Midland Subsidiary Reaches Agreement with U.S. Bancorp on $24 Million of Credit Life and Disability Premium

Apr 30, 2001, 01:00 ET from The Midland Company

    CINCINNATI, April 30 /PRNewswire/ -- The Midland Company (Nasdaq:   MLAN), a
 highly focused provider of specialty insurance products and services, today
 announced that U.S. Bancorp has selected Midland subsidiary American Modern
 Life Insurance Company as the underwriter for $24 million of credit life and
 disability premiums. The company will begin placing its business with American
 Modern as early as August of this year.
     The announcement follows a merger in February between Firstar Corporation
 -- a key Midland business partner -- and U.S. Bancorp, creating the nation's
 eighth largest financial services holding company.  American Modern Vice
 President of Life Operations Frank J. May said that, when added to business
 Firstar already was writing with American Modern, the total U.S. Bancorp
 credit life and disability premium could exceed $50 million annually.
     "It's a tremendous opportunity for American Modern," May said, "as much
 because of the potential of this great relationship as for the immediate
 benefit to our top and bottom lines."  U.S. Bancorp operates in 24 states,
 primarily in the western two thirds of the United States.  It offers credit
 life and disability insurance products to its customers on installment loans
 and equity lines of credit.
     Already considered a key player in the credit life and disability market,
 the deal with U.S. Bancorp solidifies American Modern's position as an
 industry leader and is evidence that the company's strategy to expand the
 financial services side of its business is working, according to John W.
 Hayden, American Modern chairman, president and chief executive officer.
     "We're committed to establishing indispensable relationships with key
 partners in the financial services arena," Hayden said.  "We believe that this
 most recent agreement with U.S. Bancorp -- clearly one of the most prestigious
 financial services institutions in our country -- is a clear sign that we are
 succeeding in our objective."
 
     About Midland
     Midland, which is headquartered in Cincinnati, Ohio, is a provider of
 specialty insurance products and services through its wholly owned subsidiary,
 American Modern Insurance Group, which accounts for approximately 94 percent
 of Midland's consolidated revenue.  American Modern specializes in writing
 physical damage insurance and related coverages on manufactured housing and
 has expanded to other areas of insurance, including homeowners, lower valued
 homes, dwelling fire, mortgage fire, collateral protection, watercraft,
 specialty automobile, motorcycle, snowmobile, recreational vehicle, long-haul
 truck, commercial and excess and surplus lines.  The company also maintains a
 profitable investment in a niche transportation business, the M/G Transport
 Group, which charters barges and brokers freight for the movement of
 commodities on the inland waterways.  The company's common stock is traded on
 the Nasdaq National Market under the symbol MLAN.  Additional information on
 the company can be found on the World Wide Web at www.midlandcompany.com .
 
     About U. S. Bancorp
     U.S. Bancorp, with assets in excess of $160 billion, is the eighth largest
 financial services holding company in the United States.  The company operates
 2,242 banking offices and 5,208 ATMs in 24 states in the Midwest and Western
 portion of the country.  The organization also provides a comprehensive line
 of banking, brokerage, insurance, investment, mortgage, trust and payment
 services products to consumers, businesses and institutions.  U.S. Bancorp is
 the parent company of Firstar Banks and U.S. Banks.   Visit U.S. Bancorp on
 the Web at www.usbank.com and Firstar Bank at www.firstar.com .
 
     Forward Looking Statements Disclosure
     Certain statements made in this press release are forward-looking and are
 made pursuant to the safe harbor provisions of the Securities Litigation
 Reform Act of 1995.  These statements include certain discussions relating to
 underwriting, premium and investment income volume, business strategies,
 profitability and business relationships, as well as any other statements
 concerning the year 2001 and beyond.  The forward-looking statements involve
 risks and uncertainties that may cause results to differ materially from those
 anticipated in those statements.  Factors that might cause results to differ
 from those anticipated include, without limitation, adverse weather
 conditions, fluctuations in the investment markets, changes in the retail
 marketplace, changes in the laws or regulations affecting the operations of
 the company or its subsidiaries, changes in the business tactics or strategies
 of the company, its subsidiaries or its current or anticipated business
 partners, acquisitions or divestitures, changes in market forces, litigation
 and the other risk factors that have been identified in the company's filings
 with the SEC, any one of which might materially affect the operations of the
 company or its subsidiaries.  Any forward-looking statements speak only as of
 the date made.  We undertake no obligation to update any forward-looking
 statements to reflect events or circumstances arising after the date on which
 they are made.
 
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SOURCE The Midland Company
    CINCINNATI, April 30 /PRNewswire/ -- The Midland Company (Nasdaq:   MLAN), a
 highly focused provider of specialty insurance products and services, today
 announced that U.S. Bancorp has selected Midland subsidiary American Modern
 Life Insurance Company as the underwriter for $24 million of credit life and
 disability premiums. The company will begin placing its business with American
 Modern as early as August of this year.
     The announcement follows a merger in February between Firstar Corporation
 -- a key Midland business partner -- and U.S. Bancorp, creating the nation's
 eighth largest financial services holding company.  American Modern Vice
 President of Life Operations Frank J. May said that, when added to business
 Firstar already was writing with American Modern, the total U.S. Bancorp
 credit life and disability premium could exceed $50 million annually.
     "It's a tremendous opportunity for American Modern," May said, "as much
 because of the potential of this great relationship as for the immediate
 benefit to our top and bottom lines."  U.S. Bancorp operates in 24 states,
 primarily in the western two thirds of the United States.  It offers credit
 life and disability insurance products to its customers on installment loans
 and equity lines of credit.
     Already considered a key player in the credit life and disability market,
 the deal with U.S. Bancorp solidifies American Modern's position as an
 industry leader and is evidence that the company's strategy to expand the
 financial services side of its business is working, according to John W.
 Hayden, American Modern chairman, president and chief executive officer.
     "We're committed to establishing indispensable relationships with key
 partners in the financial services arena," Hayden said.  "We believe that this
 most recent agreement with U.S. Bancorp -- clearly one of the most prestigious
 financial services institutions in our country -- is a clear sign that we are
 succeeding in our objective."
 
     About Midland
     Midland, which is headquartered in Cincinnati, Ohio, is a provider of
 specialty insurance products and services through its wholly owned subsidiary,
 American Modern Insurance Group, which accounts for approximately 94 percent
 of Midland's consolidated revenue.  American Modern specializes in writing
 physical damage insurance and related coverages on manufactured housing and
 has expanded to other areas of insurance, including homeowners, lower valued
 homes, dwelling fire, mortgage fire, collateral protection, watercraft,
 specialty automobile, motorcycle, snowmobile, recreational vehicle, long-haul
 truck, commercial and excess and surplus lines.  The company also maintains a
 profitable investment in a niche transportation business, the M/G Transport
 Group, which charters barges and brokers freight for the movement of
 commodities on the inland waterways.  The company's common stock is traded on
 the Nasdaq National Market under the symbol MLAN.  Additional information on
 the company can be found on the World Wide Web at www.midlandcompany.com .
 
     About U. S. Bancorp
     U.S. Bancorp, with assets in excess of $160 billion, is the eighth largest
 financial services holding company in the United States.  The company operates
 2,242 banking offices and 5,208 ATMs in 24 states in the Midwest and Western
 portion of the country.  The organization also provides a comprehensive line
 of banking, brokerage, insurance, investment, mortgage, trust and payment
 services products to consumers, businesses and institutions.  U.S. Bancorp is
 the parent company of Firstar Banks and U.S. Banks.   Visit U.S. Bancorp on
 the Web at www.usbank.com and Firstar Bank at www.firstar.com .
 
     Forward Looking Statements Disclosure
     Certain statements made in this press release are forward-looking and are
 made pursuant to the safe harbor provisions of the Securities Litigation
 Reform Act of 1995.  These statements include certain discussions relating to
 underwriting, premium and investment income volume, business strategies,
 profitability and business relationships, as well as any other statements
 concerning the year 2001 and beyond.  The forward-looking statements involve
 risks and uncertainties that may cause results to differ materially from those
 anticipated in those statements.  Factors that might cause results to differ
 from those anticipated include, without limitation, adverse weather
 conditions, fluctuations in the investment markets, changes in the retail
 marketplace, changes in the laws or regulations affecting the operations of
 the company or its subsidiaries, changes in the business tactics or strategies
 of the company, its subsidiaries or its current or anticipated business
 partners, acquisitions or divestitures, changes in market forces, litigation
 and the other risk factors that have been identified in the company's filings
 with the SEC, any one of which might materially affect the operations of the
 company or its subsidiaries.  Any forward-looking statements speak only as of
 the date made.  We undertake no obligation to update any forward-looking
 statements to reflect events or circumstances arising after the date on which
 they are made.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X88642436
 
 SOURCE  The Midland Company