Balboa Life & Casualty Wins Contract with WFS Financial

July 29, 2002

Balboa Life & Casualty, a member of the Countrywide family of diversified financial services, announced a large-scale, insurance agreement with WFS Financial Inc. The deal will result in the addition of approximately $38 million in annual insurance premiums for Balboa.

“After comprehensive analysis, we selected Balboa Life & Casualty as a preferred provider for our specialized auto insurance needs,” said Tom Wolfe, CEO of WFS Financial. “Balboa’s commitment to service, combined with their industry expertise, complements our business model and diversified product lines.”

As one of the nation’s largest independent automobile finance companies, WFS Financial specializes in the origination, securitization, and servicing of automobile contracts. Under this new agreement, Balboa will provide WFS Financial with creditor-placed insurance (CPI) coverage. This protection facilitates the transfer of credit risk off WFS.

“We’re thrilled to form a committed partnership with the industry leader in automobile finance,” said Drew Gissinger, managing director and president of Balboa Insurance Group. “This agreement highlights Balboa’s steady growth and recognition as the leader in providing critical insurance services to financial institutions.”

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