A.M. Best Upgrades Ratings of Employers Reinsurance, Westport Insurance and First Specialty

Business Wire, Feb 5, 2007

OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength ratings (FSR) to A (Superior) from A (Excellent) and the issuer credit ratings (ICR) to "aa" from "a" of Employers Reinsurance Corporation, Westport Insurance Corporation and First Specialty Insurance Corporation. A.M. Best has also upgraded both the ICR and senior debt rating to "a" from "bbb" for Swiss Re Solutions Holding Corp. (formerly GE Insurance Solutions Corporation) (all of Overland Park, KS). The outlook for the FSR is stable, whereas the outlook for the ICR and debt has been revised to negative from stable to commensurate with the ICR on these companies ultimate parent, Swiss Reinsurance Company (Swiss Re) (Switzerland). (See below for a detailed listing of the ratings.)

These rating actions reflect the acquisition of these companies by Swiss Re in 2006 and the subsequent reinsurance protections the new parent has established for them since the acquisition. These rating actions also consider the progress made on the integration of these companies' operations into Swiss Re, as well as their new brand name and enhanced global market position as part of the Swiss Re organization. Additionally, the legal restructuring of various operations under Swiss Re Solutions Holding Corp's provides it with an enhanced level of potential cash flow.

Swiss Re currently has an FSR of A (Superior) and an ICR of "aa-". The outlook on the FSR is stable, while the outlook on the ICR is negative. These outlooks are reflective of A.M. Best's concerns regarding the execution risk given the size and complexity of the acquired companies.

The following debt ratings have been upgraded:

Swiss Re Solutions Holding Corp. (formerly GE Insurance Solutions
Corporation)--
-- to "a" from "bbb" on $400 million 6.45% senior unsecured notes,
   due 2019
-- to "a" from "bbb" on $600 million 7.00% senior unsecured notes,
   due 2026
-- to "a" from "bbb" on $350 million 7.50% senior unsecured notes,
   due 2010
-- to "a" from "bbb" on $350 million 7.75% senior unsecured notes,
   due 2030

The following indicative rating available under shelf registration has been upgraded:

Swiss Re Solutions Holding Corp. (formerly GE Insurance Solutions
Corporation)--
-- to "a" from "bbb" on the senior unsecured shelf

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.>

Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.