MLAN Midland Co (MM)

A.M. Best Reaffirms Midland Insurance Subsidiary's Financial Strength Ratings at A+ (Superior) CINCINNATI, March 31 /PRNewswire-FirstCall/ -- The Midland Company , a highly focused provider of specialty insurance products and services, today reported that A.M. Best Co. recently reaffirmed the A+ (Superior) rating of its American Modern Insurance Group property and casualty subsidiaries, reflecting their superior capitalization, favorable operating profitability and niche strategy in providing insurance products for manufactured housing, specialty dwellings, financial services companies and motor sport products. A.M. Best Co., a recognized leader in the rating of insurance companies, also indicated "a stable outlook" for the future for American Modern's property and casualty companies. "Midland's record of long-term performance is reflected in strong ratings from independent firms like A.M. Best," explained John W. Hayden, American Modern's president and chief executive officer. Approximately nine percent of insurers receive a "superior" rating. Hayden said that other indicators of the company's strong financial position include the selection as one of Ward's Top 50 performing property and casualty insurers for five consecutive years and its history of increasing shareholder value." Hayden added that he sees the A+ rating as clear affirmation that American Modern is fundamentally sound, in excellent position to meet its financial commitments to policyholders and moving in the right strategic direction by offering specialty property and casualty products to a diverse customer base. "Our focus in 2004 is to grow what we know best in the property and financial services marketplaces and on being the indispensable partner that delivers a sustainable competitive advantage to our distribution channels," he said. "The A+ rating reaffirms for agents and customers that we're prepared to continue delivering prompt and reliable claim services, even as we continue to invest strategically in technology and product expansion." About the Company 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 96 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 specialty insurance products including coverage for site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles, physical damage on long-haul trucks, extended service contracts, credit life and related products as well as collateral protection and mortgage fire products sold to financial institutions and their customers. Midland also owns a niche transportation business, M/G Transport Group, which operates a fleet of dry cargo barges for the movement of dry bulk commodities on the inland waterways. Midland's common stock is traded on the Nasdaq National Market under the symbol MLAN. Additional information on the company can be found on the Internet at http://www.midlandcompany.com/ . DATASOURCE: The Midland Company CONTACT: John I. Von Lehman, Executive Vice President and CFO of The Midland Company, +1-513-943-7100 Web site: http://www.midlandcompany.com/

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