. Ltd.Munich Re America Corp.Munich Re of Malta PLCMunich Reins America Inc.Munich Reinsurance Co.Munich Reinsurance Co. of Africa Ltd.Munich Reinsurance Co. of Australasia Ltd.Munich Reinsurance Co. of CanadaMutual of America Life Insurance Co.Mutual of Omaha Insurance Co.Mutuelle de Poitiers AssurancesNac Re Corp.Nacional de Reaseguros S.A.Nan Shan Life Insurance Co. Ltd.National Casualty Co.National Continental Insurance Co.National Fire & Marine Insurance Co.National Fire Insurance Co. of HartfordNational General Insurance Co. (PSC)National Guardian Life Insurance Co.National Indemnity Co.National Indemnity Co. of Mid-AmericaNational Indemnity Co. of the SouthNational Integrity Life Insurance Co.National Liability & Fire Insurance Co.National Life Insurance Co. (VT)National Re Corp.National Surety Corp.National Union Fire Insurance Co. of Pittsburgh, PANational Wealth Management Holdings Ltd.National Western Life Insurance Co.Nationale Borg Reinsurance N.V.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 43<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Nationale Borg-Maatschappij N.V.Nationale-Nederlanden LevensverzekeringenMaatschappij N.VNationwide Agribusiness Insurance Co.Nationwide Assurance Co.Nationwide Financial Services Capital TrustNationwide Financial Services Capital Trust IIINationwide Financial Services Capital Trust IVNationwide Financial Services Inc.Nationwide General Insurance Co.Nationwide Insurance Co. of AmericaNationwide Life & Annuity Insurance Co.Nationwide Life Insurance Co.Nationwide Mutual Fire Insurance Co.Nationwide Mutual Insurance Co.Nationwide Property & Casualty Insurance Co.Nautilus Insurance Co.Navigators Group Inc.Navigators Insurance Co.Navigators Specialty Insurance Co.Netherlands Insurance Co.Netjets Inc.Neue Leben Lebensversicherung AGNew Century Insurance Co. Ltd.New England Life Insurance Co.New Era Life Insurance Co.New Era Life Insurance Co. of the MidwestNew Hampshire Insurance Co.New Hampshire Insurance Co. ThailandNew Jersey Manufacturers Insurance Co.New Jersey Re-Insurance Co.New Reinsurance Co.New York Life Capital Corp.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 44<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)New York Life FundingNew York Life Global FundingNew York Life Insurance & Annuity Corp.New York Life Insurance Co.NGM Insurance Co.Nippon Life Insurance Co.NIPPONKOA Insurance Co. (Europe) Ltd.NIPPONKOA Insurance Co. Ltd.NIPPONKOA Insurance Co. Ltd. (U.S. branch)Nisshin Fire & Marine Insurance Co. Ltd.NKSJ Himawari Life Insurance Inc.NLV Financial Corp.Noor Takaful Family PJSCNoor Takaful General PJSCNoridian Mutual Insurance Co. (d/b/a Blue Cross BlueShield of North Dakota)North American Capacity Insurance Co.North American Co. for Life & Health InsuranceNorth American Elite Insurance Co.North American Specialty Insurance Co.North Carolina Farm Bureau Mutual Insurance Co.North Pacific Insurance Co.Northbridge Commercial Insurance Corp.Northbridge General Insurance Corp.Northbridge Indemnity Insurance Corp.Northbrook Indemnity Co.Northbrook Life Insurance Co.Northern Insurance Co. of NYNorthwestern Long Term Care Insurance Co.Northwestern Mutual Life Insurance Co.Northwestern Pacific Indemnity Co.Norwegian Hull ClubNTUC Income Insurance Co-operative Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 45<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Nuernberger Allgemeine Versicherungs-AGNuernberger Beteiligungs-AGNuernberger Lebensversicherung AGNutmeg Insurance Co.Ocidental Companhia Portuguesa de Seguros de VidaS.A.Ocidental Companhia Portuguesa de Seguros S.A.Odyssey Re Holdings Corp.Odyssey Reinsurance Co.Oeffentliche Lebensversicherung Berlin Brandenburg AGOhio Casualty Corp.Ohio Casualty Insurance Co.Ohio National Financial Services Inc.Ohio National Life Assurance Corp.Ohio National Life Insurance Co.Ohio Security Insurance Co.Oil Casualty Insurance Ltd.Oil Insurance Ltd.OJSC SogazOklahoma Surety Co.Old Republic General Insurance Corp.Old Republic Insurance Co.Old Republic International Corp.Old Republic Lloyds of TexasOld Republic Surety Co.Old Republic Union Insurance Co.Oman Insurance Co. (PSC)Oman United Insurance Co. S.A.O.G.Omnium Reinsurance Co. SAOneAmerica Financial Partners Inc.OneBeacon Insurance Group Ltd.OneBeacon U.S. Holdings Inc.OneBeacon U.S. Holdings Trust IWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 46<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)OneBeacon U.S. Holdings Trust IIOneBeacon U.S. Holdings Trust IIIOnePath Insurance Services (NZ) Ltd.OnePath Life (NZ) Ltd.OnePath Life Ltd.Oregon Automobile Insurance Co.Orient Insurance P.J.S.C.ORIX Life Insurance Corp.OSAO RESO GarantiaOverseas Assurance Corp. Ltd.Owners Insurance Co.Oxford Health Plans (NY) Inc.Pacific Employers Insurance Co.Pacific Guardian Life Insurance Co. Ltd.Pacific Indemnity Co.Pacific Insurance Co. Ltd.Pacific Life & Annuity Co.Pacific Life Funding LLCPacific Life Global FundingPacific Life Insurance Co.Pacific Life Re Ltd.Pacific Life Reinsurance Company II Ltd.Pacific LifeCorpPacific Pilot FundingPalisades Safety & Insurance Assoc.Pan Insurance Ltd.PARIS RE Asia-Pacific Pte. Ltd.PARIS RE RISC Ltd.PARIS RE Switzerland Ltd.Partner Re Ireland Insurance Ltd.Partner Reinsurance Co. Ltd.Partner Reinsurance Co. of U.S.Partner Reinsurance Europe SEWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 47<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Partnerre America Insurance CompanyPartnerRe Capital Trust IIPartnerRe Capital Trust IIIPartnerRe Finance A LLCPartnerRe Finance B LLCPartnerRe Finance II Inc.PartnerRe Ltd.Patriot General Insurance Co.Paul Revere Life Insurance Co.PB Lebensversicherung AGPearl Holding Ltd.Peerless Indemnity Insurance Co.Peerless Insurance Co.Pekin Life Insurance Co.Pelayo Mutua de Seguros y Reaseguros a Prima FijaPenn Insurance & Annuity Co.Penn Mutual Life Insurance Co.Philadelphia Indemnity Insurance Co.PHL Variable Insurance Co.Phoenix Cos. Inc.Phoenix Insurance Co.Phoenix Life Insurance Co.Pilot Insurance Co.Ping An Property & Casualty Insurance Co. of China Ltd.Pinnacle Insurance PLCPlatinum <strong>Under</strong>writers Bermuda Ltd.Platinum <strong>Under</strong>writers Finance Inc.Platinum <strong>Under</strong>writers Holdings Ltd.Platinum <strong>Under</strong>writers Reinsurance Inc.Plaza Insurance Co.PLC Capital Trust IIIPLC Capital Trust IVWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 48<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)PLC Capital Trust VPLC Capital Trust VIPohjantahti Keskinainen VakuutusyhtioPohjola Non-Life Insurance Co. Ltd.Polskie Towarzystwo Reasekuracji S.A.Pomosch Insurance Company Ltd.Power Corp. of CanadaPower Financial Corp.Powszechny Zaklad Ubezpieczen na Zycie S.A.Powszechny Zaklad Ubezpieczen S.A.Pozavarovalnica Sava d.d.Praetorian Insurance Co.Preferred Employers Insurance Co.Prevoir Risques DiversPrevoir ViePrevoyance RePRI PensionsgarantiPRICOA Global Funding IPRIMAPrimerica Inc.Primerica Life Insurance Co.Princeton Excess & Surplus Lines Insurance Co.Principal Financial Global Funding II LLCPrincipal Financial Global Funding LLCPrincipal Financial GroupPrincipal Financial Group Inc.Principal Financial Services Inc.Principal Life Global Funding IPrincipal Life Global Funding IIPrincipal Life Income Fundings TrustsPrincipal Life Insurance Co.Principal National Life Insurance Co.ProAssurance Corp.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 49<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Professional <strong>Under</strong>writers Liability Insurance Co.Professionals Direct Insurance Co.Progressive Advanced Insurance Co.Progressive American Insurance Co.Progressive Bayside Insurance Co.Progressive Casualty Insurance Co.Progressive Choice Insurance Co.Progressive Classic Insurance Co.Progressive Corp.Progressive County Mutual Insurance Co.Progressive Direct Insurance Co.Progressive Express Insurance Co.Progressive Gulf Insurance Co.Progressive Hawaii Insurance Corp.Progressive Marathon Insurance Co.Progressive Max Insurance Co.Progressive Michigan Insurance Co.Progressive Mountain Insurance Co.Progressive Northern Insurance Co.Progressive Northwestern Insurance Co.Progressive Paloverde Insurance Co.Progressive Preferred Insurance Co.Progressive Premier Insurance Co. of ILProgressive Security Insurance Co.Progressive Select Insurance Co.Progressive Southeastern Insurance Co.Progressive Specialty Insurance Co.Progressive Universal Insurance Co.Progressive West Insurance Co.Property & Casualty Insurance Co. of HartfordProperty-Owners Insurance Co.Protective Life and Annuity Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 50<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Protective Life Corp.Protective Life Insurance Co.Protective Life Secured TrustsProvident Financing Trust IProvident Life & Accident Insurance Co.Pruco Life Insurance Co.Pruco Life Insurance Co. of New JerseyPrudential Annuities Life Assurance Corp.Prudential Annuities Ltd.Prudential Assurance Co. Ltd. (The)Prudential Covered Trust 2012-1Prudential Financial Capital Trust IIPrudential Financial Capital Trust IIIPrudential Financial Inc.Prudential Funding LLCPrudential Holdings LLCPrudential Insurance Co. of AmericaPrudential Life Insurance Co. Ltd.Prudential PLCPrudential Retirement Insurance and Annuity Co.Pyramid Life Insurance Co.Q Life & Medical Insurance Company LLCQatar Insurance Co. S.A.Q.QBE Capital Funding II LPQBE Capital Funding III Ltd.QBE Capital Funding IV Ltd.QBE Capital Funding LPQBE del Istmo Cia. De Reaseguros Inc.QBE del Istmo Mexico Cia de Reaseguros S.A. de C.V.QBE European Operations PLCQBE Funding TrustQBE Funding Trust IIQBE Funding Trust IIIWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 51<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)QBE Funding Trust IVQBE Funding Trust VQBE Hongkong & Shanghai Insurance Ltd.QBE Insurance (Australia) Ltd.QBE Insurance (Europe) Ltd.QBE Insurance (International) Ltd.QBE Insurance (International) Ltd. (NZ Branch)QBE Insurance Corp.QBE Insurance Group Ltd.QBE Lenders' Mortgage Insurance Ltd.QBE Mortgage Insurance (Asia) Ltd.QBE Re (Europe) Ltd.QBE Reinsurance Corp.QBE Specialty Insurance Co.QIC International LLCQ-Re LLCQuebec Assurance Co.Quest Insurance Group Ltd.R.C. Willey Home FurnishingsR.V.I. America Insurance Co.R.V.I. Guaranty Co. Ltd.R.V.I. National Insurance Co.R+V Versicherung AGRas Al-Khaimah National Ins Co.REAAL Schadeverzekeringen N.V.REAAL Verzekeringen N.V.Redarnas Omsesidiga ForsakringsbolagRedwood Fire & Casualty Insurance Co.Regent Insurance Co.Regions HospitalReinsurance Group of America Inc.Reliable Life Insurance Co. (MO)WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 52<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Reliance <strong>Standard</strong> Life Insurance Co.ReliaStar Financial Corp.Reliastar Life Insurance Co.Reliastar Life Insurance Co. of New YorkRenaissance Reinsurance Ltd.Renaissance Reinsurance of EuropeRenaissanceRe Holdings Ltd.RenaissanceRe Specialty Risks LtdRenRe North America Holdings Inc.Republic Indemnity Co. of AmericaRepublic Indemnity Co. of CaliforniaRepublic-Franklin Insurance Co.RGA Capital Trust IRGA Capital Trust IIIRGA Capital Trust IVRGA Global Reinsurance Co. Ltd.RGA International Reinsurance Co. Ltd.RGA Life Reinsurance Co. of CanadaRGA Reinsurance Co.RGA Reinsurance Co. of Australia Ltd.RGS Assets Ltd.RISICOM Rueckversicherung AGRiver Lake Insurance Co.River Lake Insurance Co. IIRiverport Insurance Co.RiverSource Life Insurance Co.RiverSource Life Insurance Co. of New YorkRL Finance Bonds PLCRLI Corp.RLI Insurance Co.Rockhill Insurance Co.Rocky Mountain Hospital & Medical Service Inc. (d/b/aBlue Cross Blue Shield of Colorado)WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 53<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Roland Rechtsschutz Versicherungs AGRosgosstrakh OAORosgosstrakh OOORoyal & Sun Alliance Insurance Co. of CanadaRoyal & Sun Alliance Insurance PLCRoyal & Sun Alliance Reinsurance Ltd.Royal Bank of Canada Insurance Co. Ltd.Royal London Mutual Insurance Society Ltd.RSA Insurance Group PLCRSA Insurance Ireland Ltd.S&Y Insurance Co.SAARLAND Feuerversicherung AGSAARLAND Lebensversicherung AGSafeco Corp.Safeco Insurance Co. of AmericaSafeco Insurance Co. of ILSafeco National Insurance Co.Safety Indemnity Insurance Co.Safety Insurance Co.Safety National Casualty Corp.Sagicor Finance Ltd.Sagicor Life Inc.Salama/Islamic Arab Insurance Co. (P.S.C.)Samsung Fire & Marine Insurance Co. Ltd.Samsung Property & Casualty Insurance Co. (China) Ltd.Santam Ltd.Saudi National Insurance Co.Saudi Re for Cooperative Reinsurance Co.Savers Property & Casualty Insurance Co.Savings Bank Life Insurance Co. of MassachusettsSCOR Africa Ltd.SCOR Canada Reinsurance Co.SCOR GLOBAL LIFE AMERICAS REINSURANCEWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 54<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)COMPANYSCOR Global Life Australia Pty Ltd.Scor Global Life Re Insurance Company of TexasSCOR Global Life Reinsurance Ireland Ltd.SCOR Global Life SESCOR Global P&C Ireland Ltd.SCOR Global P&C SESCOR Insurance (UK) Ltd.Scor International Reinsurance Ireland Ltd.SCOR PerestrakhovaniyeSCOR Reinsurance Asia-PacificSCOR Reinsurance Co.SCOR Reinsurance Co. (Asia) Ltd.SCOR SESCOR Switzerland AGSCOR U.K. Co. Ltd.Scotia Insurance (Barbados) Ltd.Scottish & York Insurance Co. Ltd.Scottish Equitable PLCScottish Widows PLCScottsdale Indemnity Co.Scottsdale Insurance Co.Scottsdale Surplus Lines Insurance Co.SCPIE Indemnity Co.Secom General Insurance Co. Ltd.Securian Life Insurance Co.Security Benefit Life Insurance Co.Security Life of Denver Insurance Co.Select Insurance Co.Select Markets Insurance Co.Selective Insurance Co. of AmericaSelective Insurance Co. of NYSelective Insurance Co. of South CarolinaWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 55<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Selective Insurance Co. of the SoutheastSelective Insurance Group Inc.Selective Way Insurance Co.Seneca Insurance Company Inc.Seneca Specialty Insurance CompanySentinel Insurance Co. Ltd.Sentry Casualty Co.Sentry Insurance a Mutual Co.Sentry Life Insurance Co.Sentry Life Insurance Co. of NYSentry Lloyds of TXSentry Select Insurance Co.Seoul Guarantee Insurance Co.Settlers Life Insurance Co.Shelter General Insurance Co.Shelter Life Insurance Co.Shelter Mutual Insurance Co.Shelter Reinsurance Co.Shield Insurance Co.Shin Kong Life Insurance Co. Ltd.Shinkong Insurance Co. Ltd.Shipowners' Mutual Protection & Indemnity Association(Luxembourg)SIAT - Societa Italiana Assicurazioni e RiassicurazioniSpASirius America Insurance Co.Sirius International Group Ltd.Sirius International Insurance Corp.Societa Cattolica di AssicurazioneSociete Centrale de ReassuranceSociete Centrale PrevoirSolen Versicherungen AGSompo Japan Insurance (China) Co. Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 56<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Sompo Japan Insurance Co. of AmericaSompo Japan Insurance Co. of Europe Ltd.Sompo Japan Insurance de Mexico S. A. de C. V.Sompo Japan Insurance Inc.Sompo Japan Nipponkoa Insurance (Hong Kong) Co. Ltd.Sony Bank Inc.Sony Life Insurance Co. Ltd.Southern Cross Benefits Ltd.Southern Cross Medical Care SocietySouthern Farm Bureau Casualty Insurance Co.Southern Farm Bureau Life Insurance Co.Southern Fire & Casualty Co.Southern Guaranty Insurance Co.Southern Pilot Insurance Co.Southern-Owners Insurance Co.SRLEV N.V.St. James's Place U.K. PLCSt. Paul Fire & Casualty Insurance Co.St. Paul Fire & Marine Insurance Co.St. Paul Guardian Insurance Co.St. Paul Mercury Insurance Co.St. Paul Protective Insurance Co.St. Paul Surplus Lines Insurance Co.StanCorp Financial Group Inc.<strong>Standard</strong> Fire Insurance Co.<strong>Standard</strong> Insurance Co.<strong>Standard</strong> Life & Accident Insurance Co.<strong>Standard</strong> Life Assurance Co. Funding Inc.<strong>Standard</strong> Life Assurance Co. of Canada<strong>Standard</strong> Life Assurance Ltd.<strong>Standard</strong> Life PLC<strong>Standard</strong> Reinsurance (Bermuda) Ltd.<strong>Standard</strong> Security Life Insurance Co. of NYWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 57<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Star Insurance Co.StarNet Insurance Co.State Auto Financial Corp.State Auto Insurance Co. of OhioState Auto Insurance Co. of WisconsinState Auto Property & Casualty Insurance Co.State Automobile Mutual Insurance Co.State Farm County Mutual Insurance Co. of TXState Farm Fire & Casualty Co.State Farm General Insurance Co.State Farm Life & Accident Assurance Co.State Farm Life Insurance Co.State Farm LloydsState Farm Mutual Automobile Insurance Co.State Life Insurance Co.Statoil Forsikring ASSte. Mut. d'Ass. du Batiment & des Travaux PublicsSteadfast Insurance Co.Steamship Mutual <strong>Under</strong>writing Association Ltd.Stein Insurance Co. Ltd.Stellar Insurance Ltd.Stone Street TrustStonebridge Life Insurance Co.Stonington Insurance Co.Stonington Lloyds Insurance Co.Storebrand ASAStorebrand Bank ASAStorebrand Livsforsikring ASSul America Companhia Nacional de SegurosSul America S.A.Sumitomo Life Insurance Co.Sun Canada Financial Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 58<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Sun Hung Kai Properties Insurance Ltd.Sun Life and Health Insurance Co. (U.S.)Sun Life Assurance Co. of CanadaSun Life Assurance Co. of Canada (U.S. branch)Sun Life Assurance Co. of Canada (U.S.)Sun Life Capital TrustSun Life Capital Trust IISun Life Financial Global Funding III LPSun Life Financial Inc.Sun Life Insurance & Annuity Co. of New YorkSunAmerica Financial Group Inc.Suncorp Group Ltd.Suncorp Insurance Funding 2007 Ltd.Suncorp Life and Superannuation Ltd.Suncorp Metway Insurance Ltd.Suncorp-Metway Ltd.Sunderland Marine Mutual Insurance Co. Ltd.Surety Bonding Co. of AmericaSurety Life Insurance Co.Sveriges Angfartygs Assurans Forening (The SwedishClub)Swann Insurance (Aust) Pty Ltd.Swann Insurance (Aust) Pty Ltd. (New Zealand Branch)Sweden Reinsurance Co. Ltd.Swiss Life AGSwiss Life AG, Niederlassung fuer DeutschlandSwiss Life HoldingSwiss Re America Holding Corp.Swiss Re Capital I L.P.Swiss Re Corporate Solutions Ltd.Swiss Re Europe Holdings S.A.Swiss Re Europe S.A.Swiss Re Finance Luxembourg S.AWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 59<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Swiss Re Financial Products Corp.Swiss Re GB Ltd.Swiss Re International SESwiss Re Life & Health America Holding Co.Swiss Re Life & Health America Inc.Swiss Re Life & Health Australia Ltd.Swiss Re Solutions Holding Corp.Swiss Re Treasury (US) Corp.Swiss Reinsurance America Corp.Swiss Reinsurance Co. (Australian Branch)Swiss Reinsurance Co. Ltd.SwissRe Finance (Bermuda) Ltd.Sygeforsikringen danmarkSymetra Financial Corp.Symetra Life Insurance Co.Taian Insurance Co. Ltd.Taiping Reinsurance Co. Ltd.Taiwan Fire & Marine Insurance Co. Ltd.Taiwan Life Insurance Co. Ltd.Taiwan Shin Kong Commercial Bank Co. Ltd.Taiyo Life Insurance Co.Takaful Re Ltd.Talanx AGTalanx Finanz (Luxemburg) S.A.TARGO Lebensversicherung AGTawuniya/The Company for Cooperative InsuranceTeachers Insurance & Annuity Association of AmericaTeachers Insurance Co.Teleco Insurance (NZ) Ltd.Teleco Insurance Ltd.Tenet Sompo Insurance Pte. Ltd.Tennessee Farmers Assurance Co.Tennessee Farmers Life Insurance Co.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 60<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Tennessee Farmers Mutual Insurance Co.Texas Farm Bureau Casualty Insurance Co.Texas Farm Bureau Mutual Insurance Co.Texas Farmers Insurance Co.Texas Municipal League Intergovernmental Risk PoolTexas Pacific Indemnity Co.Thai Life Insurance Co. Ltd.Thai Reinsurance Public Co. Ltd.The Arab Investment and Export Credit Guarantee Corp.The Britannia Steam Ship Insurance Association Ltd.The Canada Life Assurance Co.The Colonial Mutual Life Assurance Society Ltd.The Colonial Mutual Life Assurance Society Ltd. (NZBranch)The Continental Insurance Co.The Continental Insurance Co. of NJThe Dai-ichi Life Insurance Co. Ltd.The First Insurance Co. Ltd.The First Rehabilitation Life Insurance Co. of AmericaThe Gibraltar Life Insurance Co. Ltd.The Great Eastern Life Assurance Co. Ltd.The Hanover Insurance Group Inc.The Hospitals Contribution Fund of Australia Ltd.The Japan Ship Owners' Mutual Protection & IndemnityAssociationThe London Steam-Ship Owners' Mutual Insurance Assn.Ltd.The Lubrizol Corp.The Manufacturers Life Insurance Co.The Marine Insurance Co. Ltd.The National Mutual Life Assoc. of Australasia Ltd. (NZ)The National Mutual Life Association of Australasia Ltd.The North of England Protecting & IndemnityAssociation Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 61<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)The North River Insurance CompanyThe Prudential Gibraltar Financial Life Insurance Co.Ltd.The Shipowners' Mutual Strike Assn. (Bermuda) Ltd.The Society of Lloyd'sThe <strong>Standard</strong> Club Asia Ltd.The <strong>Standard</strong> Club Europe Ltd.The Steamship Mutual <strong>Under</strong>writing Assn. (Bermuda)Ltd.The Travelers Cos. Inc.The United Kingdom Mutual Steamship AssuranceAssociation (Bermuda) Ltd.Through Transport Mutual Ins. Assoc. Ltd.TIAA Global Markets Inc.TIAA-CREF Life Insurance Co.TIG Capital Trust ITIG Holdings Inc.TIG Insurance Co.Time Insurance Co.Toa Reinsurance Co.Toa Reinsurance Co. of AmericaTokio Marine & Fire Insurance Co. (Hong Kong) Ltd.Tokio Marine & Nichido Fire Insurance Co. (China) Ltd.Tokio Marine & Nichido Fire Insurance Co. Ltd.Tokio Marine & Nichido Fire Insurance Co. Ltd. (NewZealand Branch)Tokio Marine & Nichido Fire Insurance Co. Ltd. (U.S.Branch)Tokio Marine & Nichido Life Insurance Co. Ltd.Tokio Marine Compania de Seguros S.A. de C.V.Tokio Marine Europe Insurance Ltd.Tokio Marine Financial Solutions Ltd.Tokio Marine Global Re Asia Ltd.Tokio Marine Global Re Ltd.Tokio Marine Insurance Singapore Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 62<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Tokio Marine Life Insurance Singapore Ltd.Tokio Marine Newa Insurance Co. Ltd.Tokio Marine Retakaful Pte. Ltd.Tokio Marine Specialty Insurance Co.Tokio Millennium Re (UK) Ltd.Tokio Millennium Re Ltd.Top Layer Reinsurance Ltd.Torchmark Capital Trust IIITorchmark Capital Trust IVTorchmark Capital Trust VTorchmark Corp.Towarzystwo Ubezpieczen i Reasekuracji WARTA S.A.Tower Insurance Co. of New YorkTower Life Insurance Co.Traders General Insurance Co.Trans Re ZurichTransamerica Advisors Life Insurance Co.Transamerica Advisors Life Insurance Co. of NYTransamerica Capital ITransamerica Capital IITransamerica Capital IIITransamerica Corp.Transamerica Financial Life Insurance Co.Transamerica International Re (Bermuda) Ltd.Transamerica Life (Bermuda) Ltd.Transamerica Life CanadaTransamerica Life Insurance Co.Transatlantic Holdings Inc.Transatlantic Reinsurance Co.Transportation Insurance Co.TravCo Insurance Co.Travelers Casualty & Surety Co.Travelers Casualty and Surety Co. of AmericaWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 63<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Travelers Casualty and Surety Co. of Europe Ltd.Travelers Casualty Co. of ConnecticutTravelers Casualty Company (The).Travelers Casualty Insurance Co. of AmericaTravelers Commercial Casualty Co.Travelers Commercial Insurance Co.Travelers Constitution State Insurance CompanyTravelers Excess & Surplus Lines Co.Travelers Home & Marine Insurance Co.Travelers Indemnity Co.Travelers Indemnity Co. of AmericaTravelers Indemnity Co. of CTTravelers Insurance Co. Ltd.Travelers Insurance Company of CanadaTravelers Insurance Group Holdings Inc.Travelers Lloyd's of Texas Insurance Co.Travelers Personal Insurance Co.Travelers Personal Security Insurance Co.Travelers Property Casualty Co. of AmericaTravelers Property Casualty Corp.Travelers Property Casualty Insurance Co.Tri State Insurance Co. of MNTriglav Insurance Co. Ltd.Triglav Re, Reinsurance Co. Ltd.Trinity Universal Insurance Co.Triple-S Salud Inc.Truck Insurance ExchangeTrumbull Insurance Co.Trustmark Insurance Co.Trustmark Life Insurance Co.Tryg Forsikring A/STryg Garantiforsikring A/SWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 64<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Trygg-Hansa Forsakrings AB, Publikt.Tryggingamidstodin hf.Twin City Fire Insurance Co.U K Insurance Ltd.U.S. Specialty Insurance Co.<strong>Under</strong>writers at Lloyds of London, Illinois<strong>Under</strong>writers at Lloyds of London, KentuckyUNICARE Life & Health Insurance Co.Unifund AssuranceUnigard Indemnity Co.Unigard Insurance Co.Union Central Life Insurance Co.Union Insurance Co.Union Insurance Co. of ProvidenceUnion Krankenversicherung AGUnion Labor Life Insurance Co.Union National Fire Insurance Co.Union National Life Insurance Co. (LA)Union Security Insurance Co.Union <strong>Standard</strong> LloydsUnipol Assicurazioni SpAUnipol Banca SpAUnipol Gruppo Finanziario SpAUniqa Oesterreich Versicherungen AGUNIQA Re AGUNIQA Versicherungen AGUnited American Insurance Co.United Casualty Insurance Co. of AmericaUnited Farm Family Life Insurance Co.United Financial Casualty Co.United HealthCare Insurance Co.United HealthCare Insurance Co. of IllinoisUnited HealthCare Insurance Co. of New YorkWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 65<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)United HealthCare Insurance Co. of OhioUnited Healthcare of Alabama Inc.United Healthcare of Arizona Inc.United HealthCare of Florida Inc.United HealthCare of Georgia Inc.United HealthCare of Illinois Inc.United HealthCare of Kentucky Ltd.United HealthCare of New England Inc.United HealthCare of North Carolina Inc.United HealthCare of Ohio Inc.United HealthCare of Texas Inc.United HealthCare of the Midwest Inc.United Insurance Co. of AmericaUnited Kingdom Mutual Steamship AssuranceAssociation (Europe) Ltd. (The)United of Omaha Life Insurance Co.United Services Automobile AssociationUnited States Fidelity & Guaranty Co.United States Fire Insurance CompanyUnited States Life Insurance Co. in the City of New YorkUnited States Surety Co.United Wisconsin Insurance Co.United World Life Insurance Co.UnitedHealth Group Inc.UnitedHealthcare of New York Inc.UnitedHealthcare of Wisconsin Inc.Unitrin Advantage Insurance Co.Unitrin Auto and Home Insurance Co.Unitrin Direct Insurance Co.Unitrin Direct Property and Casualty Co.Unitrin Preferred Insurance Co.Unitrin Safeguard Insurance Co.Unity ReWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 66<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Universal Group Inc.Universal Insurance Co. (PR)Universal Prudential Arizona Reinsurance Co.Universal Surety of AmericaUniversal <strong>Under</strong>writers Insurance Co.Universal <strong>Under</strong>writers of Texas Insurance Co.Unum GroupUNUM Life Insurance Co. of AmericaUNUM Ltd.UnumProvident Finance Company plcUSAA Capital Corp.USAA Casualty Insurance Co.USAA General Indemnity Co.USAA Life Insurance Co.USAA Life Insurance Co. of New YorkUSAble LifeUSF&G Capital IUSF&G Capital IIIUtica Mutual Insurance Co.Utica National Assurance Co.Utica National Insurance Co. of TXValidus Holdings Ltd.Validus Reinsurance Ltd.Valley Forge Insurance Co.Valley Insurance Co.Valley Property & Casualty Insurance Co.Vantis Life Insurance Co.Variable Annuity Life Insurance Co.Vero Insurance New Zealand Ltd.Vero Liability Insurance Ltd.Versicherungskammer BayernKonzern-Rueckversicherung AGVersicherungskammer Bayern Versicherungsanstalt desWWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 67<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)oeffentlichen RechtsVHV Allgemeine Versicherung AGVHV Holding AGVHV Vereinigte Hannoversche Versicherung a.G.Vienna Insurance Group AG Wiener VersicherungGruppeVIG RE zajist'ovna a.s.Vigilant Insurance Co.Visionary Funding LLCVitodurum Reinsurance Co.Volkswagen Insurance Co. Ltd.VTB Insurance Ltd.W.R. Berkley Capital TrustW.R. Berkley Capital Trust IIW.R. Berkley Capital Trust IIIW.R. Berkley Corp.W.R. Berkley Insurance (Europe) Ltd.Wagram Insurance Co. Ltd.Warba Ins. Co. K.S.C.Washington National Insurance Co.Wataniya Insurance Co.Wausau Business Insurance Co.Wausau General Insurance Co.Wausau <strong>Under</strong>writers Insurance Co.WEA Insurance Corp.Wellmark Health Plan of Iowa Inc.Wellmark Inc. (d/b/a Wellmark Blue Cross and BlueShield of Iowa)Wellmark of South Dakota Inc. (d/b/a Blue Cross & BlueShield of South Dakota)WellPoint Inc.Weqaya Takaful Insurance & Reinsurance Co.Wesco-Financial Insurance Co.Wesfarmers General Insurance Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 68<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)West American Insurance Co.West Bend Mutual Insurance Co.West Coast Life Insurance Co.West of England Mutual Insurance Association(Luxembourg)Westchester Fire Insurance Co.Westchester Surplus Lines Insurance Co.Western & Southern Financial Group Inc.Western and Southern Life Insurance Co.Western Assurance Co.Western Heritage Insurance Co.Western Reserve Life Assurance Co. of OhioWestern Surety Co.Western United Insurance Co.Western-Southern Life Assurance Co.Westfield Insurance Co.Westfield National Insurance Co.Westpac Lenders Mortgage Insurance Ltd.Westpac Life Insurance Services Ltd.Westpac Life-NZ-Ltd.Westport Insurance Corp.Wethaq Takaful Insurance Co. K.S.C. (Closed)WGV - Versicherung AGWhite Mountains Insurance Group Ltd.William Penn Life Insurance Co. of NYWillow Re Ltd.Wuerttembergische Gemeinde-Versicherung aGWuerttembergische Lebensversicherung AGWuerttembergische Versicherung AGWuestenrot & Wuerttembergische AGWuestenrot Bank AG PfandbriefbankWuestenrot Bausparkasse AGX.L America Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 69<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)XL Capital Finance (Europe) PLCXL Insurance (Bermuda) Ltd.XL Insurance America Inc.XL Insurance Co. Ltd.XL Insurance Co. of New York Inc.XL Insurance SwitzerlandXL Re Europe plcXL Re Latin America Ltd.XL Re Ltd.XL Re Ltd. - U.K.XL Reinsurance America Inc.XL Select Insurance Co.XL Specialty Insurance Co.XLIT Ltd.XTRA Finance Corp.ZAO ALICO Insurance Co. (Russia)ZCM Matched Funding Corp.Zenith Insurance Co.Zenith National Insurance Capital Trust IZenith National Insurance Corp.ZFS Finance (USA) Trust IIZFS Finance (USA) Trust VZNAT Insurance Co.Zurich American Insurance Co.Zurich American Insurance Co. of ILZurich American Life Insurance Co.Zurich Australia Ltd.Zurich Australian Insurance Ltd.Zurich BankZurich Capital Markets Inc.Zurich Finance (Luxembourg) S.A.Zurich Finance (UK) PLCZurich Finance (USA) Inc.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 70<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

<strong>List</strong> <strong>Of</strong> <strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong> Observation Due To S&P’s New Insurers Rating Methodology<strong>Issuers</strong> <strong>With</strong> <strong>Ratings</strong> <strong>Under</strong> <strong>Criteria</strong>Observation (cont.)Zurich Insurance Co. Ltd.Zurich Insurance Co. South Africa Ltd.Zurich Insurance PLCZurich International (Bermuda) Ltd.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 71<strong>Standard</strong> & <strong>Poor's</strong>. All rights reserved. No reprint or dissemination without S&P’s permission. See Terms of Use/Disclaimer on the last page.S326277C | Linx User

Copyright © 2013 by <strong>Standard</strong> & <strong>Poor's</strong> Financial Services LLC. All rights reserved.No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof(Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system,without the prior written permission of <strong>Standard</strong> & <strong>Poor's</strong> Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be usedfor any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents(collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible forany errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security ormaintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS ORIMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR APARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONINGWILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In noevent shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequentialdamages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused bynegligence) in connection with any use of the Content even if advised of the possibility of such damages.Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed andnot statements of fact. S&Ps opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase,hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation toupdate the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgmentand experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P doesnot act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to bereliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certainregulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&PParties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for anydamage alleged to have been suffered on account thereof.S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respectiveactivities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has establishedpolicies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process..S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&Preserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites,www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributedthrough other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available atwww.standardandpoors.com/usratingsfees.WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MAY 7, 2013 72S326277C | Linx User

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