Expands Board of Directors to Include Michael A. Roe

BEDFORD, MA, March 24, 2009 – FirstBest® Systems, Inc., developer of advanced insurance Underwriting Management Systems™ (UMS) that enable property and casualty insurance carriers to profit from better underwriting, today announced it has secured $6 million in Series B funding.  Flybridge Capital Partners and Brookstone Partners led the round with participation from existing investors.  The new funds will be used to expand sales and internal staffing, fuel marketing to new lines and increase development of UMS—a next-generation automated underwriting workstation combined with a rich agent portal.

“Enthusiasm from the Property & Casualty sector tells us that the FirstBest UMS is a compelling system for carriers to capture new revenue streams and improve underwriting profit while strengthening their agency relationships,” said FirstBest CEO and founder, John Belizaire.  “Today’s financial climate is straining those carriers that were more dependent on profits from investments vs. profits from underwriting.  When P&C insurance carriers look to grow their business, they can write a new line of business or expand an existing line into new segments or markets – requiring substantial changes to the insurer's underwriting workflow, methodologies and pricing strategies.”

After what is usually a six-month implementation period for the FirstBest UMS™, carriers can eliminate inefficiencies, provide visibility and real-time collaboration, and establish best practices in the underwriting process, while making it easier for agents to do business with them.  The UMS gets to the heart of profitability today – the underwriting process.

“FirstBest is an exceptional company, managed by a proven team,” commented Chip Hazard, general partner at Flybridge Capital Partners and member of FirstBest Board of Directors.  “Before considering a Series B investment, Flybridge requires that its portfolio companies demonstrate true innovation, market demand and adoption, fiscally conservative management, and aggressive goals.  FirstBest has met all these demands, and in just two years, defined a new market segment and built an award-winning product that has delivered tangible benefits to its customer base.”

Industry analysts have recognized FirstBest as a new, innovative technology provider.  Independent research firm Financial Insights, an IDC company, recently named FirstBest one of six outstanding “Up and Coming Technology Firms, Class of 2008,” and noted it as the only provider of “disruptive technology,” widely defined as an innovation that overturns the status quo and brings significant change to an industry.

To learn more about the FirstBest UMS, view our two-minute tour to see how it can help commercial lines carriers write more business and write better business.

FirstBest also announced an addition to its Board of Directors.  Michael A. Roe joins the FirstBest Board of Directors, leveraging his insurance and technology expertise to help guide FirstBest’s business
expansion strategy.  Michael has a 23-year record of success in high-growth software and IT consulting industries, with a focus on the insurance and annuity vertical markets.  He is the former founder, chairman and CEO of NaviSys, a leading insurance software and consulting firm acquired by Accenture in 2006.   Mr. Roe led NaviSys for fifteen years, where he focused on providing innovative solutions that increase business performance through all phases of the business cycle, including the previous market downturn in 2001.   Michael speaks at insurance conferences and has been published in Best’s Review and LOMA Resource.

About Flybridge Capital Partners
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist talented entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on investing in consumer, healthcare and information technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital.

About Brookstone Partners
Brookstone Partners is a private equity firm that seeks to acquire companies or invest in growth equity situations in the middle market. They are transformational investors who seek to invest in and partner with talented management teams to create long-term value for all stakeholders. Their principals have created significant value in a wide variety of both private and public enterprises and have returned in excess of $1.25 billion to our partners and investors since 1996.

About FirstBest
FirstBest® Systems, Inc. delivers advanced Underwriting Management Systems™ (UMS) that enable insurance companies to write more business and write better business. The FirstBest UMS™ combines a next-generation insurance underwriting workstation with a rich agent portal for commercial lines carriers.  Insurers can achieve greater speed and business agility, provide real-time collaboration to make it easy for agents to do business with them, promote enhanced underwriting discipline and best practices, scale their book of business profitably, and empower underwriters and agents with greater visibility into the business. For more information, visit www.firstbest.com or call 1.888.863.6095. 

Press contacts:    
Meira Primes
VP, Marketing
FirstBest Systems, Inc.
781.863.6005
mprimes@firstbest.com

Kate Castle
VP, Marketing
Flybridge Capital Partners
kate@flybridge.com