ICAT Managers & Vulcan Capital Announce Transaction

December 5, 2005

Vulcan Capital Acquires Majority and Controlling Ownership Interest of ICAT

Boulder and Seattle — International Catastrophe Insurance Managers, LLC (ICAT) and Vulcan Capital (Vulcan) today announced Vulcan’s acquisition of a majority and controlling ownership interest of ICAT. Vulcan Capital is the private investment group of Vulcan Inc., the project and investment management company founded by investor Paul G. Allen. ICAT is a leading underwriter of property catastrophe insurance products in the United States.

“We are pleased to be working with the exceptional management team at ICAT to grow the Company’s business during a time of tremendous transformation in the property catastrophe market,” said Hoon Cho, managing director of Vulcan Capital. “We believe that ICAT’s people, underwriting discipline and skills, and market leadership represent the optimal platform to provide property catastrophe solutions to the marketplace – from policyholders seeking to renew or establish coverage to our insurance and reinsurance partners.”

“ICAT and Vulcan Capital have discussed ways to work together for almost two years,” said Jack Graham, ICAT’s founder and chief executive officer. “We know each other well and our interests are fully aligned. Our industry has a very high need for additional insurance capital as a result of the losses generated during the past two storm seasons. We are working to expand our underwriting capacity to capitalize on the opportunities being presented by the market. We believe that the timing of this transaction will serve ICAT, Vulcan Capital, our producers and our policyholders very well.”

Graham founded ICAT in 1998 and will continue as CEO. W. Marston Becker will become Chairman of the Board. Becker has been a member of ICAT’s Advisory Council since 1999. “Marty’s knowledge of ICAT and our industry is important to us,” said Graham. “He and I are excited about our partnership with Vulcan Capital and the formalization of a working relationship between us.” Becker was Chief Executive Officer of Orion Capital Corporation through the sale of Orion to Royal Sun Alliance and has held numerous executive positions in the insurance industry during his 30-year career.

Greenhill & Co. served as financial advisor to Vulcan Capital in connection with this transaction.

About ICAT
ICAT was formed in 1998 and has grown to be one of the nation’s top 100 brokers. The company has in-force premiums in excess of $135 million and operates as a general agent in 38 states. The company specializes in providing catastrophe peril coverage to small and middle market businesses located in catastrophe-exposed regions of the United States. ICAT’s business is produced exclusively through licensed insurance agents and brokers. Visit ICAT online at www.icat.com.

About Vulcan Capital
Vulcan Capital is the private investment group of Vulcan Inc., the project and investment management company founded by Paul G. Allen in 1986 to manage his personal and professional endeavors. Vulcan Capital oversees a multibillion dollar portfolio across diverse industry sectors and investment asset classes. Investments range form early stage venture investments to public entity value investing, leveraged buyouts, acquisitions, and distressed situations. Vulcan Capital’s mission is to produce superior returns over the long-term across a diversified investment portfolio. Visit Vulcan Capital online at capital.vulcan.com.

For more information, press only:
John Beck, ICAT
(303) 583-1294, jbeck@icat.com

Jason J. Hunke, Vulcan Capital
(206) 342-2000, jasonh@vulcan.com

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