Insurance Management Solutions and PropertyAndCasualty.com Parent Go Public

Insurance Management Solutions Group Inc. and VerticalNet, Inc., announced initial public offerings today.

Insurance Management's offering of 3,350,000 shares of its common stock, including 1,350,000 shares being sold by selling shareholders, was priced at $11.00 per share. Insurance Management Solutions, along with its affiliate, Geotrac, is an outsourcing provider of business process solutions serving insurance companies and financial institutions nationwide. The company offers a complete menu of policy and claim administration services as well as financial and statistical reporting, hazard determination, training and marketing support.

The company says that selling stockholders and the company have granted the underwriters an option to purchase up to an additional 502,500 shares of the company's common stock, to cover over-allotments, if any. Raymond James & Associates Inc. and Keefe, Bruyette & Woods Inc. are the managing underwriters of the offering.

A portion of the net proceeds from the offering will be used for capital expenditures including technology upgrades. The remainder of the proceeds will be used for working capital and other general corporate purposes, including acquisitions.

VerticalNet, Inc.'s initial public offering of 3,500,000 shares of Common Stock was offered at a price of $16 per share. Of the 3,500,000 shares being sold, all are being sold by the Company.

VerticalNet, Inc., owns and operates 33 industry-specific communities of commerce on the Internet, including PropertyAndCasualty.com. These vertical trade communities are business-to-business Web sites that act as comprehensive sources of information, interaction and electronic commerce - the buying and selling of goods and services over the Internet.

The net proceeds to the Company will be used for investments in existing and future vertical trade communities, general corporate purposes and potential strategic acquisitions and to repay a bank note issued, the company said in a release.

The offering is being managed for the Company by Lehman Brothers, Hambrecht & Quist and Volpe Brown Whelan & Company as managing underwriters and by Wit Capital Corporation as e-Manager.