Bollinger Acquires Princeton Risk Managers

Short Hills, NJ – June 15, 2001

Jack Windolf, Chairman and CEO of Bollinger, Inc. and Jim Griffith, founder and CEO of Princeton Risk Managers Incorporated signed all of the legal documents finalizing the purchase of Princeton Risk Managers by Bollinger.  The transaction has an effective date of June 1^st, 2001.  This is the 16^th merger and acquisition transaction that has been completed by Bollinger in the last 8 years.

Princeton Risk Managers (PRM) was founded in 1974 and has the reputation of being the premier excess and surplus lines agency in New Jersey.  The acquisition of PRM will greatly expand Bollinger’s capabilities in the excess and surplus lines marketplace, augmenting the products and services now offered by Market Solution Managers in New York City.  Bollinger already offers a wide array of program and specialty products to agents and brokers in New Jersey and other states, and PRM’s products and services will add a new dimension to these offerings.

Princeton Risk Managers’ reputation has been built by its experienced and highly professional staff, including Jim Griffith, President and Audrey Tate, Sr. Vice President.  Also contributing to PRM’s success are David Griffith, VP, Chris Nucera, Senior Underwriter, and Gabrielle Griffith, Underwriter and Office Manager.   Jim Cannizzaro and Jim Ferrara are associate brokers working out of the Princeton Risk office and have built significant books of business, adding to PRM’s premium volume.

PRM will operate as a separate corporation under its own name.  The PRM office is located just off Rt. 206, north of Princeton, and they have 12 employees.  PRM’s gross commission revenues are in excess of $3 million, and will bring Bollinger’s total commission income up to the $50 million level.