Proformance to Acquire Insurance Business from Sentry Insurance

Business Wire, Oct 20, 2003

Business Editors

FREEHOLD TOWNSHIP, N.J.--(BUSINESS WIRE)--Oct. 20, 2003

Proformance Insurance Company today announced that it has agreed to acquire the New Jersey auto and homeowners insurance business of Sentry Insurance a Mutual Company of Stevens Point, Wisconsin in a transaction valued at $4.75 million. Sentry continues to operate in New Jersey for business insurance, which is not affected by this transaction.

Cynthia L. Codella, Executive Vice President of Proformance, described the transaction as a benefit for the policyholders and both insurance carriers. "This acquisition will provide improved coverage and in-state customer service for the 9,150 transferred New Jersey policyholders, while bringing new capital and new jobs to the Garden State, and is a further indication of Proformance's belief that New Jersey is becoming a better state in which to do personal insurance business."

As part of the transaction, the National Atlantic Insurance Agency, Inc. of Freehold, an affiliated company of Proformance, will provide normal agency customer service for the transferred customers. "We are pleased with this transaction and look forward to providing our new customers with excellent service," stated John Scanlan, president of National Atlantic. "We are proud of our service record and will provide toll free 800 telephone service as well as credit card premium payment options to our new customers. We will be adding new employee representatives to our staff to maintain our service standards to the new customers."

Proformance, which commenced business in 1994, was incorporated to provide improved auto and homeowners insurance products for New Jersey residents and does business only in New Jersey. Proformance and the National Atlantic Insurance Agency are wholly owned subsidiaries of National Atlantic Holdings Corporation, a New Jersey based corporation owned by 75 New Jersey insurance agencies. Proformance distributes its insurance products and services exclusively in New Jersey via appointed insurance agencies located throughout the state. Visit us on the web: www.proinsureco.com.