CPHL Castlepoint Holdings Ltd (MM)

A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of �a-� of CastlePoint Insurance Company (CPIC) (New York) and CastlePoint Reinsurance Company, Limited (CPRe) (Bermuda) under review with negative implications. A.M. Best has also placed the ICR of �bbb-� of CastlePoint Holdings, LTD (CastlePoint) [NASDAQ: CPHL] (Bermuda) under review with negative implications. These rating actions follow CastlePoint�s announcement that CPIC and CPRe will engage in risk sharing agreements with AequiCap Insurance Company and AequiCap Program Administrators, where AequiCap Program Administrators will produce workers� compensation and commercial auto-trucking business. A.M. Best expects to resolve the under review status of each company following a revised analysis of CastlePoint�s risk profile and appetite for specialty program business. 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.