Fitch Dwngrs IFS Rtg on Worldwide and Worldwide Auto, Removes Watch and Wthdrs Rtgs.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 23, 2003

Fitch Ratings downgrades the insurer financial strength ratings of Worldwide Insurance Company (Worldwide Insurance) and Worldwide Direct Auto Insurance Company (Worldwide Auto) to 'BBB-' from 'A+' and removes the ratings

On January 27, 2003, Great American Insurance Company (Great American) announced its intention to sell its two direct automobile insurance subsidiaries, Worldwide Insurance and Worldwide Auto to Direct Response Corporation's Response Insurance subsidiary. The sale was completed on April 25, 2003 with Direct Response Corporation paying Great American $32.3 million, which represented the value of the surplus of the two operations, as of February 28, 2003, plus $17 million.

The rationale for the rating downgrade relates to Direct Response Corporation being a less diverse organization with a limited financial history and weaker financial position than American Financial Group (AFG), Worldwide Insurance and Worldwide Auto's previous parent company. Fitch has not assigned any ratings to Direct Response Corporation or any of its subsidiaries, as of the time of this release.

Response Insurance Group was formed in 1995 by an investor group led by Morgan Stanley Dean Witter Capital Partners. The company's focused on providing direct automobile insurance. The operations are licensed in 48 states, however, as of the end of 2002, premiums written were concentrated in NY and CT, 76% of direct premiums written. The group reported net written premium of $57.5 million and policyholders' surplus of $71.6 million at year-end 2002.

Note: The ratings are based on publicly available information.

The following ratings are affected by the action:

Entity/Issue/Type Action Rating

Worldwide Insurance Co.

-- Insurer financial strength Downgrade and Withdraw Rating

'BBB-'.

Worldwide Direct Automobile Insurance Co.

-- Insurer financial strength Downgrade and Withdraw Rating

'BBB-'.