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ISSUED: 8/24/2001 FOR IMMEDIATE RELEASE

FRONTIER INSURANCE COMPANY AGREES TO VOLUNTARY REHABILITATION

The New York State Insurance Department and Frontier Insurance Company have reached an agreement for Frontier to enter into voluntary rehabilitation. By a vote of the board of directors, Frontier consented to entry of an order of rehabilitation pursuant to Article 74 of the New York State Insurance Law. Upon approval of the rehabilitation by the New York State Supreme Court in New York County, the Department will take control of the property casualty insurance company.

Rehabilitation involves the Superintendent taking possession of the property of the insurer, conducting its business, and taking steps toward the removal of the causes and conditions that have made the rehabilitation proceeding necessary.

Employees of Frontier will continue to be employed in their current positions pending a full review of operations by the Superintendent. Additionally, all insurance policies and other contracts of Frontier will remain in force.

Department of Financial Services

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