National Press Release

BERKELEY HEIGHTS, N.J., Aug. 1 /PRNewswire/ -- A subsidiary of Palisades Safety and Insurance Association ("Palisades") announced today it acquired the National Atlantic Holdings Corporation, including its subsidiary, The Proformance Insurance Company ("Proformance"). Palisades is now the largest independent agency writer of automobile insurance in New Jersey.

"The acquisition of Proformance provides Palisades and its independent agents with the opportunity to expand product offerings beyond private passenger auto. It also expands our network of agents and a pool of talented employees that will allow us to compete in a very competitive market for New Jersey customers," said President and CEO, Ed Fernandez. "Adding to our already successful auto product, we will now provide customers and agents with personal umbrella coverage, a homeowner package, and a commercial auto product," said Fernandez.

Palisades has an extraordinary customer service record with the lowest average complaint ratio for auto insurance companies ranked by the New Jersey Department of Banking and Insurance* in each of the past five years. Palisades maintains a 97% claims satisfaction level due to 24/7 claims reporting, innovative claim services that include its pioneering Door to Door Valet Claim Service(SM) and Crashbusters(R) mobile claims settlement service. "Proformance customers and agents will immediately benefit from these as well as our other exceptional services," said Fernandez.

Palisades will maintain a presence in Freehold, New Jersey as well as continue to operate from Berkeley Heights.

Palisades maintains a strong local presence and commitment to New Jersey drivers and the independent agent channel. The synergies and economies of scale created by the acquisition will lower costs which will benefit customers.

Keefe, Bruyette & Woods, Inc. is acting as financial advisor to Palisades in this transaction.

About Palisades

Palisades (Palisades.Com) is the nice New Jersey car insurance company that gives you more. Drivers and agents get more reasons to smile with more value, friendly New Jersey expertise, and service done right. Palisades sells exclusively through over 300 independent agents and is a leader in the fast settlement of claims. Insurance is underwritten by Palisades Safety and Insurance Association, Palisades Insurance Company and Palisades Property and Casualty Insurance Company. Palisades Safety and Insurance Management Corporation is a Plymouth Rock managed company. The Plymouth Rock Companies write and manage more than $1 billion in personal and commercial auto and homeowner's insurance across the Northeast.

*Source: Based on the NJ Department of Banking and Insurance Auto Insurance Consumer Information Reports (2003-2007)

SOURCE Palisades