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Standard & Poor’s lowered its various ratings on Atlantic Mutual Insurance Co. and its subsidiaries. At the same time, S&P revised its outlook on these companies to stable from negative. The ratings actions are based on Atlantic Mutual’s poor earnings, weakened yet still strong capital position, good liquidity, and challenging business position. S&P believes it will be difficult for Atlantic Mutual to successfully address these issues while maintaining market share among independent agents. The outlook reflects S&P’s belief that actions taken by Atlantic Mutual will begin to positively affect the bottom line in late 2002 and into 2003.

The changes in the Atlantic Mutual ratings are as follows: Atlantic Mutual Insurance Co.: Counter party credit rating鈥攖o “BBB+” from “A-“; Financial strength rating鈥攖o “BBB+” from “A-“; Surplus note rating to “BBB-” from “BBB”. Atlantic Lloyds Insurance Co. of Texas, Atlantic Specialty Insurance Co., Centennial Insurance Co.: Counterparty credit rating鈥攖o “BBB+” from “A-“; Financial strength rating鈥攖o “BBB+” from “A-“.