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Letter to the Editor

Bristol West to Acquire Reliant Insurance and Reliant Casualty Insurance, Expanding Non-Standard Auto Insurance Product Line

CLEVELAND, OH -- Bristol West Insurance Group has announced that its subsidiary Coast National Insurance Company has signed a definitive agreement to acquire Reliant Insurance Company and Reliant Casualty Insurance Company, including certain assets and renewal rights. The acquisition will combine leaders in non-standard auto insurance.

Reliant Insurance and Reliant Casualty Insurance are the non-standard automobile insurance operations of Reliance Insurance Company. Based in Cleveland, Ohio, the Reliant companies are licensed in 34 states.

Bristol West had approximately $240 million in gross written premiums in fiscal 2000. Its insurance companies are licensed in California, Florida, Nevada, Pennsylvania, and Texas.

The Reliant renewal rights being purchased under the agreement represent in excess of $150 million in annual gross written premiums. President and CEO Jeffrey Dailey and the management of the Reliant companies will join Bristol West following the close of the transaction, which is expected by the end of March 2001. At that time, Mr. Dailey will become the Chief Operating Officer of Bristol West. The transaction is subject to regulatory approvals.

James R. Fisher, Chairman and Interim CEO of Bristol West, said, "Due to the excellent work of Jeff Dailey and his team, Reliant Insurance and Reliant Casualty have rapidly become well-known and respected names in non-standard auto insurance. The combination of our operations will dramatically expand Bristol West's high quality product offering and allow us to offer it to customers across a significantly larger geographic area, resulting in dynamic growth. We welcome Jeff and his team, and we are excited about the prospects this transaction holds for Bristol West's future."

Mr. Dailey added, "Over the last four years at the Reliant companies, we have built one of the strongest teams in our industry, and we feel confident that joining with Bristol West will allow us to even better equip our agents to address the needs of their customers. In that regard, we are delighted to become part of Bristol West, an established and highly regarded player in the auto insurance arena, and we look forward to working with their team to leverage our franchises."

Perry Golkin, a member of Kohlberg Kravis Roberts & Co., which acquired Bristol West in 1998, said, "This transaction will allow Bristol West to capitalize on its superior product offering and customer service capabilities in order to establish itself as a national leader in the non-standard auto insurance marketplace. To that end, the combined strengths of Bristol West and the Reliant companies will provide the management team with an ideal foundation to spearhead significant growth well into the future."

Founded in 1973, Bristol West Insurance Group is today one of the largest non-standard private passenger automobile insurance underwriters in the United States.

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