Credit Insurance Press Release

THE GUARANTEE COMPANY OF NORTH AMERICA

CREDIT INSURANCE

The Guarantee Company of North America and Export Development Canada collaborate to create additional capacity in the domestic trade credit insurance market.

Toronto, Canada – May 14, 2009 - The Guarantee Company of North America, Canada’s leading issuer of surety and fidelity bonds announced today it has entered into a reinsurance agreement with Export Development Canada (EDC) to access additional Domestic Credit Insurance (DSI) capacity for Canadian buyers. This additional DSI capacity will supplement the domestic buyer capacity already offered by The Guarantee Company of North America to its Canadian primary policyholders.

The Guarantee Company of North America will be offering the additional DSI capacity on an excess basis to existing Canadian primary policyholders and will not cover buyers that are currently “off cover”. The additional DSI capacity will generally match the primary policy buyer limit already granted for creditworthy Canadian companies. EDC does not provide domestic credit insurance directly, therefore DSI capacity can only be accessed through insurance provided by The Guarantee Company of North America and its network of independent insurance brokers across Canada. Credit Insurance protects a corporation’s commercial accounts receivable from unexpected and catastrophic losses due to the insolvency of its buyers. Credit insurance provides a corporation with a means to gain a competitive advantage by maintaining a reasonable level of risks, which is of prime importance in the prevailing economic conditions. Furthermore Canadian companies can leverage their credit insurance protection to obtain additional bank financing secured by their account receivable.

Any questions regarding this program should be directed to The Guarantee Company of North America, Credit Insurance Department at 1-800-361-8603

About The Guarantee Company of North America

The Guarantee Company of North America is a Canadian owned property and casualty insurance company serving the insurance needs of North Americans since 1872 and a leading underwriter of surety and fidelity bonds in Canada. In Canada, the company, from seven offices located in major centres across the country, specializes in Commercial and Contract Surety, Fidelity, Credit, Directors’ and Officers’ Liability and Personal Lines insurance including its high value Guarantee GOLD® coverage. In the United States of America, the Company, through its subsidiary The Guarantee Company of North America USA, underwrites Contract and Commercial/Miscellaneous Surety products form sixteen branch offices.

The Guarantee Company of North America is committed to delivering its products through the independent broker/agent distribution network throughout North America.

About Export Development Canada (EDC)

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.