BATON ROUGE, La. (March 16, 2006) -- Louisiana Workers' Compensation Corporation (LWCC), a private, nonprofit mutual insurance company that covers more than one-third of Louisiana's workers' comp insurance market, today announced that CEO Steve Cavanaugh has tendered his resignation to a meeting of the company's board of directors this morning. Kristin Wall, president and chief operating officer, was named by the board to replace Cavanaugh as CEO.

"We are extremely pleased that Steve has an opportunity to take on a new role with a Dallas-based national insurance services firm as it develops a new product from the ground up. As with LWCC, Steve will be using his vision and entrepreneurial spirit to launch a new enterprise," said Aubrey Temple, Chairman of the Board.

Kristin Wall has been chief operating officer for six years and was promoted to president in 2004. Following her appointment to president of the corporation, and under her direction, LWCC has received Ward's designation as a Top 50 Property & Casualty insurance company in the nation, returned more than $25 million back to its policyholders over the past two years, and has increased the company's profitability substantially.

"She has run the day-to-day operations brilliantly and as CEO will continue to do so for the benefit of Louisiana employers," said Temple.

"While I'm excited about this new opportunity, I'm proud of what we've done at LWCC. I've had the benefit of working alongside Kristin for a number of years, and have enjoyed working in partnership with her in building this company, and assembling an executive team that is extremely talented and dedicated. Under her leadership, this executive team has been responsible for the success of the company, and I am confident in their ability to continue to deliver on the mission of the LWCC, " said Steve Cavanaugh.

"Our team's efforts are paying off," explained Kristin Wall. "We anticipate another record-setting dividend to be paid in 2006, and look forward to delivering world-class performance in the decade ahead."

"We wish Steve all the best in his new venture and thank him for his devotion, talents and vision over the years," said Temple. "Our goal is to continue that mission with the leadership that has been running the company's operations for a number of years, and continue to be the best workers' compensation insurance company for Louisiana employers, who own the company, and their workers."

About LWCC

LWCC (www.lwcc.com) is a private, nonprofit mutual insurance company. It is the state's largest writer of workers' compensation insurance, covering about 23,000 policyholders and 34 percent of the insured market in Louisiana. The company carries an "A" (Excellent) rating from A.M. Best and for the fourth year in a row, was named one of the top 50 property and casualty insurance companies in the nation by Ward Group, the leading authority on insurance industry benchmarking.