Professional Underwriters in Pa. Acquired by Kronenberg

July 15, 2004

A group of private investors led by William Kronenberg, III, has completed its acquisition of designated assets of Professional Underwriters which include name, renewal rights and other undisclosed assets.

Professional Underwriters is a Trooper, Pennsylvania headquartered underwriting services company.

Professional Underwriters has 22 years experience with insurance programs, including its Textbook Program for public and private school districts and its Community Works Program for public entities.

According to John Solari, president of Professional Underwriters, “We are confident that this change in ownership will significantly increase our ability to become the preeminent provider of specialty insurance programs for agents, brokers and insureds countrywide.”

William Kronenberg, III is best known for his leadership in the environmental insurance market and is considered a pioneer by many in the field. Kronenberg said he looks forward to helping Professional Underwriters “deepen its expertise and product offerings.”

Mystic Capital Advisors Group, LLC provided advisory services on the transaction.

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