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BASKING RIDGE, N.J., Sept. 11, 2003 -- Hooper Holmes, Inc. (Amex: HH) today announced that D & D Associates, a part of the Company's Diversified Business Unit, has secured approval to provide independent medical examination (IME) and review services for the New York State Insurance Fund (NYSIF).
The NYSIF, the largest workers' compensation and disabilities benefits carrier in the state of New York, is a non-profit, self-supporting insurance carrier that competes with private insurers in the workers' compensation and disability benefits markets. Approximately 170,000 employers, constituting roughly twenty-five percent of the New York market, hold NYSIF workers' compensation insurance policies amounting to $1.38 billion in net premiums written*.
Jim McNamee, Chairman and Chief Executive Officer of Hooper Holmes, commented, "This new client relationship underscores the outstanding service and quality which D & D Associates provides its customers, demonstrating why D & D Associates is the leading IME provider in the New York area. I am extremely pleased that D & D Associates will be doing work for the NYSIF, and I am confident that this will be a long-lasting relationship. D & D Associates continues to be an excellent performer and I look forward to the many opportunities that lie ahead for this outstanding organization."
About Hooper Holmes, Inc.:
Hooper Holmes, Inc. provides outsourced risk assessment services, including underwriting and claims information to the life, health, automobile, and workers' compensation insurance industries. The Company provides these health information services through over 275 locations nationwide and in the United Kingdom.
Our relationships with most insurance company customers are not covered by formal written agreements, and we have exclusive relationships with a small number of customers. Our ability to retain these customers will depend on our continued ability to serve their needs and distinguish us from our competitors. The loss of one or more customers could materially impact our business.
*Source of NYSIF information is public and as posted in financial statements and marketing materials at www.nysif.com.
Contact: Hooper Holmes, Inc.
Fred Lash, Chief Financial Officer
+1-908-766-5000
Financial Dynamics
Investors, Tiernan Cavanna, or Lanie Fladell
Media, Sean Leous
+1-212-850-5600
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