Palisades Acquires National Atlantic Holdings Corporation

    BERKELEY HEIGHTS, N.J., Aug. 1 /EMWNews/ -- A subsidiary of

Palisades Safety and Insurance Association ("Palisades") announced today it

acquired the National Atlantic Holdings Corporation, including its

subsidiary, The Proformance Insurance Company ("Proformance"). Palisades is

now the largest independent agency writer of automobile insurance in New

Jersey.



    "The acquisition of Proformance provides Palisades and its independent

agents with the opportunity to expand product offerings beyond private

passenger auto. It also expands our network of agents and a pool of

talented employees that will allow us to compete in a very competitive

market for New Jersey customers," said President and CEO, Ed Fernandez.

"Adding to our already successful auto product, we will now provide

customers and agents with personal umbrella coverage, a homeowner package,

and a commercial auto product," said Fernandez.



    Palisades has an extraordinary customer service record with the lowest

average complaint ratio for auto insurance companies ranked by the New

Jersey Department of Banking and Insurance* in each of the past five years.

Palisades maintains a 97% claims satisfaction level due to 24/7 claims

reporting, innovative claim services that include its pioneering Door to

Door Valet Claim Service(SM) and Crashbusters(R) mobile claims settlement

service. "Proformance customers and agents will immediately benefit from

these as well as our other exceptional services," said Fernandez.



    Palisades will maintain a presence in Freehold, New Jersey as well as

continue to operate from Berkeley Heights.



    Palisades maintains a strong local presence and commitment to New

Jersey drivers and the independent agent channel. The synergies and

economies of scale created by the acquisition will lower costs which will

benefit customers.



    Keefe, Bruyette & Woods, Inc. is acting as financial advisor to

Palisades in this transaction.

    About Palisades



    Palisades (Palisades.Com) is the nice New Jersey car insurance company

that gives you more. Drivers and agents get more reasons to smile with more

value, friendly New Jersey expertise, and service done right. Palisades

sells exclusively through over 300 independent agents and is a leader in

the fast settlement of claims. Insurance is underwritten by Palisades

Safety and Insurance Association, Palisades Insurance Company and Palisades

Property and Casualty Insurance Company. Palisades Safety and Insurance

Management Corporation is a Plymouth Rock managed company. The Plymouth

Rock Companies write and manage more than $1 billion in personal and

commercial auto and homeowner's insurance across the Northeast.



    *Source: Based on the NJ Department of Banking and Insurance Auto

Insurance Consumer Information Reports (2003-2007)