Fairboss Announces The Addition Of Robert W. Schmidt And The Appointment Of New Officers

MAPLEWOOD, NJ, -- June 12, 2002 - FairBoss Corporation Director and Chairman of the Board Elect, Tim Poeton, announced today that Robert Schmidt has joined the management team and that FairBoss has appointed several new corporate officers at FairBoss Corporation, and at its FairBoss Underwriters, Inc. subsidiary.

Robert W. Schmidt, RPLU (Registered Professional Liability Underwriter) previously was Assistant Vice President of Commonwealth Risk Services and Legion Insurance Companies, where he managed and underwrote program business. Prior, he was Underwriting Manager - Specialty Lines Division at Philadelphia Insurance Company where he underwrote Directors and Officers Liability, Employment Practices Liability (EPLI), Miscellaneous Professional Liability, and Insurance Agents Errors & Omissions coverages. He also previously held underwriting positions with ECS Underwriting (an XL Capital Company) and AON Corporation.

In announcing the hiring, Mr. Poeton said that he was delighted to announce the addition of a Program Business and EPLI specialist, whose talent and expertise are welcomed at FairBoss Corporation. Mr. Poeton also announced the resignation of Mary Preston Brown.

The new Corporate Officer appointments are as follows:

FairBoss Corporation

Timothy J. Poeton - Chairman of the Board, Elect

Keith A. Schwab - Chief Executive Officer and

President

Robert W. Schmidt - Vice President

FairBoss Underwriters, Inc

Robert W. Schmidt - Co-President,Sr.Underwriter

Mark Kollar - Co-President,Sr.Underwriter