Exhibit 16
June 19, 2000
Securities Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for 1st Atlantic Guaranty Corporation
and, under the date of November 1, 1999, except as to Note 9, which is as of
January 31, 2000, we reported on the financial statements of 1st Atlantic
Guaranty Corporation as of September 30, 1998 and for the period from August 27,
1998 to September 30, 1998. On May 30, 2000, our appointment as principal
accountants was terminated. We have read 1st Atlantic Guaranty Corporation's
statements included in the second paragraph under Item 4 of its Form 8-K dated
June 6, 2000, and we agree with such statements.
Very truly yours,
/s/ KPMG LLP
