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Best's Rating Center - Guide to Financial Strength Ratings

Docket No. UT-083041 Exhibit RA-4RT November 17, 2008 Page 1

View Ratings: Financial Strength Issuer Credit Securities Advanced Search

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Guide to Best's Financial Strength Ratings

Effective July 02, 2008

A Best's Financial Strength Rating is an independent opinion, based on a comprehensive quantitative and qualitative evaluation, of a company's balance sheet strength, operating performance and business profile.

Read Best's Rating Scale and Related Definitions for complete

Our rating process incorporates specific methodologies designed to address the Property/Casualty (Non-Life) and Life/ Health/HMO industry segments as well as Non-U.S. and U.K. domiciled insurance companies.

details on Financial Strength Ratings.

Other Rating Guides are available for Bank Deposit, Issuer Credit and Debt.

A complete list of Best's Rating Methodologies covering topics such as Insurance Groups, Issuer Credit and Debt

Ratings, BCAR (Best's Capital Adequacy Ratio) are continually fine-tuned to reflect ever-changing industry, regulatory and legal developments. Please note that Best's Financial Strength Ratings are not a warranty of a company's financial strength and ability to meet its obligations to policyholders. View our entire notice for complete details.



A++, A+ (Superior) A, A- (Excellent) B++, B+ (Good)

B, B- (Fair) C++, C+ (Marginal) C, C- (Weak) D (Poor) E (Under Regulatory Supervision) F (In Liquidation) S (Rating Suspended)

Impairment Study: The U.S. property/casualty industry in the past decade has shown resiliency and improved risk management, and financial impairments are relatively rare, but a diminished operating environment remains a common trigger for such events, according to a landmark study issued by A.M. Best Co.

Financial Strength Ratings

A Best's Financial Strength Rating (FSR) is an opinion of an insurer's ability to meet its obligations to policyholders. Rating Modifiers and Affiliation Codes may also be associated with these ratings. The following list outlines our rating scale and associated descriptions.

Not Rated Categories (NR) are assigned to companies reported on by A.M. Best, but not assigned a Best's Rating. The five categories and descriptions are listed below.

NR-1: Insufficient Data NR-2: Insufficient Size and/or Operating Experience NR-3: Rating Procedure Inapplicable NR-4: Company Request NR-5: Not Formally Followed

Rating Modifiers and Affiliation Codes

A rating modifier can be assigned to indicate that a Best's Rating may be subject to near-term change (under review), that a company did not subscribe to Best's interactive rating process (public data) and that the rating is assigned to a

syndicate operating at Lloyd's. Affiliation codes (g, p, and r) are added to Best's Ratings to identify companies whose

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