The merger of Delphi Financial Group (Reliance Standard's parent company) into Tokio Marine Holdings closed yesterday, May 15, 2012. Tokio Marine is the largest property and casualty insurer in Japan and a global insurance group with assets of $200 billion. Post acquisition, Reliance Standard will continue to operate as a first class enterprise with a reputation for growth and profitability while maintaining a high degree of consistency during difficult economic times.
Tokio Marine can be the catalyst for a new era of growth and opportunity at Reliance Standard. Their financial strength and ratings profile, their network of global relationships, and their access to capital can potentially leverage Reliance Standard's strengths to new orders of magnitude. I speak for our entire team in affirming how pleased we are to be embarking on this new and exciting partnership. As a result of the merger, Fitch Ratings has upgraded the Insurer Financial Strength rating of Reliance Standard from "A-" to "A+" and has changed the ratings outlook from positive to stable. We expect upgrades from the other rating agencies as well. I would like to recognize and thank the agencies and producers that have contributed to the growth and profitability of our Annuity Line here at Reliance Standard over the years and we look forward to expanding our relationships with you and your firm. Should you have any questions regarding the merger or any other issues, please contact the Annuity Sales Desk at 800-351-7500 x 3696. 
David M. Whitehead
Vice President, Accumulation Products Marketing
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