Golden Bear Increases Policyholders Surplus by 40 Percent

December 17, 2002

Rupert C. Hall, president of Golden Bear Insurance Company, announced that Golden Bear increased its policyholders surplus by 40 percent.

In October of this year, Golden Bear executives had meetings with both the California Department of Insurance Financial Division and A.M. Best Company officials. At those meetings, Hall confirmed to both the Department and Best that the company would experience heavy growth in 2002-2003; in order to achieve this growth, the company would need to raise capital.

Hall stated, ” I am pleased that our Board of Directors has approved this increase in capital and surplus. Once regulators respond with final approval our annual statement will be one of the strongest in the industry.”

Golden Bear Insurance Company is a California domiciled insurer incorporated in 1978 and provides commercial insurance products exclusively through wholesale brokers with the financial backing of the world’s largest reinsurers.

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