Banknorth Establishes Captive for Roofers

June 17, 2004

Banknorth Insurance Group of Portland, Me., said it will provide a captive insurance program to RoofConnect, a national, non-profit professional roofing trade organization made up of more than 50 independent, commercial roofing companies throughout the U.S.

The captive insurance program allows customers to form their own insurance company. The captive was developed by Banknorth Insurance Group through its affiliate Northgroup Sponsored Captive Insurance Company.

“In the case of RoofConnect, their members now have access to broad coverage, and the organization benefits from the savings associated with risk management. It’s clearly a win-win for all involved,” said Geoffrey Smith, senior vice president of risk management at Banknorth Insurance Group.

“The Banknorth captive allows our members to have stability in an uncertain market,” said Jamie McAdam of RoofConnect. “We have the ability to have some control over the long term for pricing and the added benefit of potential long term savings by controlling our own losses.”

Banknorth Insurance Group, a subsidiary of Banknorth Group (NYSE: BNK) based in Portland, Maine, is the largest insurance group in New England and the 44th largest in the country, with offices throughout Maine, New Hampshire, Massachusetts, Connecticut, New York and Vermont.

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