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State Receives $2 Million to Begin Enterprise Rebuilding Effort

March 21, 2007

MONTGOMERY, Ala., March 21, 2007 – Within hours of severe storms ripping through south and central Alabama on Thursday, March 1, the State of Alabama’s property insurance program, known as the State Insurance Fund (SIF), was hard at work. An adjuster was quickly on the scene and the SIF commenced working with the school system to begin the lengthy and difficult rebuilding process.

Today, the State Department of Finance, Risk Management Division took receipt of a check personally delivered from Boston in the amount of two million dollars ($2 million) as advanced, partial payment for coverage held by Lexington Insurance. Lexington, a part of the American Insurance Group (AIG), headquartered in Boston, Mass., is one of the major insurance companies that participates in Alabama’s SIF. Recognizing the gravity of the loss in Enterprise, Lexington underwriter Harriet Dexter sprang to action with plans to personally deliver the advance payment on Lexington’s portion of the coverage. This immediate response by Lexington reflects a long and close working relationship, and will make it possible for Alabama to more rapidly respond to the losses by the Enterprise School System.

“State agencies are working closely with local officials in Enterprise to help the community recover as quickly as possible. That close cooperation will continue because the recovery process will be a long one.”

The SIF, supported by Lexington and its other excess insurers, will provide additional millions in assistance to the Enterprise school system as it recovers from this devastating loss.

Jim Main, State Finance Director, added, “I am very encouraged by the fact that the state’s reinsurers are responding to the Enterprise disaster without hesitation. Lexington is to be commended for advancing much-needed funds in this manner.”

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