A.M. Best Withdraws Ratings of Philmont Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of B (Fair) and the issuer credit rating of "bb+" of Philmont Insurance Company (Philmont) (Burlington, VT). The outlook for each rating is stable.

Concurrently, A.M. Best has withdrawn the ratings in response to the company’s request to no longer participate in A.M. Best’s interactive rating process.

The affirmation considers the company's critical role and favorable profile as part of the Toll Brothers, Inc. (Toll Brothers) [NYSE:TOL] organization, as well as its strong operating performance during the past five years, providing insurance coverage to various projects and subsidiaries of Toll Brothers for certain liability risks.

A.M. Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

This press release relates to rating(s) that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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Fred Eslami, +1 908-439-2200, ext. 5406

Senior Financial Analyst

fred.eslami@ambest.com

or

Christopher Sharkey, +1 908-439-2200, ext. 5159

Manager, Public Relations

christopher.sharkey@ambest.com

or

Gary A. Davis, +1 908-439-2200, ext. 5665

Assistant Vice President

gary.davis@ambest.com

or

Jim Peavy, +1 908-439-2200, ext. 5644

Assistant Vice President, Public Relations

james.peavy@ambest.com

Source: A.M. Best