A.M. Best Withdraws A- Rating Of Global IndemnityAssurance.

OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 19, 1999--

A.M. Best Co. has withdrawn the A- (Excellent) rating of Global Indemnity Assurance Co., Burlington, Vt., at the parent company's request.

Global Indemnity is a captive insurer that previously was owned by Browning-Ferris Industries

Inc. Browning-Ferris was acquired by Allied Waste Industries Inc. on Aug. 2, 1999. The new parent's short-term strategy is to maintain Global Indemnity as a part of its insurance program, but Allied plans to use other mechanisms--such as commercial insurance, bonds, letters of credit and, if necessary, parent-company guarantees--to obtain Closure Post Closure coverage on landfills previously managed by Browning-Ferris.

The A.M. Best rating of A- (Excellent), assigned to Global Indemnity in the second quarter of 1998, reflected the company's excellent operating performance, strong capital position, management's expertise in its niche market and the financial strength and commitment of Browning-Ferris. A.M. Best placed the rating under review in August 1999, reflecting its concerns that the large amount of debt taken on to finance the Allied/Browning-Ferris transaction would reduce the financial flexibility of the combined organization. A.M. Best also was concerned about the uncertainties associated with organizational integration.

Allied Waste, a leading North American waste services company, provides collection, recycling and disposal services for residential, commercial and industrial customers. The financial strength of the captive is closely tied to the strength of the parent, as the company was established to meet the parent company's financial assurance obligations under Subtitle D of the Resource Conservation and Recovery Act.

A.M. Best plans to continue to accumulate financial information on the captive, pending finalization of a longer-term strategy for Global Indemnity.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.