Torquest Partners, Other Investors Acquire Gerllng’s Canadian P/C Operations

July 1, 2003

Torquest Partners Inc., Newport Partners Inc., CIBC Capital Partners, a division of Canadian Imperial Bank of Commerce, and company senior management (the Investors) announced that they have acquired Gerling Canada Insurance Company.

“The Investors own all of the shares of the company, which was a subsidiary of Gerling-Konzern Allgemeine Versicherungs-AG based in Cologne, Germany,” said the bulletin. “The acquisition was made by GCAN Holdings, Inc., a company created by the Investors and whose board is controlled by Torquest.” It focuses on commercial and industrial insurance written through a network of independent brokers. In 2002, GCAN wrote C$206 million (US$153 million) in gross premiums. It employs 113 people in Toronto, Montreal, Calgary and Vancouver. Gerling Canada will be renamed GCAN.

“Under our new ownership, management will continue in their current roles and there will be no change in the relationship with our existing network of brokers and their clients,” stated GCAN President Andy Henke. “We will continue to work closely with the Canadian and international reinsurance markets. We appreciate the ongoing support of all partners and look forward to maintaining these important relationships.”

The bulletin noted that “GCAN, which was the Canadian primary property and casualty operation of the Gerling Group, has operated autonomously for many years and maintains a distinct market presence within its selected commercial lines in Canada. The Investors plan to keep GCAN’s focus, strategy and product offerings consistent.”

Brent Belzberg, Managing Partner, of Torquest stated: “GCAN represents an exciting new opportunity for the investor group to support an excellent management team with an impressive track record and reputation. We are pleased to be establishing Canadian ownership of one of the finest property and casualty insurance companies in the country.”

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