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Highline Media LLC Completes Merger with The National Underwriter Company

New York, NY -- Highline Media, LLC ("Highline") and The National Underwriter Company ("NUCO") completed a definitive merger agreement today whereby NUCO was acquired by Highline Media, LLC. Terms of the transaction have not been disclosed.

NUCO, formed in 1897, is the leading publishing and information services business focused on the insurance industry. The company's headquarters are located in Erlanger, Kentucky, a suburb of Cincinnati, and principal editorial and advertising sales offices are in Hoboken, New Jersey. NUCO's Magazine and Conference Group publishes two weekly newsmagazines for the property/casualty and life/health sectors of insurance carrying the National Underwriter brand. The company also publishes Claims, a monthly magazine for claims executives; Tech Decisions, for IT insurance professionals; and the regional monthly, Florida Underwriter. In live events, NUCO sponsors its annual ACE/SCLA claims conference, the nation's largest, and co-located with its TechDec technology event.

NUCO's Professional Publishing Group issues some of the leading subscription-based information products in insurance, including its Fire, Casualty and Surety bulletins, reporting on the latest developments in insurance policy application and legal interpretation; and its TaxFacts annuals, summarizing how the tax code affects insurance benefits and investment decisions.

Highline is a new company formed by Spire Capital Partners, L.P., and headed by Andrew L. Goodenough, its President and Chief Executive Officer. Spire is a $260 million private equity fund based in New York City with financial interests in a number of media companies. Highline plans to use National Underwriter as a base from which to build a multi-market, multi-product business-to-business publishing and related media company, including a combination of magazine, newsletter, conference, trade show, website and book assets, delivered in print, electronic and live event form. Highline intends to acquire and launch publishing assets in the financial services, insurance and real estate fields utilizing the strengths of Spire's media contacts and financial capital, the experience of Goodenough, and the foundation and people of NUCO.

Goodenough has 25 years in publishing, and most recently served as the President of the Financial Publishing and Conferences Group at Thomson, with annual revenues of $75 million. The Financial Publishing and Conferences Group included such leading brands as the daily newspaper American Banker, US Banker, Bank Technology News, National Mortgage News, Credit Union Journal, Credit Card Management and Insurance Networking, related conference and exposition events, websites, directories and data products.

"I am very pleased to see this transaction come about, and what it means for National Underwriter employees going forward," said David R. Luppert, NUCO's chief executive. "The new owners and management of NUCO are in a position to grow the business significantly and expand opportunities for employees in the years to come."

Goodenough said, "The opportunity to own a commanding position in the insurance industry is a wonderful one for Highline. The insurance business is one of the nation's largest employers and a primary engine for capital preservation and growth. NUCO's brands are highly respected in the marketplace, with a strong mix of subscription- and advertising-based revenues, and the insurance market seeks the advice and counsel of NUCO's people constantly. We look forward to working with the NUCO team to build a strong financial services-oriented information enterprise."

Eugene Simonoff & Associates represented the buyer in the negotiation of the transaction.

For more information contact:

David R. Luppert
Chairman and Chief Executive
The National Underwriter Company
5081 Olympic Boulevard
Erlanger, KY 41018
859/692-2175

or

Andrew L. Goodenough
President and Chief Executive Officer
Highline Media LLC
30 Rockefeller Plaza, Suite 4200
New York, NY 10112
212/218-5459