Centris to Review Proposal From HCC.

COSTA MESA, Calif.--(BUSINESS WIRE)--Jan. 12, 1999--The Centris Group Inc. (NYSE:CGE) Tuesday announced that it had received an unsolicited proposal from HCC Insurance Holdings Inc. ("HCC") to acquire 100 percent of the currently outstanding common stock of Centris at a price of $13.25 per share in cash.

In its proposal, HCC indicated that its offer was based on public information, and that it was prepared to consider increasing its offer price to acquire Centris if it was demonstrated, through the due diligence process, that a higher cash price was justified.

Centris also announced that it intends promptly to call a meeting of its board of directors to consider the HCC proposal, and would make additional information available to the public after the board has had sufficient opportunity to consider this matter and has received the advice of its financial advisers and legal counsel.

Centris noted that any transaction involving the transfer of control of Centris would require the prior approval of several state insurance departments.

The Centris Group operates complementary businesses based on its expertise in the handling of specialized risk. It is a market leader in medical stop-loss coverages that produce revenues from both premiums and fees.

Centris is also a provider of property/casualty reinsurance; excess and surplus lines insurance; special risk accident and health insurance products; and reinsurance intermediary services. Other specialized risk operations include claim review; premium and claim auditing; medical technology and treatment assessment; and runoff management.

Among the most highly rated companies in its markets, The Centris Group conducts business both nationally and internationally through USBenefits Insurance Services Inc., INTERRA Inc., USF RE INSURANCE COMPANY, USF Insurance Co., Seaboard Life Insurance Co. (USA) and VASA North America Inc. and its subsidiaries.

Centris' insurance operations are rated "A" and "A-" (Excellent) by A.M. Best Company and USF RE is assigned a claims paying ability rating of Aq (Good) by Standard & Poor's.

For more information on The Centris Group via facsimile at no cost, call 800/PRO-INFO and dial client code "CGE," or visit the company's Web site at www.thecentrisgroup.com.

Forward-Looking Statements

Some of the statements included within this release that are not historical facts may be considered to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and therefore are subject to certain risks and uncertainties which could cause the actual results to differ materially from those suggested by such statements. Such risks and uncertainties include, but are not limited to the following: catastrophic losses or a material aggregation of such losses in the company's insurance lines; changes in federal or state law affecting an employer's ability to self-insure or other adverse regulatory changes; the adequacy of the company's reinsurance program; general economic conditions in this country or abroad; adverse developments in the securities markets and their impact on the company's investment portfolio; the effects of competitive market pressures within the medical lines or property/casualty marketplaces; the effect of changes required by generally accepted accounting practices or statutory accounting practices; and other risks which are described from time to time in the company's filings with the Securities and Exchange Commission. The words "believes," "anticipates," "expects" and similar expressions are intended to identify forward-looking statements.