A.M. Best has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-” from “a” of Personal Express Insurance Company (Personal Express) (headquartered in New York, NY). The outlook for both ratings is stable. The ratings reflect the closure of the acquisition of Personal Express by National General Holdings Corp. [NASDAQ: NGHC] from AmTrust Financial Services, Inc. [NASDAQ: AFSI]. Additionally, the ratings reflect the explicit support provided by NGHC’s subsidiary, Integon National Insurance Company (INIC), in the form of an intercompany reinsurance pooling agreement that was executed following regulatory approvals. All ratings of INIC and its affiliates are unchanged. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.