FRONTIER TO SELL REGENCY

May 29, 2000

Frontier Insurance Group has entered into a definitive agreement to sell Regency Insurance Company to Tomoka Re Holdings Inc., an affiliate of Tower Hill Insurance Group. Located in Charlotte, N.C., Regency underwrites specialty personal lines and markets nonstandard auto and homeowners. Harry W. Rhulen, Frontier’s president and CEO, said the sale is part of the company’s “Corrective Action Plan.” Frontier Insurance Group Inc. announced a net loss of $13.6 million for its first quarter 2000 unaudited results, compared to net income of $13.1 million for the first quarter of 1999.

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