NEWS RELEASE
May 4, 2004

MAINTAINING MOMENTUM, GROWING STRONGER
Cositore Joins Settlers Life Insurance Company

Settlers Life, in a proactive move to continue its current growth pattern, hires Anthony "Tony" Cositore and reports on the first quarter.

"We are very pleased that Tony Cositore has chosen to join our staff here in Bristol," said Settlers Life President Michael Lowe. "He brings with him thirty years of experience, almost evenly divided between running an agency and working in the home office. He is familiar with this part of the country, our marketplace and the products we offer. We believe that he will be a positive addition to our marketing effort and a valuable member of the Settlers Life team."

Cositore started in insurance in 1974 as a part time agent in his father's office. In 1983, he became the General Agent and managed the family business until 1990. He then took a position as vice president of combination agencies for the Columbian Mutual Life Insurance Company, Binghamton, N.Y. While heading up the Combination Division, Columbian expanded from four northeastern states to 38 states and sales increased from 1.8 million annually to just over 11 million in 2002.

"The growth here at Settlers Life over the last couple of years has been phenomenal," said newly hired Vice President, Marketing Anthony 'Tony' Cositore, "and I believe that with my past experiences I can help contribute to that phenomenal success. One of the things I would like to do here is 'increase the increase', and by that, I mean doing what it takes for our continued success."

Since its acquisition in December of 1999 by National Guardian Life Insurance Company, Settlers Life has enjoyed strong growth and profitability. In 2003, Settlers Life set a new company sales record with over $6 million in new annualized premium.

The first quarter of 2004 has continued that momentum, with the Company reporting new sales in excess of $1.8 million. Surplus has grown from $1o million at the close of 1999 to $20.2 million at the close of 2003, despite paying dividends of $6.3 million and death benefits in excess of $67 million during that same period. Its agency force has increased from 450 agents in 2000 to more than 1700 agents located in eight southeastern states, and the Company now employs 80 people at its home office in Bristol, Virginia, an increase of 23 employees over the past three years.

Cositore moves to the area with his wife, Lin and three children: Mathew, 22, Chris, 19 and Nikki, 16.

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