The Seibels Bruce Group Notes Regulatory Approval to Write New Lines of Business

February 7, 2003

South Carolina-based The Seibels Bruce Group, Inc. announced that the South Carolina Department of Insurance (SC DOI) has approved the company’s request to permit its subsidiary Catawba Insurance Company (CIC) to enter the risk-bearing personal automobile and property insurance markets in South Carolina.

Seibels Bruce previously received approval from the SC DOI to write risk-bearing nonowners and tiered commercial automobile programs in South Carolina and risk-bearing commercial lines business in South Carolina, Georgia and Tennessee through CIC.

“The SC DOI’s approval will allow Seibels Bruce to offer a broader portfolio of products to the independent insurance agents who represent us in South Carolina,” Seibels Bruce president Michael Culbertson said. “We will approach the marketplace methodically and cautiously in an effort to build our sources of revenue and to provide competitive products to the independent agent. Our product development staff are working toward the introduction of a personal automobile program in the second quarter of this year and a personal property program in the third quarter.”

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