Frontier Insurance Group Sells Regency Insurance Co.

May 19, 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 non-standard auto and homeowners. The sale of Regency is subject to regulatory approval.

Harry W. Rhulen, Frontier’s president and CEO said the sale is part of the company’s “Corrective Action Plan.”

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