A.M. Best Affirms Ratings of Nissan Global Reinsurance, Ltd.

A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Nissan Global Reinsurance, Ltd. (NGRe) (Hamilton, Bermuda). The outlook for both ratings is stable.

The ratings reflect NGRe’s strong capitalization and conservative operating strategy. The ratings also consider the company’s critical role and favorable profile as part of the Nissan Motor Co. Ltd. (NASDAQ: NSANY), as well as its excellent operating performance since its inception in 2005.

Partially offsetting these positive rating factors are the significant exposures NGRe has to product liability, property and marine cargo claims. Additionally, the current deterioration in the financial markets and the decline in the profitability of automakers are expected to impact premium volumes and investment results.

NGRe is a single parent captive of Nissan Motor Co. Ltd., the seventh-largest automaker in the world and third-largest in Japan. NGRe operates two distinctive lines of business: (1) global property/casualty (P&C) programs for Nissan including global property (United States, Japan, Europe, Mexico and South Africa), U.S. workers’ compensation, U.S. and Japan product liability and marine transport, and (2) global platform for extended service contract (ESC) business. NGRe benefits from the group’s extensive risk management and loss control programs.

The captive operates at conservative underwriting leverage levels; however, it provides coverages with large limits, and its gross exposures per loss occurrence are therefore elevated. Nevertheless, A.M. Best recognizes the quality of the substantial financial resources and support available to the captive as part of the Nissan Motor Co. Ltd.

A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.

For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.