CoverageCorp.com Receives $10 Million in Financing; efinanceworks LLC to Lead Round with $9 million Investment.

Business Editors

CHARLOTTE, NC and NEW YORK--(BUSINESS WIRE)--May 16, 2000

Access CoverageCorp Inc. (www.CoverageCorp.Com) "CoverageCorp.Com," a direct Internet provider of property and casualty insurance coverage for small and medium-sized businesses, and efinanceworks, LLC, the first global business accelerator focused exclusively on efinance, announced today that CoverageCorp.Com has raised $10 million in financing. efinanceworks led the round with a $9 million investment.

CoverageCorp.Com is the first company to provide a technology platform enabling small business customers to purchase property and casualty insurance policies online from multiple carriers, as well as to obtain insurance information and quotes. Through relationships with nationally known carriers such as Chubb (NYSE:CB), The St. Paul Companies (NYSE:SPC), Selective Insurance (Nasdaq:SIGI), Travelers (NYSE:TAP) and Hartford (NYSE:HIG), CoverageCorp.Com eliminates many aspects of the traditionally inefficient, paper-based process for acquiring insurance coverage. Modification and renewal of coverage, complete audits, and reporting and checking the status of claims will be facilitated by the Company's technology.

CoverageCorp.Com is also accessible directly or will re-brand with financial institutions, associations and small business portals. CoverageCorp.Com has signed a re-branding partnership with BrightLane.com.

"CoverageCorp.Com is the leading e-agency in the $80 billion small business property and casualty market, which we believe offers significant growth prospects" said Douglas M. Woodham, a Managing Director at efinanceworks. "The current small business commercial insurance market is paper-based, labor intensive and inefficient. CoverageCorp.Com provides a simple, fast and cost-effective distribution network that places small businesses in control of their insurance program. Given its relationships with leading national carriers and Internet portals, its industry-experienced management team and its first-rate technology, CoverageCorp.Com is well positioned to seize these growth opportunities." "The market for small business property and casualty insurance has traditionally been underserved. efinanceworks participation in the development of CoverageCorp.Com business will enable us to strengthen our advantages and speed our business development," said Bruce A. Flachs, Chief Executive Officer of CoverageCorp.Com. "This relationship means much more than financial capital to CoverageCorp.Com. efinanceworks also offers considerable operational expertise and key industry relationships. We look forward to working with them to enhance our technology, broaden our product offerings, and increase our customer base."

As an efinanceworks company, CoverageCorp.Com will receive value-added strategic and operational resources from efinanceworks and its founding investors, Capital Z Partners and General Atlantic Partners. In addition, efinanceworks and its founders will help CoverageCorp.Com develop further relationships and opportunities in the e-finance space and with future efinanceworks businesses. Mr. Woodham and Susan Fleming, a principal at Capital Z, will join CoverageCorp.Com's board of directors.

About efinanceworks

efinanceworks LLC is an independent company focused exclusively on the formation, support and accelerated development of efinance businesses worldwide by providing access to a combination of capital, industry expertise and business-development infrastructure. The company was founded in February, 2000, by Capital Z Financial Services Fund II, L.P., the leading private equity fund focused on the financial services industry, and General Atlantic Partners, a global, stage-independent investment firm focused exclusively on building IT, Internet and Internet-enabled businesses into global market leaders. Based in New York, the Company is developing parallel operations in London and Asia. For more information, visit www.efinanceworks.com.

About Access CoverageCorp.com

Access CoverageCorp, Inc. (CoverageCorp.Com) provides direct Internet access to a full-range of property and casualty insurance coverage for small and medium-sized businesses through nationally respected insurers. Businesses that access www.CoverageCorp.Com or its partners can obtain quotes and bind coverage online within one day, file claims, update their policy information and get advice on coverage and insurance products.