Allcity Announces Liquidation

December 31, 2001

Allcity Insurance Company announced the decision of the Empire Insurance Group, which includes the Company, its parent, Empire Insurance Company, and its affiliate, Centurion Insurance Company (collectively, the “Empire Group”), to conduct a complete and orderly liquidation of all of its operations.

As part of the Empire Group, Allcity is a property casualty insurer that formerly specialized in commercial and personal property and casualty insurance business primarily in the New York metropolitan area. The Empire Group has been exploring options for developing a new business model and strategy, and had previously announced decisions not to issue any new (as compared to renewal) insurance policies in any lines of business effective March 1, 2001, to non-renew or cancel commercial lines policies in accordance with New York Insurance law or replace them under an agreement with an unaffiliated insurance company and the Empire Group’s filing of plans of orderly withdrawal with the New York Insurance Department.

The announcement stated that, “After evaluating these options, the Empire Group has determined that it is in the best interest of its shareholders and policyholders to commence a complete and orderly liquidation of all of its operations.”

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