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ASSOCIATED INDUSTRIES INSURANCE COMPANY, INC. AWARDED B++ RATING (SECURE - VERY GOOD) BY A.M. BEST

December 20, 1999
Source: Associated Industries Insurance Services, Inc

Boca Raton Florida — Associated Industries Insurance Company, Inc. (AIIC) is pleased to announce that the company has obtained a rating from A.M. Best of B++, "Secure-Very Good." This rating places AIIC in one of the top tiers of Best ratings, which are assigned only to companies whose financial position is judged to be secure by Best. It not only represents Best’s confidence in AIIC’s financial position, but it also reflects their confidence in the strength of AIIC operations for future performance.

AIIC was originally formed as a commercial self-insurance fund regulated by the Florida Department of Insurance. Since its inception in 1987, AIIC has grown into one of the leading providers of workers’ compensation insurance in the state. In 1996, the company converted to a stock insurance company and proceeded to obtain licenses in several surrounding southeastern states. In mid-1999, AIIC formed a strategic alliance with Overseas Partners Re (OP Re), an A.M. Best A+ reinsurer.

"We are extremely pleased with this rating of B++," said Jon L. Shebel, president and CEO of AIIC, "especially since it was based upon our own merits and without the benefit of any group affiliation. The company’s strengths, both financially and operationally, were recognized by A.M. Best," he continued.

This Secure rating is supplemented by the strength of the company’s reinsurance program. In addition to OP Re, participants in AIIC’s proportional reinsurance program include Travelers, St. Paul Fire and Marine, and Motors Re. AIG provides the company with excess insurance coverage.

AIIC is a mono-line workers’ compensation carrier that markets its programs through the independent agency system. Its 1999 direct written premium volume is expected to exceed $100 million. The company is licensed in Alabama, Florida, Georgia and Mississippi, and is seeking licensure in additional southeastern states.