AJB Ventures Announces Acquisition Of Administrators For The Professions

Manhasset, New York - October 17, 2006 - AJB Ventures, Inc. has announced that it has completed its acquisition of Administrators for the Professions, Inc. ("AFP") and the controlling interest in Professional Medical Administrators, L.L.C. ("PMA"), from FPIC Insurance Group, Inc. (Nasdaq: FPIC) ("FPIC"). Under the purchase agreement, AJB Ventures paid approximately $40,000,000.

AFP, an insurance management company, and its wholly-owned subsidiaries, FPIC Intermediaries, Inc. and Group Data Corporation, provides administrative and claims handling services to Physicians Reciprocal Insurers, the second largest provider of medical professional liability insurance in the State of New York. In addition, PMA provides similar services in Pennsylvania, including administration and claims management services to Pennsylvania Physicians Reciprocal Insurers.

AJB Ventures, formed for the purpose of acquiring AFP, is owned by Anthony J. Bonomo J.D. who has been the President and CEO of AFP for 15 years. "As the CEO in charge of the operations of AFP and PMA, responsible for guiding the successful growth of these companies, capitalizing upon the opportunity to acquire our own insurance management business was as logical as it was compelling," said Mr. Bonomo.

"The Board of Governors of Physicians Reciprocal Insurers endorsed our action to protect the health and future of our insurance management operations, as well as that of Physicians Reciprocal Insurers" noted Bonomo.

No immediate changes in the management of the acquired companies or its insurance management business are envisioned, but, Bonomo added, "I anticipate that we will now be able to expand our insurance management resources and related facilities to grow them significantly in the New York and Pennsylvania markets", he said.

"For agents and brokers, the opportunity to grow with us has never been better, particularly working with our TPA and hospital products", he stated, adding, "For our clients in the medical profession, our solid capital position and risk management expertise will continue to serve as cost stabilizer."