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Companion P&C Wins Auto Insurance Contract

22 October 1998

Companion P&C Wins Auto Insurance Contract

    COLUMBIA, S.C., Oct. 22 -- Companion Property and Casualty
Insurance Company has won a contract to process all claims for commercial
automobile insurance for the South Carolina Associated Auto Insurers Plan
effective March 1, 1999. Companion P&C will partner with Policy Management
Systems Corporation to process policies and claims. The contract
is worth an estimated $50 million and will maintain jobs within Companion P&C.
    According to Companion P&C Executive Vice President Charles Potok, the
company submitted the winning bid to the South Carolina Department of
Insurance, which evaluated price, as well as other measures. Potok said the
contract is an important step in Companion's efforts to capture more auto
insurance business in South Carolina. Companion P&C also processes policies
and claims with PMSC for the state's reinsurance facility for high-risk
drivers, and plans to begin offering voluntary auto insurance products in the
near future.
    "We are happy to have won this contract. Companion P&C's partnership with
PMSC affords the most qualified and efficient way to provide this service to
South Carolina's drivers, and we fully support the Department of Insurance in
its efforts to provide a more competitive auto insurance market for the
state," Potok said.