PRESS RELEASES
LoJack Corporation and The Atlantic Mutual Company Join Forces to Combat Commercial Theft
Co-Marketing Agreement Strengthens LoJack's Insurance Industry Partner Program
Westwood, MA, July 31, 2002 - LoJack Corporation (NASDAQ: LOJN), the leader in stolen vehicle recovery technology, and The Atlantic Mutual Insurance Company (Atlantic Mutual) today announced their partnership to co-market the LoJack stolen vehicle recovery system. Under the terms of the agreement, the two companies will work together to market LoJack to Atlantic Mutual commercial equipment policyholders in an effort to reduce losses due to theft of construction equipment and tools.
The companies will pilot their initiative in the Texas market, and will look to expand the program across the nation in the coming months. Atlantic Mutual will require that some of their accounts install LoJack on high-risk equipment and will also offer a $10,000 deductible waiver on any LoJack-protected equipment. In addition to LoJack’s standard warranty, the program will offer Atlantic Mutual customers a special seven-year commercial warranty, which provides for a free replacement LoJack unit in the unlikely event that a LoJack-equipped vehicle is stolen and not recovered.
"As we continue to look for ways to mitigate risk and reduce costs associated with theft, we sought a partner with proven technologies to assist us in reaching our goals," said Grace Thomas, vice president, Atlantic Mutual. "By working with LoJack, who has direct connections with law enforcement agencies, we can fight against the threat of theft by adding an extra layer of protection for our customers."
LoJack and Atlantic Mutual will begin promoting the agreement through a co-branded brochure, a referral program and insurance agent training.
"After launching our insurance partner program this April, we are thrilled to partner with Atlantic Mutual to help combat commercial theft," said Donna Driscoll, vice president of marketing, LoJack Corporation. "By equipping commercial vehicles and equipment with our specially designed ‘ruggedized’ units and offering incentives to those that insure with Atlantic Mutual, together we offer customers an added sense of security when they are away from their equipment."
About Atlantic Mutual
Atlantic Mutual Companies offer a range of commercial, personal and marine property-casualty insurance products through independent insurance agents and brokers. The Group's operations are conducted through the Atlantic Mutual Insurance Company, the lead company, and the Centennial Insurance Company, the Atlantic Specialty Insurance Company, the Atlantic Lloyds Insurance Company of Texas, Atlantic Mutual of Bermuda Limited and Atlantic Risk Services, Inc. The Atlantic Mutual Insurance Company, formed in 1842, is a mutual insurance company owned by its policyholders and has no capital stock and no shareholders. With 2001 gross premiums written of $1 billion, the Atlantic Mutual Companies ranks among the top U.S. property-casualty insurance groups.
Additional information about the Atlantic Mutual Companies can be found on the Internet at www.atlanticmutual.com.
About LoJack
LoJack Corporation is the recognized world-leader in stolen vehicle recovery technology. In the U.S., its stolen vehicle recovery system, utilized by law enforcement agencies, has maintained more than a 90 percent successful recovery rate during the sixteen years it has been available to the consumer. The LoJack System operates coast-to-coast in 20 states and the District of Columbia, representing the areas of the country with the greatest population density, highest number of new vehicle sales and incidents of vehicle theft. In addition, LoJack is operated by law enforcement and security organizations in more than 20 countries in Europe, Latin and South America, Africa, Asia and the Western Hemisphere.
Contact:
Paul McMahon
Corporate Communications
(781) 326-4700 |