strength rating from Standard & Poor's (S&P). It is the first time the youngish company has received a rating, which it can use to market itself to clients.

"The rating is based on explicit and implicit support from American International Group Inc. (AIG) and its member companies,'' S&P stated.

"Explicit support includes a guarantee on the prompt payment of all obligations arising from policies issued by Starr Excess from National Union Fire Insurance Co. of Pittsburgh, Pennsylvania.'' National Union has a triple-`A' financial strength rating and is a wholly owned subsidiary of AIG.

Grace Osborne, S&P's rating expert on the Bermuda market, said the initial rating of Starr Excess is based wholly on the backing of AIG. Subsequent reports will contain a fuller analysis of the company's activities.

Earlier this year AIG bought up the remaining 76 percent of the shares it didn't already own in Starr Excess. The company then re-domiciled to Delaware from Bermuda.