Announcement:
GeoVera Specialty customers can make payments online!

GeoVera continues to respond to agent feedback. - The GeoVera policy inquiry & management website was recently expanded to provide policy documents, and has been further enhanced to accept payments from agents and policy holders.

Policy holders will benefit from our most popular payment option - paying with a checking or savings account online - it's fast, easy, secure...and better yet...it's FREE!

It takes just a couple of minutes! - Visit www.mygeosource.com and submit the policy number and property zip code to get started.

• Residential Homeowners: online payments are accepted for active binder or policy numbers
• Residential Earthquake: online payments are accepted for existing policies only; initial payments for new business must be sent to the mailing address listed on the application.

Announcement:
Agent pay at bind now available at the residential homeowners quoting website!

Retail agents can now process binder payments online via the RHQ website, which also eliminates the delay in activating residential homeowners policies. With the insured’s approval, enter the insured’s bank account information, and have that payment electronically processed by morning! This is a quick and easy process we know you will like! Never has closing a sale been so fast and easy!

Announcement:
A.M. Best Company reaffirms A- "Excellent" rating for GeoVera Insurance Company

A.M. Best Company reaffirms A- "Excellent" rating with a "stable" outlook for the GeoVera Insurance Group and its members. A stable outlook is placed on a company's rating to indicate that it is experiencing stable financial and market trends, and that there is low likelihood that its rating will change in the near-term.

Announcement:
USF&G Specialty Insurance Company changes name to Geovera Specialty Insurance Company

USF&G Specialy Insurance Company is changing it's name to GeoVera Specialty Insurance Company. The USF&G Specialty name will be completely phased out by November, 2008.

Also, the name of our policy service center, F&G Specialty Insruance Services, will change to GeoVera Specialty Insurance Services, Inc.

Announcement:
USF&G Specialty Insurance Company introduces new Surplus Lines Residential Comprehensive Earthquake product:

USF&G Specialty Insurance Company is now offering a Residential Comprehensive Earthquake Policy available in Alabama, Arkansas, Illinois, Indiana, Mississippi, Missouri, Ohio, Tennessee and South Carolina. The comprehensive earthquake policy is a unique insurance product that offers broad protection for the dwelling, other structures, personal property, and additional living expense. The comprehensive earthquake policy is offered as a combined single limit of coverage with a deductible of 5%, 10%, 20% or 25% depending on the property's location and construction type. Read more...

Announcement:
Freidman, Fleischer, and Lowe and Hellman & Freidman Complete
Acquisition of St Paul Travelers CATRisk Operation:

We are pleased to announce that Freidman, Fleischer, & Lowe, LLC and Hellman &
Freidman LLC, leading San Francisco-based private equity firms, have completed their
acquisition of the CATRisk operation of The St. Paul Travelers, Inc., which conducts
business through GeoVera Insurance Company and Pacific Select Property Insurance
Company.

In a related development, we are pleased to announce that A. M. Best Company has
assigned the rating of “A-“ (Excellent) to GeoVera Holdings, Inc. and our wholly
owned subsidiaries, including GeoVera Insurance Company and Pacific Select
Property.

Now that this acquisition is complete we remain committed to providing you with
continued ongoing support of our existing products; continued financial stability and
underwriting discipline; excellent claim services; and the opportunity to expand our
product offerings

Going forward, the CATRisk Division will operate under the name GeoVera Holdings,
Inc., .and will be led by the current management team, headed by Kevin Nish, Chief
Executive Officer, and Karen Padovese, Chief Operating Officer.

Mr. Nish said: “As we begin our new life as an independent, privately owned company
we are pleased that we will continue to be well capitalized and in good position to expand
our product offerings and enhance our service. We are looking forward to the many
opportunities for growth which we will now be ideally positioned to pursue.”

As always, our two management teams will be working toward a seamless integration of
GeoVera Holdings, Inc. into the Friedman, Fleischer & Lowe and Hellman & Friedman
organization. Attached for your review is the most recent press release regarding this
transaction and a brief questions and answer guide.

Thank you,
Scott Garfield
Vice President - Marketing
GeoVera Holdings, Inc.

Press Release
Friedman Fleischer & Lowe and Hellman & Friedman COMPLETE ACQUISITION OF
CATRISK OPERATION OF ST. PAUL TRAVELERS
Business to Operate as GeoVera Holdings
San Francisco, November 1, 2005

Friedman Fleischer & Lowe, LLC (“FFL”) and Hellman & Friedman LLC (“H&F”), leading San Francisco-based private equity firms, today announced that investment affiliates of the firms have completed their previously announced acquisition of the CATRisk operation of The St. Paul Travelers Companies, Inc. (NYSE: STA).

Going forward, CATRisk will operate under the name GeoVera Holdings, Inc. (“GeoVera”). Based in Fairfield, California, GeoVera is a specialty property and casualty insurance operation that provides non-admitted homeowners insurance in Florida and Texas, among other states, and admitted residential earthquake insurance in California and Washington. Products are offered through three specialty insurance companies: residential earthquake insurers GeoVera Insurance Company and Pacific Select Property Insurance Company, and surplus lines carrier USF&G Specialty Insurance Company.

GeoVera’s management team, which has led the CATRisk operation since its inception in 1993, will continue to lead the business under FFL and H&F’s ownership. Kevin Nish will serve as Chief Executive Officer and Karen Padovese will serve as Chief Operating Officer. Mr. Nish said, “We are excited to begin a new chapter as an independent company, with outstanding new partners in FFL and H&F and a new name that has strong brand equity. Following the recent hurricanes, GeoVera remains well capitalized and positioned to expand product and service offerings. We look forward to capitalizing on this financial strength to pursue the many growth opportunities available to our business.”

About Friedman Fleischer & Lowe, LLC
Friedman Fleischer & Lowe, LLC is a San Francisco-based private equity firm with $1.2 billion under management focused on investing in U.S. middle-market companies. Formed in 1998, FFL’s strategy is to invest in companies where the substantial strategic and operating expertise of FFL's principals can help management improve margins, make acquisitions and grow earnings. FFL’s targeted sectors include financial services, outsourced business services, consumer products, education, healthcare and marketing and media. Previous investments in the financial services sector include Montpelier ReHoldings, Ltd. (MRH), CapitalSource, Inc. (CSE) and Wilton Re Holdings Limited. Other significant investments include Tempur-Pedic International (TPX), Korn/Ferry International (KFY) and Chief Manufacturing. For more information on Friedman Fleischer & Lowe, visit www.fflpartners.com.

About Hellman & Friedman LLC
Hellman & Friedman LLC is a San Francisco-based private equity investment firm with additional offices in New York and London. Since its founding in 1984, the Firm has raised and managed over $8 billion of committed capital and invested in approximately 50 companies. The Firm's strategy is to invest in superior business franchises and to be a value-added partner to management in select industries including financial services, media, professional services, energy and information services. The Firm has pursued investments in the insurance sector for over a decade, which include Arch Capital Group Limited (ACGL), Mitchell International, Inc., and Vertafore, Inc. Other investments in the financial services sector also include the NASDAQ Stock Market, Inc. (NDAQ) and Mondrian Investment Partners. For more information on Hellman & Friedman, visit www.hf.com.