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InsureHiTech Receives $4.35 Million In Second Round Funding
From Wall Street Leaders

PRINCETON, NJ - July 16, 2001 - InsureHiTech, an eBusiness property and casualty insurance brokerage designed for middle market technology clients, announced today that they have received $4.35 million, with a flat valuation from the A round, from J.P. Morgan Corsair II Capital Partners LP, a $1 billion private equity fund, and two other strategic investors. InsureHiTech’s operating platform drives greater efficiency for its sales and service personnel by removing the paper processing that currently inundates the insurance buying cycle. In addition to the industry leading technology platform, InsureHiTech provides insurance brokerage and risk management services to the high-tech, biotech, venture capital and environmental industries.

InsureHiTech received $10 million in first round funding from J.P. Morgan Corsair II Capital Partners LP last August. Revolutionizing the way business insurance and risk management information are delivered, InsureHiTech will use the second round of funding to expand the InsureHiTech technology platform and the brokerage sales and service team.

“In the worst fund raising market in 10 years, InsureHiTech was able to secure funding from our initial investor and our partners within the industry. In this market, that sends a very strong message to both the insurance industry and the financial community that our solution is real and will change the way commercial insurance data processing will be delivered,” said InsureHiTech founder and CEO Richard A. Maloy, Jr. “The entire team at InsureHiTech is focused on our mission to create the most profitable and efficient insurance brokerage in the industry, which then validates our technology. InsureHiTech is redefining the property and casualty insurance industry."

About InsureHiTech:

InsureHiTech, headquartered in Princeton, New Jersey, is licensed in 49 states and Washington, D.C., and is the premier insurance brokerage for New Economy companies. With hundreds of technology clients, InsureHiTech provides risk management and insurance placement services for information technology, new media, biotechnology, environmental, telecommunications, pharmaceutical, medical device and venture capital firms. InsureHiTech created an eBusiness platform for the carrier, agent and customer, that prides itself on being “customer centric.” It combines Internet efficiencies and on the ground sales and service teams in a “clicks and bricks” business model.

InsureHiTech offers 28 different types of coverage and works with top insurance carriers in the industry including: AIG, Atlantic Mutual Companies, Chubb, Kemper, Royal & SunAlliance USA and The St. Paul Companies. InsureHiTech has been named the Exclusive Sponsored Insurance Broker of the Council of Regional Information Technology Associations (CRITA), which is comprised of 42 IT trade organizations who in turn represent more than 24,000 technology-related companies in the Americas. The company’s Web address is http://www.insurehitech.com.

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