Greater New York Mutual Insurance Company (GNY) Insurance Company of Greater New York (Insco) Strathmore Insurance Company We are pleased to advise you that on June 21, 2004, A.M. Best Company affirmed the A+ (Superior) Policyholders' Rating of our three Companies In its rating rationale, Best said: "...The rating reflects the group's superior capitalization, sustained operating earnings and solid market position as a leading writer of commercial multi-peril business for habitational, light industrial, restaurants and office buildings in the Northeast and Mid-Atlantic region. These rating attributes are derived from the group's low underwriting leverage, conservative investment strategy and reserve philosophy. Greater New York's better than average operating performance underscores the improved pricing conditions within these urban territories, underwriting actions taken by management since 2001 and the benefits to be gained by GNY over the near term. The group benefits from its reputation and expertise in these niche markets and long standing relationships it has with its insureds and producers. A.M. Best also considers GNY's historically favorable reserve development and management's continued adherence to reserve adequacy. As for terrorism, the events of September 11th had a relatively modest impact on GNY due to the group's limited amount of business written in the effected area, as well as its significant use of reinsurance. In an effort to mitigate the risk associated associated with terrorism and to protect capitalization, Greater New York refined its underwriting guidelines by limiting the number of employees insured at any single site (worker's compensation exposure) and by reducing the limit of property insured values in Manhattan and other areas more susceptible to future acts of terrorism. Management also purchased separate terrorism reinsurance coverage to cover the majority of GNY's deductible from TRIA. This refinement in underwriting, coupled with the aforementioned factors, including price and earnings momentum, and existing level of capitalization, contribute to GNY's stable rating outlook." Through the difficult post 9/11 period, GNY was steadfast in its support of the market needs of our producers and insureds. The next time you need to place a risk, consider GNY, and call one of our experienced underwriters.