Ward-U.S. Risk Acquires Ward North America Subs

March 8, 2004

Ward-U.S. Risk LLC, a newly formed corporation, acquired Ward North America, Spectrum Managed Care and SubroNet from Ward North America Holding Inc.

Jeffrey Ward, president and CEO of Ward-U.S. Risk LLC, announced the transaction, which involved a buyout by Dallas-based U.S. Risk Insurance Group Inc., Tobat Capital LLC, and Jeffrey Ward.

Ward North America will continue providing an integrated outsourced claims management solution to the insurance and alternative risk markets through 35 branch locations nationwide. Spectrum Managed Care will service insurance carriers and risk management accounts providing case management and other managed care services. SubroNet will focus on subrogation and deductible recovery services.

Jeffrey Ward stated, “In this new venture with U.S. Risk, we have enhanced our growth opportunities and financial strength. We will realize numerous synergies, which are important in maintaining our professional services at their highest level. This transaction is very positive news for both our staff and customers.”

Randall Goss, chairman of U.S.Risk Insurance Group, will assume the role of chairman of this new entity. Goss commented, “We are very pleased at this integration of Ward. This is a significant new opportunity for us and will increase and enhance the operations of U.S. Risk Insurance Group Inc. There will be substantial benefits for clients of both Ward and U.S. Risk, and we are pleased to be able to enhance customer service in this regard.”

U.S. Risk is a specialty lines underwriting manager, wholesale broker, and claims manager headquartered in Dallas. With six operating divisions, U.S.Risk provides underwriting, brokerage, financial services, risk management and claims management services.

The combined operations of U.S. Risk will now exceed $75,000,000 in revenue, have over 750 employees, and will operate from 55 offices across the United States and one office in London.

Tobat Capital LLC is a private equity investor based in Dallas, Texas. Tobat’s e-Financial Ventures I Fund concentrates on insurance and financial services related investments.

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