US subsidiary of Mutual Risk Management Ltd.

The rating, which was granted on Wednesday, means the Philadelphia-based company's claims-paying ability is excellent, according to the ratings agency.

A statement from the company said the rating was based on Legion's "outstanding profitability with a five year operating ratio of 73'', adding the company was "a leading provider of alternative risk products for the middle market''.

Mutual Risk chairman Mr. Robert Mulderig and president Mr. John Kessock said in a joint statement: "We believe this will significantly increase the acceptability of Legion to our potential clients and producers.'' Mr. Mulderig said this was the first time Legion had been rated since Mutual Risk purchased the company in 1987.

Legion also holds claims-paying ability ratings of A from Standard and Poor's insurance rating service and A from Duff and Phelps Credit Rating Co.

Mutual Risk's Mutual Indemnity companies, which are this week holding their preferred stockholders annual general meeting, will hold a general session this morning at which a number of alternative market topics will be discussed.

Among the speakers at the Princess Hotel session are: "Business Insurance'' publisher Ms Kathryn McIntyre, who will speak on the alternative market; and Dean Witter Reynolds senior vice president Mr. Michael Lewis, speaking on an analyst's view of the alternative market.