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

OLDWICK, N.J.--(Business Wire)--
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.

A.M. Best Co.
Analysts:
Fred Eslami, 908-439-2200, ext. 5406
fred.eslami@ambest.com
or
Steven Chirico, CPA, 908-439-2200, ext. 5087
steven.chirico@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