Insurance News

Liberty Mutual Downgraded After Safeco Acquisition

After completing the $6.2 billion acquisition of Seattle-based Safeco Corp. yesterday, Liberty
Mutual’s Issuer Default and Insurer Financial Strength ratings were downgraded by Fitch Ratings
today.

Liberty Mutual’s IDR ratings were downgraded to ‘BBB’ from ‘BBB+’, and the IFS ratings were
lowered to ‘A-‘ from ‘A.’

The actions reflect Fitch's concerns about “the post-acquisition capitalization of Liberty Mutual’s
and Safeco’s operating companies, integration and execution risk derived from the acquisition, first
half 2008 premium growth that Fitch views as generally higher than that of peers, and moderately
higher consolidated financial leverage resulting from financing the transaction,” the company said.

Tosca Brady as Member of Renaissance Alliance
Membership will afford additional benefits to clients

Brockton, MA (Sept 1, 2008) ― Tosca Brady, a full service insurance agency, announced that it
has become a member of the prestigious Renaissance Alliance, a coalition of independent
agencies, insurers, and service providers.

Of the membership, Dawn Tosca states, "While Tosca Brady Insurance maintains full autonomy as
an independent agency, being part of Renaissance Alliance affords access to additional insurers
and insurance products, as well as shared administrative services and technologies. We are now
able to provide our clients with a level of products, service and expertise associated with the largest
of regional brokers, while delivering local personalized service."

J. Bruce Cochrane, President of the Renaissance Group, states that, "Tosca Brady is one of the
highest performing agencies in its class. Renaissance Alliance recruits and accepts only the most
forward-looking and progressive members who are committed to impeccable standards of integrity,
service, and excellence. We are delighted to welcome Agency Name Insurance into our ranks."

Tosca Brady Insurance is a full-service independent insurance agency, established in 1982 by two
insurance-industry veterans with decades of experience. They offer a full complement of
insurance products for both businesses and individuals in Your state.

About Renaissance Alliance: www.renaissanceins.com - Renaissance Alliance is a constellation of
carefully selected independent agencies, insurers, and vendors leveraging their considerable
combined expertise to deliver "Best in Business" insurance services and products. Membership
currently includes 57 agencies and 30 insurance companies. Renaissance Alliance is administered
by Renaissance Alliance Insurance Services, LLC, member company of the Renaissance Group,
with headquarters in Wellesley, MA.

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