Market Overview

A.M. Best Removes From Under Review With Developing Implications and Upgrades Credit Ratings of Blackboard Specialty Insurance Company and Blackboard Insurance Company


A.M. Best has removed from under review with developing
implications and upgraded the Financial Strength Rating (FSR) to A
(Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "a" from "a-" of Blackboard Specialty Insurance
(BSIC) (formerly known as Hamilton Specialty Insurance
Company) and Blackboard Insurance Company (BIC) (formerly known
as Hamilton Insurance Company). BSIC and BIC are domiciled in
Wilmington, DE. The outlook assigned to these Credit Ratings (ratings)
is stable.

The ratings of the members of the AIG Property Casualty US Insurance
(AIG PC US) have been extended to BSIC and BIC due to the
significant level of reinsurance support provided to BSIC and BIC by National
Union Fire Insurance Company of Pittsburgh, Pa.
, the lead member of
the group. This position is further enhanced by the companies' support
of AIG PC US's business strategy with a focus on the nonadmitted and
admitted middle market commercial insurance space.

The ratings of BSIC and BIC reflect the balance sheet strength of the
members of AIG PC US, which A.M. Best categorizes as strongest, as well
as the group members' marginal operating performance, favorable business
profile and appropriate enterprise risk management.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases

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