Atlantic Mutual and The EMEK Group Announce Web-Based Insurance Service for Tech Firms.

MADISON, N.J.--(BUSINESS WIRE)--June 30, 1998--

High-Tech Start-Ups In New York Can Buy Coverage, Report Claims on the Web

Atlantic Mutual Companies and The EMEK Group of New York City, announced today they have teamed up to bring the award-winning InsurePoint on-line insurance electronic storefront to New York-based technology firms.

New York, the sixth state to offer InsurePoint, was selected because of the strength of its technology industry.

"Technology firms are attracted to New York because the there is so much venture capital available here. In fact, most technology firms are located near Wall Street in an area called Silicon Alley," said Sharon Emek, president of EMEK. "Plus, business is booming in New York. Where business is booming, there's always a need for technology companies."

Growing technology firms often have difficulty quickly identifying the best property and casualty insurance at an affordable price. It can be hard for them to gain the attention of traditional insurance companies because of the smaller premiums they represent. And often they cannot find insurers or agents who understand their business.

Atlantic and EMEK now offer full-service insurance solutions for these companies on-line, at www.insurepoint.com.

InsurePoint offers fast and secure service for policyholders, as well as valuable loss control advice specific to high-technology businesses. The advantages of InsurePoint include simple, reliable application for coverage; insurance quotes within two business days; secure payment processing using Cybercash secure payment technology; on-line claims reporting; loss prevention advice; policy renewal; instant confirmation of all transactions; on-line access to customer service representatives and claims personnel; and access to the InsurePoint Forum, which offers cutting-edge business advice to startup high-tech firms from nationally recognized consultants.

Open for business 24 hours a day, seven days a week, technology firms can complete an application at their convenience, receive a quote within two business days, accept the quote, and even pay for the policy all through the web site. Available coverages include property, general liability, and errors & omissions coverage.

Last fall, when the InsurePoint web site won Risk & Insurance magazine's "New Product of the Year" award -- and EMEK was approached by several New York startup technology firms looking for coverage -- it was clear that InsurePoint would be perfectly suited for New York-based businesses.

"This system solves a very difficult problem," said Emek. "These fast-growing startup firms are vital to New York's economy, but they are not being served well by the traditional insurance-buying process. This electronic storefront meets their needs because owners of these businesses do not have much time to spend buying insurance through traditional correspondence channels."

"InsurePoint cuts the application process from hours to minutes, and the whole buying process from weeks to just a few days," said Jeff Behm, Atlantic's manager of electronic commerce. "Our goal was to make InsurePoint as user friendly as possible using the most advanced internet technology out there. These companies are comfortable operating on the Internet and, given the time-consuming process required to search for appropriate insurance, this on-line service makes insurance selection and maintenance much more efficient."

Dennis Sellers, vice president, chief underwriting officer at Atlantic and the executive leading the company's electronic commerce efforts, said InsurePoint "signals a dramatic shift in the way our customers can expect to do business with us. Excellence in customer service is easy to talk about, yet most of the technological improvements made by insurers today are internally focused. InsurePoint uses technology to improve the buying process for the customer."

Launched last June in California, InsurePoint has been successfully selling coverages on-line ever since. The nation's first full-service on-line business insurance service, InsurePoint was co-founded by Robert L. Davidson of South Pasadena-based Bolton & Co., and Atlantic Mutual as a joint internet venture. Atlantic Mutual and Bolton are veterans of the technology insurance industry. Atlantic Mutual was also the first property & casualty insurer to offer secure, instant on-line payment featuring Cybercash technology. InsurePoint will be available in most states by the end of 1998.

Every service offered through InsurePoint is backed by toll-free telephone lines able to connect customers and prospects with agents and insurers who can help them. Customers can also e-mail or fax their questions.

The Atlantic Mutual Companies (Atlantic Mutual Insurance Company and Centennial Insurance Company) provide personal, marine and commercial property and casualty insurance through independent agents and brokers. Founded in New York City in 1842, Atlantic Mutual has offices throughout the United States, and in cyberspace.

Atlantic Mutual's corporate web site can be found at www.atlanticmutual.com, Bolton & Company's at www.boltonco.com, InsurePoint at www.insurepoint.com, and EMEK at www.theemekgroup.com. Or, contact Barbara DeMarco of The EMEK Group at 212-227-9500, ext. 488, or by e-mail at [e-mail]. Also, Rick Hernandez, New York Marketing Center Manager of Atlantic Mutual, at 212-618-0228 or by e-mail at [e-mail].

    CONTACT: Atlantic Mutual Companies
              William Murphy, Vice President-Communications
              973-408-6201
               or
              Brouillard Communications
              Greg Euston
              212-210-8964