Odyssey Investment to Buy York Insurance for about 105 Million

//December 27, 2005

Bexil Corporation, the primary selling entity, will sell all of its York shares.Odyssey Investment Partners has signed an agreement to buy Parsippany-based York Insurance Services Group for about $105 million, which includes the assumption of debt, rollover shares and management investment. Odyssey Investment Partners, based in New York City, is a middle-market private equity fund with more than $1.2 billion under management.

Its partners in the deal include York CEO Thomas C. MacArthur, who will sell some of his current stock but remain as the largest individual shareholder. Other partners include York senior managers and Ward Partners. MacArthur will remain chairman and CEO of York, and John L. Ward, CEO of Ward Partners, will become vice chairman of York. The primary selling shareholder is Bexil Corporation, which will sell all its York shares.

York outsources specialty claims management, focusing on segments of the property and casualty industry. Completion of the transaction, which is expected in the first quarter of 2006, is subject to financing, regulatory and other third-party approvals.

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