AMS Holding Group Announces Reorganization.

News Editors

BEDFORD, N.H.--(BUSINESS WIRE)--Feb. 21, 2001

AMS Holding Group, a leading provider of software and information services to the property and casualty insurance industry, today announced that it is reorganizing its operations into four distinct business units. Stephen Friedman, Chairman of the Board of AMS Holding Group, said, "The reorganization will empower each of the four businesses to respond to customer needs more effectively."

AMS Services, the first and largest of the four business units, is a leading provider of agency management systems, serving more than 9,000 independent insurance agencies and brokers across the United States. Mr. Friedman announced that Loren Parsons has been promoted to CEO of AMS Services in addition to his current responsibilities as the unit's President. "Loren is a proven manager and a strong leader. He has done a superb job of strengthening the AMS Services business," said Mr. Friedman. "We are fortunate to have a person of his caliber assuming the additional responsibilities of CEO."

AMS Rating Services, TowerStreet and Insurance Information Exchange (iiX) will be combined to form the second of the four business units, a new company focused on point of sale products and services to both agents and carriers. Frank Amoruso, who is currently President of the AMS Rating Services business, has been promoted to CEO of the new company.

AMS Rating Services is a national provider of accurate, comprehensive rate sets to the P&C industry. TowerStreet is an initiative focused on developing Internet-based products and services for the insurance community. iiX is a leading provider of comprehensive underwriting information used by agents and carriers. "In combining these units, we will provide innovative point of sale solutions to both agents and carriers. We are very pleased that Frank Amoruso is leading this effort," said Mr. Friedman.

The third business unit, Silver Plume, is a leading distributor of insurance and risk-related content to the insurance industry. Christina Herman, who is currently President of Silver Plume, has been promoted to CEO and will continue to lead the business unit.

The fourth business unit, Allenbrook, which provides policy administration software and consulting services to P&C insurance carriers, will continue to be led by Euan Menzies as its CEO.

Mr. Menzies, who is also currently COO of AMS Holding Group, will be promoted to the position of Acting CEO of AMS Holding Group. Each of the operating unit CEOs will report to Mr. Menzies. In addition, Mr. Menzies, Mr. Parsons and Mr. Amoruso will form an executive committee chaired by Mr. Menzies that will report directly to the Board of Directors.

Kenneth Benvenuto, the current CEO of AMS Holding Group, has resigned from the company to pursue other business interests. "We thank Ken for the leadership he has provided over the past three years. He has been instrumental in building AMS Holding Group into a leading technology vendor in the industry," said Mr. Friedman.