Countrywide and Atlantic Mutual Join Forces to Enter New Markets with Atlantic Master Plan® Affluent Personal Lines Insurance Product

CALABASAS, CA and NEW YORK, NY, July 6, 2005 -- Countrywide Insurance Group and Atlantic Mutual today announced a strategic alliance that will pair Countrywide Insurance Group's "A" rating* and its parent company's strong brand and national presence with Atlantic Mutual's proven select independent agent model to expand the availability of the Atlantic Master Plan® insurance product nationwide to affluent individuals with substantial asset protection needs.

Under the terms of the strategic alliance, a reinsurance agreement - in which each company will assume a portion of the risk - will allow Atlantic Mutual's independent agents to leverage the "A" rating of the P&C division of Countrywide Insurance Group to drive growth in the states that Atlantic Mutual currently serves and generate new revenue streams for both organizations. In addition, work has begun to extend this partnership to the western states and Texas, where Countrywide Insurance Group will leverage Atlantic Mutual's brand to better access the affluent lines marketplace and offer its Atlantic Master Plan® through a Countrywide Insurance Group subsidiary.

"We believe we have found a true strategic partner who supports our current business strategy and an excellent arrangement that will strengthen our position as an independent, premier writer of affluent personal lines," said Dan Olmsted, president of Atlantic Mutual. "In particular, this alliance will allow our independent agents to offer the Atlantic Master Plan with the backing of both Atlantic Mutual and "A" rated property and casualty insurance companies of the Countrywide Insurance Group*."

"Atlantic Mutual's close relationships with independent agents and the company's experience in meeting the needs of affluent individuals allow us to expand into a new area with confidence and credibility," said Tom Scrivener, president of the personal lines division of Countrywide Insurance Group. "Atlantic Mutual provides access to new distribution channels and allows us to expand our personal lines offering, which is ultimately in line with Countrywide Financial Corporation's diversification strategy."

Atlantic Mutual's Atlantic Master Plan® provides a wide range of coverage for affluent individuals with homes, automobiles, valuables, watercraft, and personal liability protection needs.

About Atlantic Mutual
Atlantic Mutual offers property-casualty insurance products for individuals with substantial assets to protect. The Atlantic Mutual Insurance Co., formed in 1842, is a mutual insurance company owned by its policyholders and has neither capital stock nor shareholders. Its products are sold through independent agents. Additional information about Atlantic Mutual can be found at www.atlanticmutual.com.

About Countrywide Financial Corporation and Countrywide Insurance Group
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) is a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services in domestic and international markets. The Countrywide Insurance Group offers insurance underwriting, agency, and commercial brokerage services through its various companies.

* Property and casualty insurance companies of the Countrywide Insurance Group are rated "A" (Excellent) by the A.M. Best Company, an insurance rating and information service. An "A" rating represents A.M. Best's opinion that the underwriter has an excellent ability to meet ongoing obligations to policyholders.

Contact: Atlantic Mutual
Peter G. Scott or Claudia Wetteland
973-408-6044
Countrywide Insurance Group
Amber Cousins or Ed Essa
800-796-8448
pressroom@countrywide.com