A.M. Best March 2018 A.M. Best’s Credit Ratings A.M. Best’s Credit Ratings Country Totals Algeria . 1 Kuwait . 4 Anguilla . 1 Lebanon . 4 Antigua and Barbuda . 1 Liechtenstein . 4 Argentina . 3 Luxembourg . 15 Australia . 9 Macau . 5 Austria . 1 Malaysia . 10 Azerbaijan . 2 Malta . 3 Bahamas . 7 Mauritius . 1 Bahrain . 10 Mexico . 32 Barbados . 23 Micronesia, Federated States of . 1 Belgium . 5 Morocco . 1 Bermuda . 96 Nepal . 2 Bhutan . 1 Netherlands . 3 Bosnia and Herzegovina . 1 New Zealand . 37 Brazil . 9 Nigeria . 5 British Virgin Islands . 2 Norway . 1 Canada . 155 Oman . 2 Cayman Islands . 24 Pakistan . 2 China . 13 Panama . 9 Costa Rica . 2 Papua New Guinea . 2 Curaçao . 1 Peru . 1 Cyprus . 1 Philippines . 4 Czech Republic . 1 Poland . 1 Dominican Republic . 1 Portugal . 1 Egypt . 3 Puerto Rico . 28 El Salvador . 1 Qatar . 5 Fiji . 1 Russia . 2 Finland . 1 Singapore . 17 France . 14 Slovenia . 3 Germany . 20 South Africa . 1 Ghana . 1 South Korea . 13 Gibraltar . 3 Spain . 11 Guam . 6 St . Kitts and Nevis . 1 Guernsey . 5 St . Lucia . 1 Honduras . 1 St . Maarten . 1 Hong Kong . 16 Sweden . 2 Iceland . 1 Switzerland . 16 India . 5 Taiwan . 6 Indonesia . 4 Thailand . 4 Ireland . 20 Togo . 1 Isle of Man . 1 Trinidad and Tobago . 4 Italy . 5 Tunisia . 1 Jamaica . 2 Turkey . 1 Japan . 13 United Arab Emirates . 16 Jordan . 7 United Kingdom . 54 Kazakhstan . 12 U .S . Virgin Islands . 3 Kenya . 3 Vietnam . 6 Copyright © 2018 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. No part of this report or document may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of A.M. Best. For additional details, refer to our Terms of Use available at A.M. Best website: www.ambest.com/terms. MARCH 2018 1 A.M. Best’s Credit Ratings This report includes credit ratings for all companies rated by A.M. Best worldwide, as well as their Outlooks and Implications. It excludes entities rated in the United States. Credit ratings consist of the Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) for each company. Detailed reports, including rationales, are made available to subscribers on our website shortly after ratings are released. For explanations of rating terminology, refer to the Guides to Best’s Ratings following this report. Credit ratings are effective as of 28 February 2018. For current ratings please visit www.ambest.com Best’s Credit Rating Scale A.M. Best Credit Rating Definitions Comparison of Financial Strength Rating (FSR) to • Best’s Financial Strength Rating (FSR) Credit Market Scale An independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations Long-Term ICR FSR aaa, aa+ A++ • Best’s Issuer Credit Rating (ICR) aa, aa- A+ An independent opinion of an entity’s ability to meet its ongoing a+, a A financial obligations, issued on either a long- or short-term basis a- A- • Best’s Issue Credit Rating (IR) bbb+, bbb B++ An independent opinion of credit quality assigned to issues that bbb- B+ gauges the ability to meet the terms of the obligation, issued on a bb+, bb B long- or short-term basis bb- B- b+, b C++ • Best’s National Scale Rating (NSR) b- C+ A relative measure of creditworthiness in a specific local jurisdiction ccc+, ccc C that is issued on a long-term basis and derived exclusively by ccc-, cc C- mapping the NSR from a corresponding global Issuer Credit Rating c D (ICR) using a transition chart Financial Size Category Table To enhance the usefulness of ratings, A.M. Best assigns each rated (A++ through D) insurance company a Financial Size Category (FSC). The FSC is based on adjusted policyholders’ surplus (PHS) in U.S. dollars and may be impacted by foreign currency fluctuations. The FSC is designed to provide a convenient indicator of the size of a company in terms of its statutory surplus and related accounts. Class Adj. PHS ($ Millions) Class Adj. PHS ($ Millions) I Less than 1 IX 250 to 500 II 1 to 2 X 500 to 750 III 2 to 5 XI 750 to 1,000 IV 5 to 10 XII 1,000 to 1,250 V 10 to 25 XIII 1,250 to 1,500 VI 25 to 50 XIV 1,500 to 2,000 VII 50 to 100 XV 2,000 or greater VIII 100 to 250 MARCH 2018 2 A.M. Best’s Credit Ratings Outlook/ Outlook/ AMB# Name Ultimate Parent ICR Implication FSR Implication ALGERIA 090777 Compagnie Centrale de Réassurance bbb- Stable B+ Stable ANGUILLA 090585 Nagico Insurance Company Limited Nagico Holdings Limited bbb Positive B++ Stable ANTIGUA AND BARBUDA 013025 Caribbean Alliance Insurance Company Limited a Stable A Stable ARGENTINA 077351 American Home Assurance Company (Argentina Branch) a Stable A Stable 094990 IRB-Brasil Resseguros S .A . (Argentina Branch) a- Stable A- Stable 093224 Starr Indemnity & Liability Company (Argentina Branch) a Stable A Stable AUSTRALIA 086552 Ansvar Insurance Limited Allchurches Trust Limited a- Stable A- Stable 086085 Chubb Insurance Company of Australia Limited Chubb Limited aa+ Stable A++ Stable 086993 First American Title Insurance Company of Australia Pty Limited First American Financial Corporation a Stable A Stable 086052 General Reinsurance Australia Ltd Berkshire Hathaway Inc . aa+ Stable A++ Stable 086652 General Reinsurance Life Australia Ltd . Berkshire Hathaway Inc . aa+ Stable A++ Stable 077834 Guild Insurance Limited The Pharmacy Guild of Australia a- Stable A- Stable 077924 The Hollard Insurance Company Pty Ltd Hollard Investments Cooperatieve U .A . a- Stable A- Stable 093909 The New India Assurance Company Limited (Australia Branch) a- Stable A- Stable 078302 Pacific International Insurance Pty Limited GRAMAR Family Holdings Pty Ltd bbb Stable B++ Stable AUSTRIA 090599 Credendo - Single Risk Insurance AG Credendo Export Credit Agency a- Stable A- Stable AZERBAIJAN 093787 AzRe Reinsurance, OJSC AzRe Reinsurance, OJSC bbb- Stable B+ Stable 095015 PASHA Insurance OJSC PASHA Holding LLC bbb- Stable B+ Stable BAHAMAS 086819 Atlantic Medical Insurance Limited Edmund Gibbons Limited a- Stable A- Stable 086960 Bahamas First General Insurance Company Limited Bahamas First Holdings Limited a- Stable A- Stable 089077 Colina Insurance Limited AF Holdings Ltd . a- Stable A- Stable 087111 Family Guardian Insurance Company Limited FamGuard Corporation Limited a- Stable A- Stable 087888 RoyalStar Assurance Limited RoyalStar Holdings Ltd . a Stable A Stable 086820 Security and General Insurance Company Limited Edmund Gibbons Limited a- Stable A- Stable 083010 Summit Insurance Company Limited a- Stable A- Stable BAHRAIN 091291 ACE American Insurance Company (Bahrain Branch) aa+ Stable A++ Stable 085013 Arab Insurance Group (B .S .C .) Arab Insurance Group (B .S .C .) a- Stable A- Stable 085489 Bahrain Kuwait Insurance Company B .S .C . Gulf Insurance Group K .S .C .P . a- Stable A- Stable 087928 The Bahrain National Insurance Company BSC (c) Bahrain National Holding Company BSC bbb+ Stable B++ Stable 094316 FAIR Oil & Energy Insurance Syndicate bbb- Stable B+ Stable 077623 Life Insurance Corporation (International) B .S .C . (c) Life Insurance Corporation of India bbb+ u Negative B++u Negative 092458 Saudi Arabian Insurance Company B .S .C . Mawarid Holding Company a- u Negative A- u Negative 091539 SNIC Insurance B .S .C . (c) E .A . Juffali & Brothers bbb- Stable B+ Stable 088717 Solidarity Bahrain B .S .C . Solidarity Group Holding BSC (c) bbb Positive B++ Stable 086326 Trust International Insurance & Reinsurance Company B .S .C . (c) Trust Re Nest Investments (Holdings) Limited a- Stable A- Stable BARBADOS 093065 Active Capital Reinsurance, Ltd . bbb+ Stable B++ Stable 056229 BMO Reinsurance Limited Bank of Montreal a+ Stable A Stable 093560 The Canada Life Assurance Company (Barbados Branch) aa Stable A+ Stable 072561 CIBC Reinsurance Company Limited Canadian Imperial Bank of Commerce a+ Stable A Stable 086477 DuraRock Reinsurance, Ltd . Matthew T . Moroun a Negative A Negative 085496 Energy Insurance Mutual Limited Energy Insurance Mutual Limited a Stable A Stable 095287 Energy Risk Indemnity Reinsurance Inc . Energy Powerhouse Consortium S .A . bbb- Stable B+ Stable 075202 ICM Assurance Ltd CNOOC Limited a- Stable A- Stable 086555 Insurance Corporation of Barbados Limited BF&M Limited a- Stable A- Stable 077342 London Life and Casualty (Barbados) Corporation Great-West Lifeco Inc a+ Stable A Stable 093559 London Life Insurance Company (Barbados Branch) aa Stable A+ Stable 086916 Massy United Insurance Ltd . Massy Holdings Ltd . a- Stable A- Stable 093077 Ocean International Reinsurance Company Limited a- Stable A- Stable 093682 Optimum Reassurance Inc . (Barbados Branch) a- Stable A- Stable 093943 RBC Life Insurance Company (Barbados Branch) a Positive A Stable 090222 RGA Atlantic Reinsurance Company, Ltd . Reinsurance Group of America, Inc . aa- Stable A+ Stable 086956 Royal Bank of Canada Insurance Company Ltd Royal Bank of Canada a+ Stable A Stable 086979 Sagicor General Insurance Inc . Sagicor Financial Corporation Limited a- Stable A- Stable 086569 Sagicor Life Inc . Sagicor Financial Corporation Limited a- Stable A- Stable 057051 Scotia Insurance (Barbados) Limited Bank of Nova Scotia a+ Stable A Stable 095145 Scotia Reinsurance Limited Bank of Nova Scotia a+ Stable A Stable 056952 TD Reinsurance (Barbados) Inc . Toronto-Dominion Bank a+ Stable A Stable 086298 Wentworth Insurance Company Limited Fairfax.