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S&P Announces Research Update: Jefferson Insurance Co. of NY

S&P Announces Research Update: Jefferson Insurance Co. of NY

NEW YORK — On Oct. 14, 2004, Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on Jefferson Insurance Co. of NY and its subsidiary, Monticello Insurance Co., to ‘BBB’ from ‘A+’. Standard & Poor’s subsequently withdrew the ratings at the request of the parent company, Allianz AG.

The rating downgrade reflects the run-off status of both companies as their property/casualty business expires or is written elsewhere in affiliated members of the Fireman’s Fund Intercompany Pool. Jefferson and Monticello currently maintain secure capital strength and reported positive net income for the first six months of 2004.

Ratings List

Ratings Lowered Then Withdrawn

TO FROM

Jefferson Insurance Co. of NY

Monticello Insurance Co.

Counterparty credit rating BBB/Stable/– A+/Stable/–

Financial strength rating BBB/Stable A+/Stable

Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor’s Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor’s public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search.

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