(New Zealand Branch)
Change of Rating
Pursuant to the Insurance Companies (Ratings and Inspections) Act 1994
The Tokio Marine & Fire Insurance Co., Limited
(New Zealand Branch's) insurer financial strength rating was lowered by Standard and Poor's (Australia) Pty. Limited to "AA+" from "AAA" on the 23rd day of February 2001.
The rating reflects Standard and Poor's (Australia) Pty. Limited's view of the "modest underwriting performance, particularly relative to its major industry peers, as well as the uncertain and competitive environment surrounding the non-life industry in Japan".