NEW YORK, Dec. 27, 2002 (PRIMEZONE) -- Bexil Corporation (AMEX:BXL) announced today that its net assets per share had increased to $12.62, up from $11.41 at December 31, 2001 and $10.89 at June 30, 2002. The increase in assets was attributed primarily to the revised fair valuation of Bexil's York Insurance Services Group, Inc. 50% owned subsidiary, net of certain charges. Over the course of the year, York has shown strong growth in revenues and net income while reducing debt. It is anticipated that selected financial data for York will be announced after York's audit is completed in the first quarter of 2003.
Since the 1930's, York has served as both an independent adjustment company and third party administrator providing claims, data, and risk related services to insurers, insured and intermediaries located throughout the United States. Its claims services continue to expand and include property & casualty, workers' compensation, surveillance, transportation, environmental, construction, inland & ocean marine and litigation management. More information about York may be found at its web site http://www.yorkclaims.com/.
Bexil is a holding company operating businesses directly or through companies in which it has a majority or other substantial interest. More information about Bexil may be found at its web site http://www.bexil.com/.
This press release contains forward-looking statements and similar expressions that reflect Bexil's current expectations about its future performance, and are subject to risks, uncertainties and other factors that could cause Bexil's actual performance to differ materially from those expressed in, or implied by, these forward-looking statements.