Tuesday, October 21, 2008

Builders Insurance and Home Builders Association of Georgia Reach Agreement to Resolve Proxy Contest

/PRNewswire/ -- Builders Insurance (a Mutual Captive Company), and the Home Builders Association of Georgia ("HBAG") today announced that they have reached agreement in principle to resolve and conclude HBAG's proxy contest and other outstanding issues between the parties. As part of the resolution, HBAG and HBAG's local associations will enter into endorsement agreements with Builders Insurance.

"We are pleased to have reached these agreements and to be moving forward with the Home Builders Association of Georgia," said Patrick Mitchell, President and Chief Executive Officer of Builders Insurance. "We especially want to thank Georgia Commissioner of Insurance John Oxendine for working with the parties through the settlement process."

Allen Richardson, Chairman of the Board of Directors of Builders Insurance stated, "Builders Insurance and HBAG have a long history of mutually beneficial cooperation. With the proxy contest behind us, we can continue to offer a choice of products that meet the unique needs of home builders at affordable prices."

"On behalf of HBAG, I am delighted that we were able to reach a resolution that serves the best interests of all parties," said Charles A. Eison, Sr., President and Chief Executive Officer of HBAG. "We are committed to continuing to represent the homebuilders of Georgia and look forward to working together with Builders Insurance to do so."

The settlement agreements are subject to execution of final documentation.

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