Armstrong/Robitaille Insurance to Acquire Knight Insurance Agency.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Dec. 3, 2003

UBOC Insurance, Inc., a wholly owned subsidiary of Union Bank of California, N.A., today announced that Armstrong/Robitaille Insurance Services has signed a definitive agreement to acquire Knight Insurance Agency. Armstrong/Robitaille is a wholly owned subsidiary of UBOC Insurance, Inc. Terms of the deal were not disclosed.

The pending purchase reflects Union Bank's desire to broaden its insurance product offerings through strategic acquisitions of well-established brokerages, as well as through its subsidiaries' acquisitions. Knight is Armstrong/Robitaille's first purchase since Union Bank bought the Fullerton, California-based agency in 2001. "In Knight Insurance, we have found an ideal partner with a fast growing business and a sophisticated knowledge of the insurance needs of small and mid-sized companies," said Brett A. Borisoff, president of Armstrong/Robitaille. "This acquisition will give Armstrong/Robitaille a strong presence in the Glendale and Pasadena areas, which will continue to be an important geographic market for the company."

Founded in 1922, Glendale, California-based Knight Insurance Agency offers a wide range of business, personal and life/health coverage including: group health benefits, general liability, worker's compensation, employment practices liability, property, professional liability and executive protection liability. The firm works with more than 100 of the top national and international insurers including: AIG, Chubb, Fireman's Fund, Golden Eagle, Hartford, St. Paul, Safeco, Blue Cross/Blue Shield, PacifiCare, MetLife and Mercury.

"Since Armstrong/Robitaille and Knight Insurance have similar corporate cultures and values -- as well as complementary products -- we will not only gain an advantage in the marketplace, but also provide greater opportunity for our many fine employees," said Paul Furlong, president of Knight Insurance. "These factors will also translate into clients gaining greater access to an even broader range of highly competitive products and services," said Knight Insurance Vice President Manny Mashhoud.

UBOC Insurance president and CEO Dale Jansen's view is that the Knight acquisition is a key milestone for Union Bank. "Our strategy is to grow the insurance side of the business, particularly through the acquisition of highly successful brokerages. The fact that Armstrong/Robitaille is able to execute the purchase of an agency such as Knight Insurance indicates that their business is growing, which reflects positively on Union Bank," said Jansen.

Armstrong/Robitaille Insurance Services -- Background

Founded in 1979, Armstrong/Robitaille is one of the top insurance brokers in the United States. It offers an extensive array of cost-effective risk management services and insurance products to small and mid-sized companies. In addition to insurance, Armstrong/Robitaille's risk management services include individually tailored claims management, in-house loss control, and human resources consulting.

UBOC Insurance, Inc. -- Background

UBOC Insurance, Inc., a wholly owned subsidiary of Union Bank of California, N.A., was formed in 2001 to establish an insurance business within Union Bank of California, one of the state's largest commercial banks. UBOC Insurance provides risk management and insurance products to a wide range of businesses, from small commercial firms to mid-sized companies to large national and international entities. Since its inception, UBOC Insurance has purchased three privately owned regional brokerages -- John Burnham & Co., Tanner Insurance Brokers, Inc. and Armstrong/Robitaille Insurance Services -- in an effort to gain a foothold in the state's important business insurance market.

Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $42.6 billion at September 30, 2003. Its primary subsidiary, Union Bank of California, N.A., has 278 banking offices in California, 4 banking offices in Oregon and Washington and 20 international facilities. The company's Web site is located at www.uboc.com.