A.M. Best Withdraws Rating of Insurance Corporation of Newfoundland Due to Merger

    OLDWICK, N.J., March 19 /CNW/ - A.M. Best Co. has withdrawn the financial
strength rating (FSR) of B++ (Good) and assigned a category of NR-5 (Not
Formally Followed) to Insurance Corporation of Newfoundland Limited (ICON)
(Newfoundland, Canada).

    This rating action is a result of ICON's amalgamation into its sister
company, AXA General Insurance Company (AXA General) (Ontario, Canada),
formerly Anglo Canada General Insurance Company. AXA General is a wholly owned
subsidiary of AXA Assurances Inc. (Quebec), which is wholly owned by AXA
Canada Inc. (Quebec). The amalgamation of ICON into AXA General became
effective January 1, 2007.

    For Best's Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.

    Founded in 1899, A.M. Best Company is a full-service credit rating
organization dedicated to serving the financial services industries, including
the banking and insurance sectors. For more information, visit www.ambest.com.

For further information:

For further information: A.M. Best Company Charles Huber, 908-439-2200
ext. 5122 (Analysts) charles.huber@ambest.com Jim Peavy, 908-439-2200 ext.
5644 (Public Relations) james.peavy@ambest.com Joseph Burtone, 908-439-2200
ext. 5125 joseph.burtone@ambest.com Rachelle Morrow, 908-439-2200 ext. 5378

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