A.M. Best Comments on the Planned Acquisition of Hermitage Insurance Group, Inc.

  
    
  
  
    
      A.M. Best Co. has commented that the financial strength rating 
      (FSR) of B++ (Good) and issuer credit ratings (ICR) of “bbb+” 
      of Hermitage Insurance Group and its lead member, Hermitage 
      Insurance Company (Hermitage) (White Plains, NY), are unchanged 
      following the announcement that CastlePoint Holdings, LTD (Bermuda) 
      (NASDAQ: CPHL) has entered into a definitive agreement to acquire 
      Hermitage Insurance Group, Inc., an insurance holding company ultimately 
      owned by Brookfield Asset Management Inc. (Toronto, Ontario, Canada) 
      (NYSE: BAM; TSX: BAMA; EURONEXT: BAMA). The outlook for these ratings 
      remains positive.
    
    
      Concurrently, the FSR of B++ (Good) and ICR of “bbb+” 
      of Kodiak Insurance Company (West Trenton, NJ), a wholly owned 
      subsidiary of Hermitage, are unchanged. The outlook for both ratings 
      remains stable.
    
    
      The acquisition is subject to customary regulatory approvals and is 
      expected to close in December 2008.
    
    
      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 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.