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Bollinger, Inc.
101 JFK Parkway
Short Hills, NJ 07078

For Immediate Release
Monday January 6, 2003

TO:

CONTACT: G. Alex Crispo, Senior Vice President and General Counsel
E-mail Alex
973-467-8005, ext. 1243

The Madara Company Merges with Bollinger, Inc.
 

The Madara Company, an independent insurance agency and brokerage firm based in Mt. Laurel, NJ has merged with Bollinger, Inc. of Short Hills, NJ. Madara, which was founded in 1918, will continue its operations at its present location. The merger will bring Bollinger's commission revenues up to $65 million and will enable Bollinger to solidify its position as the 32nd largest insurance agency and the 12th largest privately held agency in the country.

David J. Madara, CPCU, AAI has been named as Executive Vice President of Bollinger and will manage The Madara Company in Mt. Laurel and Bollinger's existing office in Princeton. Paul A. Coffee, Jr. has been named as Senior Vice President and Robert A. Leonard, CPA as Vice President of Bollinger.

Jack Windolf, Chairman and CEO of Bollinger, expressed his pleasure with The Madara Company merger by saying, "The reputation of The Madara Company, its owners, David Madara and Scott Coffee, and their very capable employees, along with the quality of their customer base are the key ingredients of this transaction. We welcome The Madara Company employees and are extremely pleased to have a firm with its excellent reputation join us."

Indicative of the consolidation trend now occurring in the insurance agency industry, this is the 18th acquisition by Bollinger in recent years. These acquisitions have enabled Bollinger to become one of the country's largest agencies and to transform itself from a regional insurance operation known for its specialty products, to a national firm offering a wide variety of insurance products and services to a diverse customer base.