Preserver Group Extends Tender Offer Deadline

Preserver Group, Inc. announced that it will extend the expiration date of its cash tender offer for all of its shares of common stock which was set to expire on February 14 to 5:00 p.m. New York City time on February 28, 2002.

The company explained that, “the extension is required in order to address comments received by the Company from the Securities and Exchange Commission to the previously filed tender offer documents.” It is preparing amendments to the tender offer documents and will “mail additional materials to Company shareholders as soon as possible to address those comments.”

Preserver Group includes Preserver Insurance Company, which writes small commercial and homeowners insurance presently in New Jersey, Mountain Valley Indemnity Company, which writes small and mid-sized commercial insurance presently in New England and New York, American Colonial Insurance Company which plans to commence operations in New York in 2002, writing commercial lines in tandem with Mountain Valley, Motor Club of America Insurance Company which writes personal automobile insurance in New Jersey, and North East Insurance Company which writes personal automobile and small commercial lines insurance in the State of Maine.

It announced the tender offer last January 15 providing for shareholders to receive $7.75 in cash for their shares in a transaction aimed at eventually privatizing the company.