8/17/2005
SIRVA Provides TransGuard Update
CHICAGO, August 17, 2005 — SIRVA, Inc., (NYSE: SIR), a global relocation services provider, today updated the status with respect to TransGuard Insurance Co. of America, Inc., its insurance subsidiary, in connection with today’s action by A.M. Best Co. which changed its rating of TransGuard from B++ (Very Good) to B (Fair).
As previously disclosed, SIRVA has in recent months taken a series of actions to minimize the potential impact of any rating changes on its insurance business through re-insurance agreements and the utilization of “A”-rated insurers to maintain uninterrupted coverage on an “A”-rated basis for TransGuard’s client base. As a result of today’s ratings action, SIRVA is also assessing fronting arrangements with an “A”-rated insurer for a substantial portion of its insureds.
As previously disclosed, SIRVA has engaged Goldman, Sachs & Co. to explore strategic alternatives for its insurance business.
More information about SIRVA can be found on the company’s Web site at www.sirva.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical, but are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon SIRVA, Inc. and its subsidiaries. There can be no assurance that future developments affecting us will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and other factors, including without limitation the impact of any downgrade by A.M. Best on our business and on our ability to execute strategic options with respect to our insurance business and those described under the caption “Business-Investment Considerations” and other risks described in our 2003 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other reports we submit to the Securities and Exchange Commission from time to time. We do not intend, and are under no obligation, to update any particular forward-looking statement included in this release.
Media Contact
Jim Trainor
Vice President
Corporate Communications
630.468.4828 (work)
630.334.7865 (cell)
