A.M. Best Affirms Ratings of General Fidelity Insurance Company and General Fidelity Life Insurance Company

OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has affirmed the financial strength ratings of A- (Excellent) and
issuer credit ratings of "a-" of General Fidelity Insurance Company (GFIC) and
General Fidelity Life Insurance Company (GFLIC) (both of South Carolina). The
outlook for the ratings of GFIC is stable, while the outlook for the ratings of
GFLIC is negative. Both companies are directly owned by the Bank of America
Insurance Group Inc., which is ultimately owned by Bank of America Corporation
(BAC) [NYSE: BAC].

The ratings reflect GFIC adequate capitalization, as well as the benefits
afforded by being a subsidiary of BAC, which ranks among the largest bank
holding companies in the United States.

These positive rating factors are partially offset by the inherent risk
associated with the recent surge in premium writings and exposures, as well as
the notable challenges inherent in entering new markets and lines of business,
as depicted in 2008. The ratings also take into account the financial pressures
that currently exist at BAC. Nevertheless, GFIC`s rating outlook is based upon
management`s intent to adhere to strict underwriting fundamentals and the
maintenance of capitalization levels that are commensurate with the current
ratings.

The continuation of the negative outlook for GFLIC recognizes its modest direct
premium activity. Negative direct premiums were reported until 2007 due to the
run-off of the previous credit insurance business. Over the past two years,
GFLIC has developed assumed credit business through a reinsurance arrangement
with MBNA Canada and Assurant Inc. (Delaware). Continued development of
international reinsurance is anticipated through the operations of BAC. GFLIC`s
risk-adjusted capitalization remains more than adequate relative to its
investment and insurance risks and will support increased business activity.

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

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.

A.M. Best Company
Analysts:
Joel Silverthorn-P/C, 908-439-2200, ext. 5120
joel.silverthorn@ambest.com
or
Andrew Gold-L/H, 908-439-2200, ext. 5487
andrew.gold@ambest.com
or
Public Relations:
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com

Copyright Business Wire 2009