On May 15, 2007, Standard&Poor's Ratings Services assigned its 'A+' long-term counterparty credit and insurer financial strength ratings to Bermuda-based marine insurer Gard P&I (Bermuda) Ltd. (Gard P&I Bermuda). The outlook is stable. The ratings reflect the company's core status to the Gard group, of which the principal operating entities include Norway-based mutual protection and indemnity (P&I) association Assuranceforeningen Gard û gjensidig - (Gard P&I; A+/Stable/--) and Bermuda-based Gard Marine&Energy Ltd. (Gard M&E; A+/Stable/--). Gard P&I Bermuda is a sister mutual P&I association to Gard P&I. Under a reinsurance agreement, the Bermudian association assumes 85% of the risks of Gard P&I, whose members are the same as for the Bermudian association. Under a second reinsurance agreement,
