REINSURANCE FOR FREMONT GENERAL

October 16, 2000

Fremont General Corp. entered into an adverse development reinsurance agreement with Fremont Indemnity, a subsidiary of Fremont General, and XL Mid Ocean Reinsurance Ltd., a subsidiary of XL Capital Ltd. This agreement will provide coverage for the company’s workers’ compensation losses that occurred primarily on or prior to June 30, 2000, and will mitigate the impact of Fremont General’s losses recognized in the second quarter ended June 30, 2000. The agreement is subject to regulatory approval and other conditions, and is expected to close in the fourth quarter of 2000.

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