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Bollinger, Inc.
830 Morris Tpk.
Short Hills, NJ 07078-5000
973-467-0444 
Fax 973-467-0193

Contact : Alex Crispo, Sr. VP and General Counsel, 973-467-8005 Ext. 1243
July 6, 1999 -- Short Hills, NJ 

Three NJ Insurance Agencies Merge

Three of New Jersey’s well known insurance agencies have merged their operations to form one of the largest insurance agencies in the country. The agencies include Bollinger, Inc., Short Hills, NJ; F.J. Wilkes & Co., Jersey City, NJ; and Young & Perry, Bridgewater, NJ. F.J. Wilkes and Young & Perry will relocate their operations to Short Hills this month, and future operations will be conducted under the Bollinger name.

With over $32 million in commission revenue and 165 employees, the combined operation ranks as the 30th largest insurance agency in America, and the 15th largest privately owned agency.

Consolidation has taken place at a rapid rate in the insurance agency ranks, with agencies seeking greater operating efficiencies, expanded capabilities and increased leverage to negotiate more favorable terms in behalf of their customers with insurance carriers. Many agencies have joined forces to produce fewer agencies of greater size and influence that can generate greater profits and improved service to their customers.

Bollinger, founded in 1876, is well known for its involvement in specialty insurance products such as amateur sports, school and college insurance programs and golf and country clubs, in addition to a full range of insurance services for businesses and families. F.J. Wilkes brings expertise in insuring health care services, financial institutions and schools, while Young & Perry is known for their specialization in emergency services and fire and rescue squads, along with an extensive involvement with area businesses and family coverages. While the concentration of business is in the NJ - PA - NY area, many of the specialty programs are offered nationwide.

John A. Windolf, Chairman of Bollinger stated, "People are the key ingredient of this merger. Dick Stanton, president of Wilkes, Bill Young and Lee Perry, the owners of Young & Perry, and all of their employees have long-standing relationships with our customers---it’s the people who represent the heart and soul of this merger." Stanton, Young and Perry will all serve in key executive positions with Bollinger in the combined entity.

Bollinger represents a number of key insurance carriers, including Crum & Forster, Aegon, Cigna Healthcare, Atlantic Mutual, AIG, Selective, Ohio Casualty, Chubb, CNA, Travelers and Royal, among others. Bollinger is also active in alternative risk transfer through captive insurance arrangements in Bermuda in behalf of its clients, and serves as a third party administrator (TPA) in providing claims services to its customers.