Fitch Withdraws Ratings of Delphi Financial Group

  Fitch Withdraws Ratings of Delphi Financial Group

Business Wire

CHICAGO -- December 20, 2012

Fitch Ratings has withdrawn the ratings of Delphi Financial Group, Inc. (DFG)
and its insurance subsidiaries. A complete listing of rating actions follows
at the end of this release.

Fitch has withdrawn the ratings due to insufficient information. DFG has
ceased publishing financial statements and no longer participates in the
ratings process. Therefore Fitch will no longer have sufficient information to
maintain the ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for DFG.

Delphi Financial Group, Inc. is a subsidiary of Tokio Marine & Nichido Fire.
Tokio Marine & Nichido Fire is the largest property/casualty insurer in Japan
and is the main operating subsidiary of Tokio Marine Holdings, Inc.

Fitch has withdrawn the following ratings:

Delphi Financial Group, Inc.
--Issuer Default Rating 'A-';
--Senior notes due 2020 'BBB+';
--7.376% junior subordinated notes due 2067 'BBB-'.

Reliance Standard Life Insurance Co.
First Reliance Standard Life Insurance Co.
Safety National Casualty Corp.
--IFS 'A+'.

Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Insurance Rating Methodology' (Oct. 18, 2012).

Applicable Criteria and Related Research:
Insurance Rating Methodology -- Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=692293

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analysts:
Bruce Cox (Delphi Financial Group and Life Operations), +1-312-606-2316
Director
Fitch, Inc.
70 West Madison St.
Chicago, IL 60602
or
Douglas Pawlowski (Safety National Casualty Corp.), +1-312-368-2054
Senior Director
or
Secondary Analysts:
Julie Burke, +1-312-368-3158
Managing Director
or
Martha Butler, +1-312-368-3191
Senior Director
or
Committee Chairperson:
Donald Thorpe, +1-312-606-2353
Senior Director
or
Media Relations:
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com