ATLANTIC MUTUAL ANNOUNCES THE SALE OF OCEAN CARGO AND SELECT INLAND MARINE BUSINESSES TO TRAVELER’S PROPERTY CASUALTY CORP.

New York, NY, September 26, 2003 – Atlantic Mutual today announced the sale of ocean cargo and select inland marine businesses to Traveler’s Property Casualty Corp, (NYSE: TAP.A, TAP.B). Effective October 1, the transaction includes renewal rights to the ongoing business underwritten by Atlantic Mutual as well as the related net unearned premium reserve portfolio. Atlantic Mutual’s hull, luxury yacht, MGA distributed and pools and syndicate businesses were not part of the sale.

The transaction is part of Atlantic Mutual’s strategy to focus on its core businesses of commercial market segments and affluent personal lines. Atlantic Mutual’s overall plan is to strengthen its balance sheet and concentrate on businesses that will be the primary drivers of its long-term success by implementing a more productive organizational and capital structure.

Commenting on the business being sold, Klaus Dorfi, chairman and CEO of Atlantic Mutual, said, “This transaction, along with recently implemented internal expense initiatives, provides the capital necessary to eliminate costly financial reinsurance and positions the Company to take better advantage of our strong market positions in commercial market segments and affluent personal lines. Meanwhile, our marine agents, brokers, and policyholders should experience a smooth transition.”

About The Atlantic Companies

The Atlantic Companies, also known as Atlantic Mutual, is a group of diversified financial services companies with a Wall Street heritage dating back to 1842. The group is widely known for the Atlantic Master Plan insurance program, which is designed specifically for affluent individuals and sold through a select group of independent agents. The Atlantic Companies acts as a property-casualty insurer, manages claims for commercial insurance, and helps other business partners target profitable niches in the insurance marketplace. Additional information about The Atlantic Companies and the Atlantic Master Plan can be found at www.atlanticmasterplan.com.


Contact: Peter G. Scott
Corporate Marketing & Communications
973-408-6044