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THE CALIFORNIA INSURANCE COMPANY IS CAPITALIZED SAN FRANCISCO, CA - February 22, 2005 - Applied Underwriters today announced that it has provided $50MM in capital to its wholly owned subsidiary, the California Insurance Company (CIC). Applied Underwriters acquired CIC in 2003 from General Electric's Coregis Group. CIC is domiciled in the state of California and plans eventually to compete in California's $20-billion workers' compensation insurance market. Applied Underwriters, the leader in integrated workers' compensation solutions, has over 10 years' experience underwriting in California. "We're bullish on California," said Carl J. DeBarbrie, Jr., senior vice president at Applied Underwriters. "We believe the recent series of legislative reforms makes this an excellent time to focus our resources on the California marketplace." For additional information, contact Carl DeBarbrie at 415-656-5000 (cdebarbrie@applieduw.com). ----Applied Underwriters is a premier workers' compensation and financial services company. The company's three products - SolutionOne®, EquityComp™, and Coverage Dynamics® - integrate workers' compensation coverage with employer-related services to ensure the success of small to medium-sized businesses. Founded in 1994, Applied Underwriters is headquartered in San Francisco, with a national customer service center in Omaha, NE. Additional information about the company is available at: www.applieduw.com. |
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