Middle East Expansion for Insurance Systems Inc.

Marked by the signing of 2nd Largest P&C Insurer in Lebanon

March 28, 2005 (Toronto/Beirut) � Insurance Systems Inc. (ISI), a leading provider of web-based solutions to the global property and casualty insurance industry, announced today the signing of its first client in the Middle East Region. Bankers Assurance SAL, the second largest property and casualty insurer in Lebanon, has signed an agreement with ISI for the implementation of WebWriter BackOffice for all lines of general insurance.

�This is a major growth milestone for ISI,� commented Terry Neilson, President and CEO of ISI, �Bankers is a real leader in the Middle East insurance marketplace, and we are looking forward to working closely with them on this strategic initiative.�

WebWriter BackOffice is a web-enabled enterprise software solution for property and casualty insurers which facilitates all back office workflow procedures. The system boasts unparalleled flexibility and scalability which allows insurers to quickly implement new lines of business. The total cost of ownership of WebWriter BackOffice is also significantly reduced as a result of an intuitive administration module and a table-driven design.

About Insurance Systems Inc.

Recognized as one of Canada�s fastest growing companies on the 2004 edition of the Profit 100 list, Insurance Systems Inc. (ISI) was founded in 1997 to design and build leading-edge software solutions for property and casualty insurers. Clients include multinational insurers in North America, Europe, the Middle East and the Caribbean. The company is headquartered in Toronto, Ontario with branch offices in Montreal, Quebec and Trinidad & Tobago. For more information, visit www.insurancesystems.ca.

About Bankers Assurance SAL

Founded in Beirut in 1972 by veterans of the Middle Eastern insurance market, the company is licensed to operate both as a general and life insurer. Today, Bankers Assurance is one of the most strongly capitalized insurance companies in Lebanon.