Exhibit 99.2
Press Release
February 27, 2004
For Immediate Release
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For Information Contact:
Eric R. Anderson, Vice President, Investor Relations - 202.969.1866
NCRIC Group, InC. Appoints Financial Expert to Its Board
WASHINGTON, D.C. -- NCRIC Group, Inc. (NCRIC) (Nasdaq National Market: NCRI), a
leading provider of medical professional liability insurance and physician
practice management services in the Mid-Atlantic region, today announced the
addition of Mr. Frank Ross to its Board of Directors. Mr. Ross, who formerly
served as managing partner of KPMG LLP Mid-Atlantic Area and was elected to
three terms on the KPMG US and KPMG Americas Boards of Directors, brings to
NCRIC more than 38 years of experience in public accounting and auditing. He had
responsibility for regional sales and delivery of all Audit and Risk Advisory
services at KPMG, including Financial Statement Audit, Risk Advisory Services,
Internal Audit Outsourcing, Business Measurement Processes, and other services.
Mr. Ross has also served in various capacities on numerous non-profit Boards.
"Mr. Ross brings a wealth of financial knowledge and broad experience to the
Board, and we are extremely pleased he has agreed to join us," stated NCRIC
Chairman Nelson P. Trujillo, M.D. "While our board possessed strong financial
proficiency, it was important to have a board member who met the specific
criteria outlined by Sarbanes-Oxley for financial expertise as we chart the
course for NCRIC over the next several years. In Mr. Ross, we not only found
that financial expertise, but a leader in the accounting and auditing
profession."
Mr. Ross commented that he is aware of the recent challenges NCRIC has faced and
is looking forward to working with both the Board and management in his role as
a director. "I was very impressed at the candor with which the recent issues
facing the company, including the hospital collection litigation verdict and the
reserve strengthening, were discussed with me by senior management and members
of the Governance Committee of the Board of Directors. I completed a due
diligence process before accepting this opportunity and believe that NCRIC has
put in place a solid financial framework for continued success."
"Our growth has accelerated substantially since the completion of our
second-step conversion in June 2003," stated NCRIC President and CEO R. Ray
Pate, Jr. "Mr. Ross brings unique expertise and contacts to our Board of
Directors. I believe that the Company will greatly benefit from his experience
and skills in both finance and corporate strategy. I couldn't be more pleased to
have Mr. Ross join our Board of Directors."
Mr. Ross's appointment to the Board of Directors commences on March 1, 2004, and
he will be up for election at the 2005 annual meeting of NCRIC shareholders.
Safe Harbor Information
Certain statements contained herein are not based on historical facts and are
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements may be identified by reference to a future period or
periods, or by the use of forward-looking terminology, such as "may," "will,"
"believe," "expect," "estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms. These forward-looking
statements include: statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating
strategies; and estimates of our risks and future costs and benefits. These
forward-looking statements are subject to significant risks, assumptions and
uncertainties, including, among other things, the following important factors
that could affect the actual outcome of future events:
o general economic conditions, either nationally or in our market area,
that are worse than expected;
o price competition;
o inflation and changes in the interest rate environment and performance
of financial markets;
o adverse changes in the securities markets;
o changes in laws or government regulations affecting medical
professional liability insurance and practice management and financial
services;
o NCRIC, Inc.'s concentration in a single line of business;
o our ability to successfully integrate acquired entities;
o changes to our ratings assigned by A.M. Best;
o impact of managed healthcare;
o uncertainties inherent in the estimate of loss and loss adjustment
expense reserves and reinsurance;
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o the cost and availability of reinsurance;
o changes in accounting policies and practices, as may be adopted by our
regulatory agencies and the Financial Accounting Standards Board; and
o changes in our organization, compensation and benefit plans.
We wish to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and wish to
advise readers that the factors listed above could affect our financial
performance and could cause actual results for future periods to differ
materially from any opinions or statements expressed with respect to future
periods in any current statements. We do not undertake and specifically decline
any obligation to publicly release the result of any revisions that may be made
to any forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
About NCRIC Group, Inc.
NCRIC Group, Inc. (NCRIC) is a healthcare financial services organization that
assists individual physicians and groups of physicians in managing their
practices by providing medical professional liability insurance, practice
management and financial services, and employee benefits plan design and pension
administration. In addition to its headquarters in Washington, D.C., NCRIC has
offices in Richmond, Fredericksburg and Lynchburg, Virginia as well as
Greensboro, North Carolina and provides services to more than 5,000 physician
clients.
For further information, contact Eric R. Anderson, Vice President, Investor
Relations; 1115 30th Street, NW, Washington, D.C. 20007; 202.969.1866, ext.
3102; anderson@ncric.com; or consult NCRIC's Web site, www.NCRIC.com.
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February 27, 2004
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