Standard Casualty

Standard Casualty Company is a 100% wholly owned subsidiary of Palm Harbor Homes, which in turn, is a wholly-owned subsidiary of Cavco Industries, Inc. (Cavco) [NASDAQ: CVCO], a leading producer of manufactured homes in the United States. Standard Casualty's primary source of gross exposure growth at present is driven by an increase in the site-built, low value dwelling business in Texas. Standard Casualty retains 30% of this business as part of a quota-share reinsurance agreement. The site-built business is separate from the larger manufactured home portfolio, the latter benefiting from the Cavco relationship. The current business profile assessment reflects the advantages obtained through the affiliation and its direct impact on the book of business. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page.