Gulf Insurance Group and Frontier Insurance Group Reach Agreement

July 21, 2000

Gulf Insurance Group and Frontier Insurance Group have reached an agreement in principle whereby Gulf Insurance Company and its subsidiaries will acquire the renewal rights to Frontier’s environmental, excess and surplus lines casualty businesses and certain classes of surety.

The agreement includes the transfer of certain key staff from Frontier to Gulf. Specific terms of the agreement in principle were not disclosed. Gulf Insurance Group offers over 100 products and programs backed by an A.M. Best rating of A+ (superior), and a Standard & Poor’s rating of AA (very strong).

Frontier Insurance Group is a holding company consisting of a mutual fund of insurance products and related services for specialty producers. Through its subsidiaries, Frontier is a national underwriter and creator of specialty insurance programs serving the needs of insureds in niche markets.

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