AmCOMP Announces Receipt of Nasdaq Notice Regarding Failure to Meet Continued Listing Standards; Company Intends to Request Hearing.

NORTH PALM BEACH, Fla. -- AmCOMP, Inc. (Nasdaq:AMCP) today announced that it received a Nasdaq Staff Determination letter dated August 23, 2006, indicating that the Company is not in compliance with the filing requirements for continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(14) due to its delay in filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2006. As a result, the Company's shares are subject to delisting from the Nasdaq Global Market. AmCOMP plans to request a hearing before a Nasdaq Listing Qualifications Panel to appeal the Staff Determination. Pending a decision by the Panel, AmCOMP's common stock will continue to be listed on the Nasdaq Global Market. While the Company believes it has substantial grounds to seek continued listing, there can be no assurance that the Nasdaq Listing Qualifications Panel will grant the Company's request for continued listing.

As announced on August 10, 2006, an AmCOMP employee expressed reservations about the thoroughness of disclosures made by AmCOMP to its independent auditors. On the following day, the Chairman of AmCOMP's Audit Committee commenced an investigation of the employee's statement, which included personal interviews with the employee, senior management and other employees performing accounting functions. The Chairman of the Audit Committee has advised AmCOMP's Board of Directors that to date he has encountered no evidence of any deficiency in the quality or scope of disclosures made by AmCOMP to its independent auditors. He engaged independent counsel to assist him in completing his investigation. That investigation is ongoing and its results are pending. Until such time as the matter is resolved, the Company is unable to file its Form 10-Q for the quarter ended June 30, 2006.

About AmCOMP

With roots dating back to 1982, AmCOMP Incorporated is an insurance holding company whose wholly owned subsidiaries, AmCOMP Preferred and AmCOMP Assurance, are mono-line workers' compensation insurers with products that focus on value-added services to policyholders. Currently marketing insurance policies in 11 core states and targeting small to mid-sized employers in a variety of industries, AmCOMP distributes its products through independent agencies.

Forward-looking Statements 

Statements made in this press release, including those about the Company's financial condition and results of operations and about its future plans and objectives, which are not based on historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "expect," "plans," "intend," "project," "estimate," "may," "should," "will," "continue," "potential," "forecast" and "anticipate" and similar expressions identify forward-looking statements. Any such statements involve known and unknown risks, uncertainties and other factors, including those set forth under the heading "Risk Factors" in the Company's filings with the Securities and Exchange Commission. Such factors may cause AmCOMP's actual performance, condition and achievements to be materially different than any future performance, condition and achievement set forth in this press release. All subsequent written and oral forward-looking statements attributable to AmCOMP or individuals acting on behalf of the Company are expressly qualified in their entirety by these cautionary statements. AmCOMP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.