Highlands Insurance Group Sees Improved Third Quarter Results

November 1, 2000

Highlands Insurance Group, a property and casualty insurer, today reported net income of $3.0 million for the third quarter compared with a net loss of $3.3 million for the same quarter 1999. Year-to-date net income for 2000 was $8.5 million compared with net income of $2.2 million in 1999.

After-tax net operating income for the third quarter of 2000 amounted to $3.1 million or $.23 per diluted share, exclusive of after-tax net realized investment losses of $86,000. This compares with an after-tax net operating loss of $4.0 million or $.30 per diluted share, exclusive of after-tax net realized investment gains of $669,500 in 1999.

Year-to-date after-tax net operating income for 2000 was $8.0 million, exclusive of after-tax net realized investment gains of $537,000, compared with after- tax net operating income of $392,000, exclusive of after-tax net realized investment gains of $1.8 million in 1999.

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