Cochran, Caronia & Co. Convenes Insurance Investor Conference May 21

May 20, 2003

Cochran, Caronia & Co., investment bankers to the insurance industry, will convene a conference to address critical issues facing the property and casualty insurance industry. The day- ong conference will feature interactive dialogue and analysis on timely issues such as projections on industry profitability, direction of insurance pricing, effect of reinsurance on the industry, reinsurance recoverables, loss development trends and other critical topics. Conference speakers will represent a combination of both publicly- traded and privately held companies to ensure a well-balanced market perspective for attendees. The conference will take place, May 21, 2003 from 8:30 a.m. – 5:00 p.m. EST at the Inter- Continental Central Park South, New York City.

“As the property and casualty insurance industry experiences some of the most challenging issues in decades, we have brought together high caliber companies to discuss ways to tackle the problems head on,” stated Leonard S. Caronia, co-founder and managing director of Cochran, Caronia & Co. “Ultimately, there are ways that companies can proactively prepare and succeed during uncertain times. We want to make sure that our client investors are well-positioned with their investments in the sector.”

The conference will feature five breakout sessions: Insurance Brokerage, Medical Malpractice, Professional Liability, Specialty Commercial and Reinsurance Brokerage. Presenters will discuss the state of the insurance industry, as well as the trends that are occurring within these sectors. Speakers will also offer their perspective on what the future may hold for the industry. Barry Ward, Deputy Commissioner, Ohio Insurance Department, will also discuss risk assessment and performance measurement from a regulatory perspective.

Presenting companies include: Alliant Resources, American Physicians Capital, American Wholesale Insurance, ARC Excess & Surplus, Arch Capital Group, Brown & Brown, GE Medical Protective, Hilb Rogal and Hamilton, Lancer Insurance Company, Markel Insurance Companies, Philadelphia Consolidated Holding Corp., ProAssurance Corp., RLI Corp. and Willis Re Inc.

“We are anticipating a very stimulating dialogue,” added Adam Klauber, managing director of equity research at Cochran, Caronia & Co. “The conference will provide invaluable insight from speakers who are involved, first-hand, with the day-to-day operations of their companies.”

Cochran, Caronia & Co. is offering conference proceedings via Web cast at: http://media.corporate-ir.net/media_files/event/2003/may/C&C/conference.html

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