ProFinance Completes $10 Million Securities Offering

Columbus, Ohio-based ProFinance Holdings Corp., the holding company for Century Insurance Group, announced today that on Thursday May 15, 2003, it closed on the private placement sale of $10 million of thirty-year floating rate trust preferred securities issued through a wholly-owned trust subsidiary.

ProFinance was created in October 2000 and acquired Century through a management led buyout from Century Business Services, Inc. (NASDAQ: CBIZ), in conjunction with a group of community banks and Stonehenge Partners, Inc., a private equity firm.

“Trust preferred securities are a key component of our strategy to properly capitalize Century’s business to support premium growth. With the completion of this offering, Century’s insurance subsidiaries have statutory capital and surplus in excess of $65 million.” said John A. Marazza, executive vice president of ProFinance.

Christopher J. Timm, president of Century Insurance Group added, “In response to favorable market conditions in the insurance industry, we are pursuing controlled growth in our existing lines of specialty property/casualty business.”

ProFinance’s trust subsidiary will have the right to call the trust preferred securities at par after five years from the date of issuance.

The planned use of proceeds is to support existing and future growth of Century’s insurance operations by increasing the capital of the company’s three operating insurance subsidiaries including Century Surety Company, Evergreen National Indemnity Company and Continental Heritage Insurance Company.

The trust preferred securities have not been and will not be registered under the Securities Act of 1933, as amended, and will only be offered and sold under an applicable exemption from registration requirements under the Securities Act of 1933. Keefe, Bruyette & Woods, Inc., and FTN Financial Markets served as the placement agents for the trust preferred securities.

Century Insurance Group is a niche property and casualty insurance enterprise focused on risk management, operational innovation, service and automation built on strong capitalization, disciplined underwriting, and quality reinsurance.

Century specializes in hard to place lines of commercial insurance and surety bonds. Headquartered in Columbus, Ohio, with a regional office in Phoenix, Arizona, Century offers its products across the U.S. through wholesale general agents and brokers.

Rated A- (Excellent) by A.M. Best, Century operates in 49 states and has annual gross premiums written of approximately $145 million. For more information, visit www.centurysurety.com.