Cover-All Technologies Enhances My Insurance Center Capabilities With InsureHiTech's Brokerage Solution Software.FAIRFIELD, N.J. -- Cover-All Technologies Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : COVR), announced it is extending its My Insurance Center capabilities by acquiring and integrating the innovative application processing functionality of InsureHiTech's Brokerage Application Processing Platform. The addition of this functionality, designed by brokers for brokers, will further enhance the ability of Cover-All's My Insurance Center to be the integrated solution of choice for the entire insurance value chain - insurance buyers, agents, brokers, wholesalers, MGA's, insurers and reinsurers. InsureHiTech is a specialty wholesale insurance brokerage for hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , private equity, technology and life sciences companies. InsureHiTech founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard A. Maloy, Jr. explained, "We developed our system over the past seven years and continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. modified the platform to increase the efficiencies within our own brokerage operations. In 2000 and 2001, we were one of the first platforms to integrate our application-processing engine with the back office systems of some large and prestigious insurers. "However, we are first and foremost focused on our insurance customers and growing our insurance business. In Cover-All we found a company that understands the insurance business and had a robust and exciting set of capabilities in My Insurance Center. Their experience and technology extends and complements our vision. We have decided to work together to integrate our functionality into My Insurance Center and implement My Insurance Center in our business. The integration is a perfect fit and provides an extremely powerful solution for the industry." Cover-All Technologies Chairman and CEO John Roblin John Roblin (June 3 1774-February 28 1813) was a farmer and political figure in Upper Canada. He was born in New Jersey in 1774. After the American Revolution, he settled in Adolphustown Township. He was elected to the 5th Parliament of Upper Canada for Lennox and Addington. added, "Cover-All is committed to helping our customers establish and sustain strategic competitive advantage. InsureHiTech and its sister company Maloy Risk Services are leaders in the brokerage and wholesaler areas of insurance. They have created a set of capabilities that utilize technology to give them cost and competitive advantages. "Cover-All's My Insurance Center is an information-based platform that is designed to optimize optimize - optimisation and enable the insurance process from insurance buyers through agents, brokers, wholesalers, MGA's, insurers, and reinsurers. The powerful new application processing functionality acquired from InsureHiTech will help our customers and prospects realize even more business benefits from My Insurance Center. "We are also very excited that Richard Maloy will be working with us to introduce these capabilities and help us continue to creatively serve the insurance marketplace." About Cover-All Technologies Inc. Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry - first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value. With our extensive insurance knowledge, our experience and our commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com. Cover-All, My Insurance Center (MIC) and Insurance Policy Database (IPD IPD Institut für Programmstrukturen und Datenorganisation IPD Investment Property Databank (UK) IPD Integrated Product Development IPD Intellectual Property Department IPD Invasive Pneumococcal Disease IPD Implicit Price Deflator ) are trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders. Statements in this press release, other than statements of historical information, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, delays in productivity programs and new product introductions, and other business factors beyond the Company's control. Those and other risks are described in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company. About InsureHiTech InsureHiTech, Inc. is a property and casualty insurance wholesale broker based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . It is one of two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Insurance Revolution. It's sister company Maloy Risk Services, Inc. based in Princeton, NJ and New York City, is owned and operated by Richard Maloy, Jr. the fifth generation of the company. In addition to brokerage operations, InsureHiTech created a leading operations and submission brokerage platform connecting all parties to an insurance transaction. |
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