Auto Club's Insurance Affiliate Bucks Trend During Lean Times; Interinsurance Exchange of the Automobile Club Grows to 20th Largest Auto Insurer

    LOS ANGELES--May 6, 2002--Despite a poor underwriting environment in 2001, the Automobile Club of Southern California's affiliated Interinsurance Exchange continued to grow and now is ranked by A.M. Best among the 20 largest insurers of private passenger autos in the nation.
    In addition, A.M. Best recently affirmed the Interinsurance Exchange's A+ rating.
    The A+ rating, which recognizes superior performance, is awarded after a comprehensive evaluation of a company's balance sheet strength, operating performance and business profile.
    "This rating indicates to our members that the Interinsurance Exchange is a very strong and stable organization that they can depend on for their insurance needs," said John F. Boyle, CFO of the Automobile Club of Southern California.
    The Auto Club's insurance affiliate generated a total of $1.4 billion in direct premiums written in 2001, a 9.3 percent increase over the previous year. Over the last decade, the total number of policies written by the exchange increased nearly 114% and the number of cars insured by the exchange increased nearly 67%.
    Additionally, A.M. Best ranked the Interinsurance Exchange among the top 20 most efficiently run insurance companies in the nation.