Affirmed in 2008

Paris (Standard & Poor's) June 25, 2008--Standard & Poor's Rating Services said today that it affirmed its 'AA-' long-term counterparty credit and insurer financial strength rathings on Belgian-based reinsurer Secura N.V. (Secura). The outlook is stable.
The ratings continue to primarily reflect an explicit guarantee from parent compagny KBC Insurances N.V. (AA-/Stable/--), which meets all of Standard & Poor's relevant criteria. The guarantee relates to all current and future reinsurance contracts issued by Secura and has very limited scope for termination.
The stable outlook reflects that on parent and guarantor KBC Insurance.

Rating 2007

On June 26, 2007, Standard & Poor's Ratings Services affirmed its 'AA-' long term counterparty credit and insurer financial strength ratings on Belgium-based reinsurer Secura N.V. following a review. The outlook is stable.
The ratings continue to primarily reflect an explicit guarantee from parent company KBC Insurance N.V. (AA-/Stable/--), which meets all of Standard & Poor's relevant criteria. The guarantee relates to all current and future
reinsurance contracts issued by Secura and has very limited scope for termination.
In the absence of the guarantee, the major stand-alone rating factors would be:

• Good competitive position. Although Secura remains a small player in the consolidating reinsurance industry, the company manages to leverage its expertise and its "regional player" strategic positioning to post good
  earnings. Management successfully undertook a number of actions to rebalance the company's portfolio and reduce the historic weaknesses attached to its business position. This is evidenced by the contribution
  of proportional reinsurance to total premium income, which fell to 50% in 2006 from a sizable 80% in 2003. The company's geographical spread is well diversified, with particularly strong competitive positions in the
  Benelux market.
  
• Good operating performance. Secura's operating performance has improved significantly in recent years, as demonstrated by a combined ratio of 97% and non-life ROR of 11% in 2006. Besides favorable pricing conditions, the improved operating performance also reflects management's enhanced profit focus and willingness to grow/withdraw from market or business classes if conditions so dictate. We expect, however, Secura's net combined ratio to deteriorate to about 102% in 2007, amid the exceptional impact of the Kyrill storm and intensifying market competition.
  
• Strong capital adequacy. Secura continues to benefit from strong capital adequacy, thanks to good underwriting results. Quality of capital is also good, as evidenced by shareholders funds' that accounted for 65% of the company's total adjusted capital in 2006. The forecast decline of premium volumes in 2007, coupled with retained earnings, is set to maintain capital adequacy at robust levels in 2007.

Outlook

The outlook is stable, reflecting that on parent and guarantor KBC Insurance.

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