Acceptance, Clarendon Close On Redland Sale

July 31, 2000

Clarendon Insurance Group has completed its purchase of Redland Insurance Company from Acceptance Insurance Group. Acceptance retained all Redland assets associated with its crop insurance operations, as well as an option to repurchase Redland.

Acceptance also was appointed Redland's exclusive representative for the business Acceptance currently writes through Redland. As part of the transaction, Clarendon National Insurance Company will reinsure future Redland policies.