A.M. Best Withdraws Ratings of Gerling-Konzern Allgemeine Versicherung AG Following Merger Into HDI-Gerling Industrie Versicherung AG

Business Wire, Oct 31, 2007

OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of "a" of Gerling-Konzern Allgemeine Versicherung AG (GKA) and assigned a category NR-5 (Not Formally Followed) following its merger into HDI-Gerling Industrie Versicherung AG (HGIV) (formerly known as HDI Industrie Versicherung AG). The FSR of A (Excellent) and ICR of "a" of HGIV remain unchanged.

HGIV has assumed all of GKA's liabilities, and consequently, the debt rating of "bbb " on the 250 million Euro subordinated fixed to floating rate notes due 2024 originally issued by GKA and the FSR of A (Excellent) and ICR of "a" of Gerling America Insurance Company (GAIC) also remain unchanged. GAIC continues to benefit from a full rating enhancement due to the reinsurance support now provided by HGIV.

For 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 global full-service credit rating organization dedicated to serving the financial and healthcare service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.