The Association of Insurance and Financial Analysts by liuqingyan

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									The Association of Insurance
   and Financial Analysts

   36th Annual Conference

 February 27 through March 2, 2011

    The Naples Grande Resort
         Naples, Florida
Companies Scheduled to Attend
              Allied World
             Alterra Capital
                AM Best
           AmTrust Financial
              Arch Capital
            Brown & Brown
             CNO Financial
              Hannover Re
               Partner Re
       Principal Financial Group
           Standard & Poor's
              Tower Group
            Transatlantic Re
 The Association of Insurance and Financial Analysts

                   The 36th Annual AIFA Conference

                          The Naples Grande Resort
                               Naples, Florida

                          February 28 –March 3, 2010


                               John Hall | President
                             Wells Fargo Securities, LLC
                                   (212) 214-8032

                        Matthew Heimermann | Vice President
                                    J.P. Morgan
                                  (212) 622-6545

                                Darin Arita | Treasurer
                                   Deutsche Bank
                                   (212) 250-7321

                               Keith Walsh | Secretary
                                   (212) 816-5452


Eric Berg           Craig Elkind               Brian Meredith    Jay Cohen
Barclays Capital    Harbor Watch Capital       UBS Securities    BofA Merrill Lynch
                    Management LLC

Jay Gelb            Brian Rohman               Nigel Dally       Michelle Giordano
Barclays Capital    Rebeco Investment          Morgan Stanley    Neuberger Berman

                    Andrew Kligerman           Susan Spivak Bernstein
                    UBS Securities             Alterra Capital
February 27, 2011
11:00AM - 5:30PM   Golf Outing – Transportation/Lunch Provided

                   11:00AM – 12:00PM: Check In (Golf Club)

                   12:00PM - Tee Time:Naples Grande Golf Club

                   Sponsor: TRANSATLANTIC RE
                   Coordinator: Matthew Heimermann

12:00PM -5:00PM    Conference Registration (Open Time)
Acacia I Foyer     Weston & Associates

7:00PM             Cocktail Reception and Buffet Dinner
Sunset Deck        Sponsors: ALTERRA CAPITAL
                             ENDURANCE SPECIALTY
                             FLAGSTONE RE
February 28, 2011
7:00AM –7:55AM               Breakfast
Orchid Ballroom
7:55AM – 8:00AM              Welcome – Keith Walsh
Royal Palm Ballroom IV & V
8:00AM –9:00AM               Panel: State of the Life Insurance Industry
Royal Palm Ballroom IV & V
                             Moderators: Andrew Kligerman & Suneet Kamath

                             AM Best – Andrew Edelsberg, VP Life/Health
                             NFP – David J. Carroll, MST – NFP Financial
                             PWC – Donald Doran – Partner PWC U.S.

9:00AM –10:00AM              Panel: State of the P&C Insurance Industry
Royal Palm Ballroom IV & V
                             Moderators: Jay Cohen

                             Partner Re – Costas Miranthis, CEO
                             Alterra – Marty Becker, President & CEO
                             Ryan Specialty Group – Pat Ryan, CEO

10:00AM – 10:15AM            Break
Royal Palm Foyer
10:15AM – 11:15AM            Panel: Bermuda
Royal Palm Ballroom III      Moderator: Matt Heimermann

                             Endurance Specialty – Michael Angelina, Chief Risk
                             Officer & Chief Actuary
                             Flagstone Re–Guy Swayne, Chief Underwriting Officer
                             Validius Holdings–Joseph (Jeff) Consolino, President &
                             Chief Financial Officer

Royal Palm Ballroom IV & V   Panel: Group Benefits
                             Moderators: Darin Arita & Sean Dargan
                             Unum – Chris Jerome, SVP Underwriting and Claims
                             StanCorp Financial – Dan McMillan, VP Ins. Services
                             Delphi Financial Group – Larry Daurelle, CEO Reliance
                                                        Standard Life
Monday (cont.)
February 28, 2011
11:15AM – 12:15PM            Panel: Annuites
Royal Palm Ballroom IV & V   Moderators: Michelle Giordano & Jim Bhullar

                             AXA – Kevin Byrne, EVP & CIO
                             American Equity – Wendy Waugaman, CEO

Royal Palm Ballroom III      Panel: Insurance Brokers
                             Moderator: Sarah Dewitt & Mark Finkestein

                             National Financial Partners – Ed O’Malley, President,
                             Brown & Brown – Cory Walker, CFO

12:15PM – 1:45PM             Lunch
Orchid Ballroom
1:45PM – 2:45PM              Panel: Accounting
Royal Palm Ballroom IV & V   Moderators: Brian Meredith & Andrew Kligerman

                             PartnerRe – Bill Babcock, CFO
                             FASB – Jennifer Weiner, FASB-Senior Practice Fellow
                             GNAIE – Jerry M. de St. Paer

2:45PM – 5:30PM              Company Meetings

5:30PM - 6:00PM              Cocktails
Orchid Foyer
6:00PM – 8:00PM              Company Sponsored Dinners –

Orchid Ballroom                Travelers – Doreen Spadorica, EVP Claim Services &
                               CEO, Personal Insurance.
                               Marc Schmittlein, President and CEO, Select Accounts
Royal Palm Ballroom VII & VIII Hartford – Christ Swift, CFO

8:00PM – 10:00PM             Afterglow Party
Palm Terrace Pool            Sponsored by CNO Financial & XL Capital

March 1, 2011
7:00AM – 8:00AM                Breakfast Presentation
Orchid Ballroom
                               Hannover Re – Ulrich Wallin, CEO

8:00AM - 9:00AM                Panel: M&A
Royal Palm Ballroom IV & V     Moderators: Jay Cohen & John Hall

                               JP Morgan – Marty Dolan
                               JP Morgan – Eric Goldstein

9:00AM – 10:00AM               Panel: Personal Lines
Royal Palm Ballroom III        Moderator: Alison Jacobowitz

                               The Hanover Group – Mark Desrochers, President,
                                                      Personal Lines
                               Willis – Lyn Killeen, SVP, Willis Personal Lines

Royal Palm Ballroom IV & VII   Panel: Life
                               Moderators: Nigel Dally & Ed Spehar

                               CNO Financial – Ed Bonach, CFO
                               MetLife – Mike Farrell, Head of US Distribution
                               MS Life Distribution – Todd Shriber, Managing Director

10:00AM – 10:15AM              Break
Royal Palm Foyer
10:15AM – 11:15AM              Panel: Pension
Royal Palm IV & V              Moderators: John Nadel & Tom Gallagher

                               Principal Financial Group –Tim Minard, SVP of Retire-
                                                          ment Distribution
                               Manulife – Hugh McHaffie, President, John Hancock
                                                          Wealth Management
Tuesday (cont.)
March 1, 2011

10:15AM – 11:15AM            Panel: Specialty
Royal Palm Ballroom III      Moderator: Josh Shanker

                             HCC Holdings – John N. Molbeck Jr. President & CEO
                             Aspen – John Cavoores, Co-CEO of Aspen Insurance
                             Arch – Mark D. Lyons, Chairman & CEO, Arch World-
                                                   Wide Insurance Group

11:15AM – 12:15PM            Panel: Commercial Lines
Royal Palm Ballroom IV & V   Moderators: Craig Elkind & Brian Meredith

                             Towers Watson- Alejandra Nolibos, Senior Consultant
                             Travelers –Marc Schmittlein, President, Select Accounts
                             Allied World – Jack Sennott, EVP, Chief Strategy Officer

Royal Palm Ballroom III      Panel: Small Cap
                             Moderators: Brian Rohman & Beth Malone

                             Meadowbrook – Bob Cubbin, CEO
                             Tower Group – Michael Lee, Chairman & CEO

12:15PM – 1:45PM             Luncheon – Rating Agency Panel
Orchid Ballroom              Moderator: Arun Kumar

                             S&P – Mark Puccia
                             Moody’s – Rob Riegel
                             Fitch – Julie Burke

1:45PM – 5:30PM              Company Meetings

6:00PM – 8:00PM              Dinner
Palm Terrace Pool

March 2, 2011

7:30AM – 8:30AM   Breakfast
Orchid Foyer
8:30AM – 9:30AM   AIFA Cup
Orchid Ballroom   Buy Side vs. Sell Side Stock Picking Contest

9:30AM            Closing Remarks
Company Meetings
Monday, February 28, 2011

Company           Room Name
Alterra           Acacia II
Amtrust           Cypress
AXA               Acacia IV
CNO               Acacia V
Delphi            Banyan I
Endurance         Mangrove I
Flagstone         Acacia I
HannoverRe        Acacia VII
PartnerRe         Banyan II
Stancorp          Acacia VI
TransatlanticRe   Mangrove II
Unum              Acacia III
Validius          Hibiscus
Company Meetings
Tuesday, March 1, 2011
Company          Room Name
Arch Capital     Banyan I
Aspen            Banyan II
AWH              Acacia VII
CNO              Acacia V
Hartford         Mangrove II
HCC              Acacia VI
Manulife         Acacia IV
Meadowbrook      Acacia III
Metlife          Hibiscus
Tower Group      Cypress
Travelers        Acacia I
Validius         Acacia II
XL               Mangrove I
Speaker Biographies
Michael E. Angelina, Chief Risk Officer & Chief Actuary, Endurance Specialty Holdings
Michael Angelina joined Endurance as its Chief Risk Officer & Chief Actuary in June 2005. Mr.
Angelina is an Associate of the Casualty Actuarial Society and a Member of the American
Academy of Actuaries. Mr. Angelina graduated from Drexel University with a B.S. in
Mathematics, and began his actuarial career with CIGNA in the workers compensation and
actuarial research units. Mr. Angelina then joined Tillinghast in 1988 where he participated in
the development of Tillinghast's excess of loss pricing system and its Global Loss Distributions
initiative, as well as numerous client assignments, with a focus on mergers & acquisitions,
pricing and reserving for reinsurance companies and multi-line insurers. Mr. Angelina worked
for one year for Reliance Reinsurance Corp. as a Vice President and Actuary prior to returning to
Tillinghast in 2000. Mr. Angelina is the co-author of Tillinghast's industry-wide asbestos
actuarial study and participated in the development of the 2003 FAIR Act (proposed Federal
asbestos legislation). Mr. Angelina is a member of the American Academy of Actuaries’
Committee on Property Liability Financial Reporting, Casualty Practice Council, and
Chairperson of the Emerging Issues Task Force. Mr. Angelina is a frequent speaker at industry
conferences covering topics such as Enterprise Risk Management, Loss Reserving, Capital
Allocation, Market Conditions, and Pricing Trends.

Bill Babcock, EVP and Chief Financial Officer, PartnerRe Ltd.
Mr. Babcock is responsible for all aspects of the Company’s financial operations. This includes
financial reporting and control, treasury and capital management, and tax as well as investor
relations. Mr. Babcock also has executive management responsibility for Group I.T.
(Information Technology) and is a member of PartnerRe’s Group Executive Committee. Mr.
Babcock has twenty years of professional experience, both in public accounting and the
reinsurance industry. Prior to joining PartnerRe in 2008 as Group Finance Director, he held the
position of Chief Accounting Officer and Director of Financial Operations at Endurance
Specialty Ltd. Mr. Babcock has a Bachelor of Science in Accounting from Wake Forest

W. Marston Becker, President and Chief Executive Officer, Alterra Capital Holdings Ltd.
W. Marston (Marty) Becker currently serves as President and Chief Executive Officer of Alterra
Capital Holdings Limited following the merger of Max Capital Group and Harbor Point in May
2010. Marty served as Chairman and Chief Executive Officer of Max Capital Group Ltd., from
October 2006 - May 2010. He has been a director of Max Capital Group Ltd., formerly known as
Max Re Capital Ltd. and Max Bermuda Ltd., formerly known as Max Re Ltd. since April 2004.
From 1996 to 1999, Becker was Chairman and Chief Executive Officer of Orion Capital
Corporation, until its sale in 1999 to Royal & SunAlliance, where he then served as Vice
Chairman and a Director of Royal & SunAlliance USA until 2000. He was President and Chief
Executive Officer of an Orion Capital subsidiary from 1994 to 1996. From 2002 to 2005, he led
the restructuring and wind-down of Trenwick Group Ltd, a Bermuda insurance company and
from 2002 to 2008, its subsidiary, LaSalle Holdings. From 2001 to 2004, he was non-executive
chairman of Hales & Company, a boutique insurance industry investment bank and private
equity investor. Becker is Chairman and General Partner of West Virginia Media Holdings,
which he co-founded in 2001. He is a director of Selective Insurance Group, Inc. (Nasdaq:SIGI).
Becker earned his Juris Doctor and Bachelor of Science in Business Administration degrees from
West Virginia University. He is a certified public accountant and is an admitted attorney in West

Edward J. Bonach EVP and chief financial officer, CNO Financial Group, Inc.
Ed Bonach was appointed executive vice president and chief financial officer of CNO Financial
Group (formerly Conseco), effective in May 2007. Bonach joined CNO from National Life
Group, where he served as executive vice president and chief financial officer. Before joining
National Life in 2002, he was with Allianz Life for 23 years, where his positions included
President - Reinsurance Division and chief financial officer. Bonach holds a bachelor of arts
degree (cum laude) in mathematics from St. Johns University in Collegeville, Minnesota. He is a
fellow of the Society of Actuaries (FSA), a member of the American Academy of Actuaries
(MAAA), and a Chartered Enterprise Risk Analyst (CERA). He is vice chair of the board of the
Medical Information Bureau (MIB), a board member of the Indianapolis Chamber of Commerce,
and a member of the Finance Committee of the Indiana Sports Corporation (ISC).

Julie A. Burke, CPA, CFA, Managing Director Fitch Ratings
Julie A. Burke is a managing director in Fitch Ratings’ North American insurance rating group.
She oversees insurance ratings and analytical staff in the life, property/casualty, health, title
insurance sectors, as well as insurance securitization activities. She is a member of the insurance
rating committee. Julie is also a member and former chair of the accounting & consistency
committee as well as the corporate finance criteria committee of Fitch’s corporate finance credit
policy board. In addition, she has represented Fitch as a member of FASB’s User Advisory
Council (UAC). Julie was previously the life insurance sector head for the region. She has
covered the life insurance industry for Fitch and its predecessor company since 1991. She is a
frequent speaker at insurance industry events and a contributor to various insurance publications.
Julie was a senior vice president and head of insurance analysis and research at Duff Credit
Rating’s (DCR), which she joined in 1991 as an assistant vice president. Before joining DCR,
Julie was a high-yield credit analyst with the Duff & Phelps Investment Research Co. for five
years. Prior to that, Julie was with American National Bank & Trustee Co. of Chicago, a then-
subsidiary of First Chicago (now JP Morgan-Chase). Julie received her BS in finance from
Northern Illinois University and an MBA in accounting and international business from
Northwestern University’s Kellogg Graduate School of Management. She is a member of the
CFA Institute, the CFA Society of Chicago, and the Illinois CPA Society. Julie is a certified
public accountant and holds the Chartered Financial Analyst designation.
Kevin R. Byrne, AXA Equitable Life Insurance Company
Kevin R. Byrne is executive vice president of AXA Equitable Life Insurance Company and
member of its Executive Management Committee. He serves as chief investment officer and
treasurer of AXA Equitable and its subsidiaries. Mr. Byrne is responsible for the strategy and
oversight of the investment portfolios of AXA Financial and its insurance subsidiaries. In
addition, he is responsible for the company’s treasury functions and corporate finance. In
addition, he also provides oversight of the U.S. investor relations activity of AXA Financial’s
parent organization, the global AXA Group. Other responsibilities include management of
various reinsurance and special purpose insurance subsidiaries, including AXA Corporate
Solutions Life Re, Equitable Casualty Insurance Company and AXA Financial (Bermuda).
Mr. Byrne joined AXA Financial in 1989. He became treasurer in 1995, a senior vice president in
1997 and chief investment officer in 2004. Mr. Byrne holds an MBA from New York University
and a BS from Fordham University.

David J. Carroll Chief Executive Officer, NFP’s Financial Architects Partners
Mr. Carroll, CEO of NFP’s Financial Architects Partners, specializes in wealth transfer life
insurance and the design, implementation, and monitoring of large life insurance portfolios. His
clients are senior executives and shareholders of private and publicly held companies, prominent
families with inherited wealth, and several are Forbes 400 families. Mr. Carroll has over 15 years
of experience specializing in advising high net worth families in the area of estate planning and
generational wealth transfer strategies. Before joining NFP’s Financial Architects Partners, he
was with another national firm working with ultra affluent clients and their advisors. He began
his career at John Hancock Life Insurance Company where he spent more than 10 years focused
on investments, systems, and life distribution. Mr. Carroll earned an undergraduate degree from
Harvard University and a Masters of Science in Taxation from Northeastern University’s
Graduate School of Professional Accounting. Mr. Carroll is a member of the Boston Estate
Planning Council and has served on the Council’s Speakers Bureau. He has been a national
conference presenter for both NFP and the M Financial Group and on a variety of industry
related topics. Additionally, he has been a speaker at the Boston Bar Association Brown Bag
lunch series and Boston University Law School’s Taxation Program. He is also the current
Chairman of the Board for the West Suburban YMCA in Newton, Massachusetts. Mr. Carroll
resides with his wife and four children in Newton, Massachusetts.

John Cavoores, Co-Chief Executive Officer, Aspen Insurance
Mr. Cavoores has been a Director of Aspen Insurance Holdings since October 30, 2006 and
beginning October 2010, he joined the Company full-time as Co-Chief Executive Officer of
Aspen's insurance operations. He shares that responsibility with Mr. Rupert Villers. Since 2006,
he was a senior advisor to Blackstone's Private Equity Group on insurance related portfolio
investments. He currently serves as a Director of Alliant Insurance Holdings, a Blackstone
portfolio company. Mr. Cavoores has nearly 30 years of experience in the insurance industry and
prior to serving on Aspen's Board of Directors, he was a Managing Director of White Mountains
Insurance Groups and President and Chief Executive Officer of its subsidiary company,
OneBeacon Insurance Company. Among his other positions, Mr. Cavoores was President and
Chief Operating Officer of National Union Insurance Company, a subsidiary of American
International Group (AIG). He spent 19 years at Chubb Insurance Group, where he served as
Executive Vice President and Co-Chief Underwriting Officer of Chubb's Specialty business as
well as Chairman of Chubb Europe and Managing Director of Chubb's non-US Insurance
Operations, based in London.

Joseph (Jeff) E. Consolino, President & Chief Financial Officer, Validius Holdings
Joseph E. (Jeff) Consolino has been executive vice president and chief financial officer of
Validus Holdings, Ltd. since March 2006. Mr. Consolino has over 17 years of experience in the
financial services industry, specifically in providing investment banking services to the insurance
industry, and most recently served as a managing director in Merrill Lynch’s Financial
Institutions Group specializing in insurance company advisory and financing transactions. He
serves as a Director of National Interstate Corporation, a property and casualty company based in
Ohio and of AmWINS Group, Inc., a wholesale insurance broker based in North Carolina.

Robert S. Cubbin, President and Chief Executive Officer, Meadowbrook
Mr. Cubbin also serves as a member of the Board of Directors. Prior to this appointment, Mr.
Cubbin held the positions of Chief Operating Officer, Executive Vice President, Senior Vice
President, and General Counsel for Meadowbrook Insurance Group and its operating
subsidiaries: Star Insurance Company, Savers Property & Casualty Insurance Company, and
American Indemnity Insurance Company. In 1995, Mr. Cubbin was instrumental in the
successful completion of an initial public offering that resulted in Meadowbrook being listed on
the New York Stock Exchange (NYSE: MIG). In 2002, Mr. Cubbin led a secondary public
offering which raised an additional $66 million in equity for the Company.
Mr. Cubbin has extensive experience in the formation and operation of stock and mutual
insurance companies, onshore and offshore captive insurance companies, self-insurance funds,
and public entity pools. He is a frequent speaker at industry forums on the Alternative Risk
market, captives, rent-a-captives, and specialty program business. He joined Meadowbrook
Insurance Group after practicing law at the Detroit, Michigan offices of Plunkett & Cooney, with
a focus on insurance and reinsurance issues, professional liability claims, municipal liability, and
products liability. He is a graduate of Wayne State University and holds a law degree from the
Detroit College of Law. He is a licensed attorney in the State of Michigan.

Laurence E. Daurelle, President and CEO Reliance Standard Life Insurance Company
Lawrence E. Daurelle is President and Chief Executive Officer of Reliance Standard Life
Insurance Company, Delphi’s subsidiary that provides group life, disability, travel accident and
dental insurance. Mr. Daurelle also oversees Matrix Absence Management, Inc., Delphi’s
subsidiary that provides absence management services. Mr. Daurelle joined Reliance Standard
Life in 1995 as Vice President and Treasurer, and was named to his current position in 2000.
Prior to joining Reliance Standard Life, Mr. Daurelle was Senior Vice President and Chief
Financial Officer for Mutual Assurance Company. Previously, he was Senior Vice President of
Strategic Planning for the Fidelity Mutual Life Insurance Company and a Vice President of
United Pacific Life Insurance Company. Mr. Daurelle is a graduate of The Pennsylvania State
University (B.S., accounting) and Drexel University (M.S., taxation).

Mark Desrochers, FCAS, MAAA, President, Personal Lines, Hanover Insurance Group
Mark has been President for the Peronal Lines division for Hanover since 2009. From 2006 to
2009, Mark was Vice President of State Management and Product Management for Hanover
Personal Lines. Prior to joining the Hanover in 2009, Mark was employed by Liberty Mutual
Personal Markets where he was Vice President and Auto Product Manager. From 1997 to 2003,
he was Pricing and Profitability Manager for Electric Insurance Company and he was a Senior
Associate with Applied Insurance Research from 1995 to 1997. Mark is a Fellow of the
Casualty Actuarial Society and a Member of the American Academy of Actuaries.

Marty Dolan, JP Morgan Securities
Martin Dolan is the Head of the North American Insurance Investment Banking Group at
JPMorgan Securities in New York. Prior to joining JPMorgan, he was a Managing Director in
the Global Insurance Group at Morgan Stanley, and the head of the European Insurance
Investment Banking Group at Lehman Brothers. Mr. Dolan has lead the IPOs and restructurings
of many of the insurance industry’s leading companies during his 20 years covering the
insurance industry. Mr. Dolan has an MBA from Harvard Business School.

Donald A. Doran, National Professional Services Group
Donald is a partner in the National Professional Services Group. Donald is the Financial
Services and Financial Instruments team leader on the Group. Donald has been an engagement
partner in the Insurance industry group since 1993. He was the chairman of AICPA Insurance
Expert Panel until this year and currently the US Firm’s representative on the PwC global
insurance technical panel. This panel is responsible for following and influencing the standard
setters in matters that effect insurance companies as well as for the consistent application of
IFRS around the world. Donald was on the AICPA task force for accounting for non-traditional
annuity and life insurance contracts. Donald has extensive experience in both public and non-
public insurance companies in the life and property and casualty industries.

Andrew Edelsberg, CPA, ALMI, Vice President, A.M. Best Company
Andrew Edelsberg is a Vice President in the Life/Health Ratings Division of the A.M. Best
Company, an independent global full-service credit rating organization dedicated to serving the
financial services industries, focusing on the insurance sector. Founded in 1899, A.M. Best is the
world’s oldest and most authoritative insurance rating and information source. Andrew manages
an analytical team that provides rating coverage for a diverse group of domestic life/health
insurers. His team’s portfolio includes both mutual and stock life/health companies, including
major writers of individual life and annuity, group life and annuity, disability income, credit life,
dental, long-term care, supplemental health and related financial services products. A.M. Best’s
population of rated companies covers the entire U.S. life insurance industry, and a majority of
the top health insurance organizations. Additionally, Andrew and his team specializes in
analyzing and assigning ratings to debt securities issued by domestic insurance companies as
well as multinational financial services and reinsurance firms. He authors and oversees the
writing of research articulating A.M. Best’s credit opinion of life insurers as well as the rating
agency’s position on industry issues. He provides analytical insight to issuers and the buy side
through presentations and teleconferences, and advises his peers on technical issues with regard
to debt. Finally, Andrew’s team is responsible for maintaining the Life/Health division’s risk-
based capital (BCAR) and liquidity models. Prior to joining A.M. Best in December 1999,
Andrew was an Associate Analyst in the Life Insurance Group at Moody’s Investors Service. At
Moody’s, Andrew co-authored research on key industry issues and was part of analytical teams
following medium to large-sized U.S. and Canadian life/health companies. Previously, he was
employed as an actuarial analyst at Penn Mutual Life Insurance Company and worked on
insurance company audits (mostly of life insurers) while at the public accounting firm of
Coopers & Lybrand. Andrew received his undergraduate degree from the University of
Pennsylvania’s Wharton School of Business with concentrations in actuarial science and
accounting. He is a Certified Public Accountant, an Associate of LOMA’s Life Management
Institute, and has passed the Level I exam of the AIMR Chartered Financial Analyst (CFA)

Michael K. Farrell, Executive Vice President, U.S. Distribution MetLife
Michael K. Farrell is executive vice president for U.S. Distribution, MetLife’s sales organization
that provides products and services to millions of individuals and more than 60,000 employers
across the U.S, including over 90 of the top one hundred FORTUNE 500® companies. The
division provides employee benefit and retirement solutions, insurance and other financial
services through MetLife’s Employee Benefits Sales, Individual Distribution and third party
distribution (through MetLife Investors) channels. He also oversees the sales support functions
and a team focused on the operations, sales and investment product management for
MetLife’s four broker-dealers (MetLife Securities, New England Securities, Tower Square
Securities and Walnut Street Securities). Before assuming his current position in August 2009,
Farrell was in charge of all aspects of MetLife’s market-leading annuity business, including
sales, marketing, annuity product development and pricing, fund investment platforms, customer
experience and retirement strategy. Growth in annuity sales rose steadily under Farrell’s watch.
MetLife continues to be the number one annuity provider in 2009 according to LIMRA, and
offers a broad array of variable, fixed and immediate annuities. Prior to this role, Farrell was
responsible for third party distribution, overseeing the company’s dramatic growth in wirehouse,
banks, planner, regional broker-dealers and brokerage organizations. During this time, he
established MetLife as a leader in third party annuity, life and long-term care sales. That growth
was due, in part, to the seamless integration of Travelers Life & Annuity and CitiStreet
Associates into MetLife in 2005. Farrell played an integral role in the leadership team of
that transaction and integration. Farrell has more than 35 years of experience in the financial
services industry. Prior to joining MetLife in May 2001, he was president of Michael K. Farrell
Associates, Inc. Founded in 1990, the firm specialized in corporate qualified retirement plans and
retirement plans for not-for-profit organizations. At the time of its sale to ING in 2001, the firm
had over 1,500 clients. Over the span of his career, Farrell has held the positions of president,
Mutual Benefit Pension Corporation, and senior vice president, Mutual Benefit Life Insurance
Company. He served as national sales director for ReliaStar Retirement Plans, and as a member
of the ReliaStar Enterprise Council. Farrell is active in community affairs and serves as a board
member of the Boys and Girls Club Life Camp. He is a graduate of Fairleigh Dickinson

Eric S. Goldstein, JP Morgan
Mr. Goldstein serves as a Managing Director and Head of JPMorgan’s Insurance Mergers and
Acquisitions practice. Mr. Goldstein joined JPMorgan’s Insurance Investment Banking Group in
1998 and has led a broad range of advisory and capital raising assignments for insurance clients,
including most recently: AIG’s $4.8bn sale of Star/Edison to Prudential Financial, the $350
million sale of Old Mutual’s US Life business to Harbinger, Ameriprise’s $1.0 billion
acquisition of Columbia Asset Management, IPC Re's $1.7 billion merger with Validus, AIG's
sale of its Canadian life insurer to the Bank of Montreal, The Blackstone Group’s $1.7 billion
acquisition of UICI, JPMorgan’s $1.2 billion sale of Chase Life to Protective, Bristol West’s
$812 million sale to Zurich Financial Services and James River’s $575 million sale to D.E.
Shaw. Prior to joining JPMorgan, Mr. Goldstein was a consultant with McKinsey & Co. in the
firm’s Financial Institutions Practice. While at McKinsey, Mr. Goldstein advised insurance and
reinsurance companies on both strategic and operational issues. Mr. Goldstein received his JD
degree from Yale Law School and his undergraduate degree from Harvard University.

Christopher J. Jerome, Senior Vice President, Unum US Risk Operations
Christopher Jerome is Senior Vice President of Unum Risk Operations. As the head of Risk
Operations, he oversees claims management activities for Unum’s US Operations including
Long Term Disability, Long Term Care, Short Term Disability, Life, and Voluntary Benefits.
Unum US pays over $6 billion in claims annually. The Risk Operations Organization also
includes Unum’s Individual Disability and Long Term Care strategic business units and National
Client Group strategic business unit. These business units have growth, profit and service
responsibilities for our Individual Disability customers, Long Term Care customers, and Large
Case Group customers respectively. Mr. Jerome began his career at Unum in 1983 as a Long
Term Disability Underwriter. He has held various Underwriting, Training, Product, Market
Segmentation, Data Management and Underwriting Management positions with the company.
He assumed his current role in July of 2010 after having served as Senior Vice President of
Underwriting and Service Operation. Mr. Jerome is a CEBS (Certified Employee Benefits
Specialist). He received his Bachelor of Arts degree in Economics and Mathematics from
Bowdoin College.

Lynn Killeen, Senior Vice President, Willis Personal Lines
Lynn Kileen is a Senior Vice President with Willis Personal Lines, Inc, a division of Willis of
North America. She serves as the Southeast Region Leader, for WPL. She joined the Firm in
March of 2006 bringing over 20 years of experience in the insurance industry, all in personal
insurance. She is charged with aggressively expanding Willis’ Private Client business in
Maryland, the District of Columbia, Virginia, North and South Carolina, Georgia, Florida,
Alabama and Tennessee and will be driving the Willis client-centric, value-focused model to the
personal lines sector in this region. Before joining Willis, Lynn was a Vice President at Marsh
for many years and held various senior leadership positions, including running the St. Louis
Private Client Services office and the Washington, D.C. Private Client Services office. Lynn has
contributed to the development of new services and personal insurance solutions for affluent
individuals and is focused on the needs of multi-generation wealthy families. She is called upon
by many Wealth Management and Estate Planning Specialists to advise their clients as to proper
Personal Risk Management of their personal assets. Lynn resides in Maryland with her family.
She received an Associate of Arts degree from Villa Julie College and a Bachelor of Arts Degree
from Davenport University. She holds a Maryland Resident Property and Casualty Insurance
License and Non-Resident licenses in 42 other states. She holds a CIC (Certified Insurance
Counselor) designation.

Michael H. Lee, Chairman of the Board, President and Chief Executive Officer, Tower
 Mr. Lee currently serves as Chairman of the Board of Directors, President and Chief Executive
Officer and has held these positions at the Company since its formation in 1995 and at its
subsidiaries since their formation. Before founding the Company’s first insurance subsidiary,
Tower Insurance Company of New York, in 1990, Mr. Lee was an attorney in private practice
specializing in advising entrepreneurs on the acquisition, sale and formation of businesses in
various industries. Mr. Lee received a B.A. in Economics from Rutgers University in 1980 and a
J.D. from Boston College Law School in 1983. He is admitted to practice law in New York and
New Jersey. Mr. Lee has worked in the insurance industry for over 20 years with experience in
insurance, finance, underwriting, sales and marketing, claims management and administration
and law. Mr. Lee also served as Chairman, President and Chief Executive Officer of CastlePoint
Holdings, Ltd. from its formation in 2006 until its merger into the Company in February 2009.

Mark D. Lyons, Arch Worldwide Insurance Group
Mark D. Lyons has served as Chairman and Chief Executive Officer of Arch Worldwide
Insurance Group, an executive position of Arch Capital Group Ltd. (the "Company" or
"ACGL"), and Chairman and Chief Executive Officer of Arch Insurance Group Inc. ("Arch
Insurance Group") since July 2008. Prior thereto, he served as President and Chief Operating
Officer of Arch Insurance Group from June 2006. Prior to June 2006, he served as Executive
Vice President of group operations and Chief Actuary of Arch Insurance Group from August
2003. From August 2002 to 2003, he was Senior Vice President of group operations and Chief
Actuary of Arch Insurance Group. From 2001 until August 2002, Mr. Lyons worked as an
Independent Consultant. From 1992 to 2001, Mr. Lyons was Executive Vice President of product
services at Zurich U.S. From 1987 until 1992, he was a Vice President and Actuary at Berkshire
Hathaway Insurance Group. Mr. Lyons holds a B.S. degree from Elizabethtown College. He is
also an Associate of the Casualty Actuarial Society and a Member of the American Academy of
Actuaries. Mr. Lyons is on the Board of Overseers of the St. John's School of Risk Management
& Insurance and is a Trustee of Elizabethtown College.
Hugh McHaffie, President, John Hancock Wealth Management, for John Hancock
Financial Services
Hugh McHaffie is President, John Hancock Wealth Management, for John Hancock Financial
Services, the U.S. division of Toronto-based Manulife Financial Corporation. John Hancock
Wealth Management manufactures and distributes financial solutions in the U.S., including
variable annuities, mutual funds, fixed products, defined contribution retirement plans, and
rollover programs. McHaffie also oversees the John Hancock Investment Management Services,
which selects and monitors third party asset managers who manage the underlying investment
platforms for John Hancock’s variable annuity, 401k and mutual fund products.
He is President of the John Hancock Trust and John Hancock Funds II mutual funds. McHaffie is
also a member of the management committee of Manulife Financial and serves on the boards of
a number of John Hancock Financial Services companies. Before taking on his current role in
2007, McHaffie was Senior Vice President, John Hancock Variable Annuities, a position he
assumed in May 2006. This represented a return to Manulife, where he held the position of Vice
President, Annuity Product Management, from 1990 through 1999. Before rejoining the
company, McHaffie was Senior Vice President, Individual Business Product Management for
MetLife. He was responsible for product management of all Individual Life Insurance and
Annuity products distributed by MetLife’s multiple distribution channels. He also served as
chairman of the Metropolitan Series Fund and president of MetLife Advisors. From 1990
through 1999, McHaffie was responsible for the development of North American Security Life’s
variable annuities distributed though Wood Logan Associates. North American Security Life was
a subsidiary of North American Life, a company that merged with Manulife in 1996 and formed
the base of the current John Hancock variable annuity business. McHaffie graduated from the
University of Toronto with a B.A. in Economics. He is a Fellow of the Society of Actuaries and
a Member of the American Academy of Actuaries.

Dan McMillan, Vice President, Insurance Services Group, Standard Insurance Company
Dan McMillan has been Vice President, Insurance Services Group of Standard since October
2008. Mr. McMillan co-leads the Insurance Services segment and is responsible for all claims
services, customer support, premium administration, producer services, shared services, and the
enterprise contact center. Mr. McMillan has been with Standard since July 1989 and has held a
number of positions in the Insurance Services segment. McMillan is a graduate of Linfield
College, earning a Bachelor of Arts degree in English and a minor in Mathematics. He holds an
Associate Life & Health Claims designation from the International Claim Association. McMillan
currently serves as Vice President of Oregon Partnership and was a prior board member of the
Portland Children’s Museum.

Tim Minard, Principal Financial Group
Tim Minard was named senior vice president - Retirement Distribution, responsible for all
aspects of retirement distribution and sales within the U.S. Minard joined the company in 1986
as a sales representative in Detroit, Mich. He was promoted to regional vice president in 1994
and was named vice president - National Sales Director of Retirement Services in 1999. A native
of Cedar Rapids, Iowa, Minard earned his bachelor's degree in business administration
from the University of Iowa.

 Costas Miranthis President and CEO, PartnerRe Ltd.
 As President and Chief Executive Officer of PartnerRe Ltd., Costas Miranthis is responsible for
the strategic direction and management of the Company. He is also a Director of PartnerRe. Prior
to his appointment to President and Chief Executive Officer in January 2011, Costas Miranthis
was President and Chief Operating Officer, PartnerRe Ltd. from May 2010, and was Deputy
CEO, PartnerRe Global from July 2007 and subsequently named CEO, PartnerRe Global in May
2008, responsible for the executive management of the Company’s Life operations and all non-
Life reinsurance operations outside the U.S. Costas joined the Company in 2002 as Chief
Actuary with responsibility for PartnerRe’s Actuarial and IT functions. Prior to joining
PartnerRe, Costas spent 16 years with Tillinghast – Towers Perrin in London U.K., most recently
as Principal. His responsibilities included managing the European Non Life Practice and the
Mergers and Acquisitions European Practice. He was also a member of Tillinghast Worldwide
Non-Life Management Committee. Mr. Miranthis holds a MA in Economics from Christ’s
College, Cambridge University, U.K. He is a Fellow of the Institute of Actuaries and a Member
of the American Academy of Actuaries.

John Molbeck, President and CEO, HCC Insurance Holdings, Inc.
Mr. Molbeck started his insurance career with J. H. Blades & Co., Inc. in 1976 and served in
various capacities including Chief Executive Officer. He joined Energy Insurance International
(“EII”) in 1984 as President and remained President until EII was acquired by AON in 1994. He
remained with AON until joining HCC as President. Molbeck served in that capacity and as a
member of the Board until 2003. In 2003 Mr. Molbeck started a retail broker, Capital Risk,
which he sold to Jardine Lloyd Thompson (“JLT”). He held the position of Chief Executive of
JLT until 2005. Molbeck rejoined the Board of HCC in 2005 and returned in 2006 as President.
In 2009, Molbeck was appointed President and Chief Executive Officer of HCC. Molbeck has
served on a number of Professional and Private Boards during his career. He grew up in New
York City and Houston. He received his Bachelor of Science from the University of Houston and
MBA from Pepperdine University. He is a Certified Public Accountant and Fellow of the Life
Management Institute.

Alejandra Nolibos, FCAS, MAAA, Senior Consultant, Towers Watson
Alejandra’s particular area of expertise is commercial and specialty insurance, with focus on
workers compensation. Her consulting experience includes financial modelling of
property/casualty insurance companies and industry pools, pricing, conducting loss reserve
studies, analyzing company strategies, evaluating risk-based capital and economic capital
requirements and evaluating alternative capital structures. Since joining Towers Watson in 1998,
Alejandra has worked on and led complex projects involving U.S., Latin American and European
clients. She has helped a diverse array of clients, including mutual and stock property/casualty
insurance carriers, state funds, quasi-governmental organizations, ratemaking bureaus, trade
organizations and self-insured employers. Alejandra leads Towers Watson’s Commercial Lines
Insurance Pricing Survey, which has been tracking pricing changes and profitability of the U.S.
commercial insurance market since the summer of 2005. As a member of the Towers Watson
professional standards team for financial reporting, Alejandra serves as a firm-wide resource and
provides up-to-date guidance to Towers Watson actuaries signing statements of actuarial opinion
for property/casualty insurance companies, captives and self-insured entities. Alejandra is the
leader of Tower Watson’s Latin America Property and Casualty Practice. Alejandra holds a
bachelor’s degree in mathematics from the University of Buenos Aires, is a Fellow of the
Casualty Actuarial Society (FCAS) and a Member of the American Academy of Actuaries
(MAAA). Alejandra co-authored the paper “Estimating ULAE Liabilities: Rediscovering and
Expanding Kittel's Approach,” presented during the 2003 Casualty Loss Reserve Seminar, for
which she received the James C. H. Anderson Award for Professional Excellence. She has
spoken at actuarial seminars and other insurance industry meetings and is a contributor to articles
for the trade press. She is president-elect of Casualty Actuaries of the Southeast, a regional
affiliate of the CAS and a member of the Latin America Regional Committee of the Casualty
Actuarial Society.

Edward G. O’Malley, President, NFP Corporate Client Group and Senior Vice President
of NFP
Mr. O’Malley joined NFP in February 2002 and has served as President, NFP Corporate Client
Group and Senior Vice President of NFP since September 2009. From January 2004 to
September 2009, Mr. O’Malley served as Senior Vice President of NFP Benefits, an operating
division of NFP Insurance Services, Inc. (NFPISI). Previously, he served as Director of Benefits
Distribution at NFPISI. Prior to joining NFP, Mr. O’Malley was Vice President of Sales and
Business Development for V-Simplify, a web-based employee benefits administrator. Mr.
O’Malley received his B.A. from the University of Cincinnati.

Mark Puccia, S&P
 Managing Director, Mark Puccia is a managing director in Financial Services. As Chief Criteria
Officer of Insurance Ratings worldwide, Mark is responsible for establishing insurance rating
criteria and overseeing ratings quality for property\casualty insurance, reinsurance, life\health
insurance, and various international insurance company ratings. He established Standard &
Poor’s initial ratings of life/health insurers and property/casualty insurers in the United
Kingdom, Japan, Canada, Australia and New Zealand. In addition to his insurance
responsibilities, Mark is a member of Standard & Poor’s Analytic Policy Board, which oversees
criteria for all of Ratings Services. Mark is also the chief criteria officer for the Funds Ratings
Group. In this capacity, Mark will be overseeing criteria development for money market funds,
bond funds and government investment pools. Mark’s prior work experience includes several
years with Chase Manhattan Bank’s insurance lending group arranging multi-million dollar
credit facilities for several large insurers. He arranged the first foreign financing for the country’s
largest stock-owned diversified financial services institution. He previously served as a senior
management analyst with Connecticut General Corp.’s group pension operations. Mark holds a
B.A. in economics from Cornell University and an M.B.A. from the Wharton Graduate School of
Business Administration at the University of Pennsylvania.
Robert Riegel, Moody’s
Robert Riegel is a Managing Director in the Financial Institutions Group of Moody's Investors
Service, the global rating agency. Mr. Riegel has responsibility for Moody’s life and non-life
insurance ratings and research in the Americas. Prior to joining Moody's in 1988, Mr. Riegel
worked as an actuary for 5 years at Home Life Insurance Company in various departments. Mr.
Riegel received a B.S. degree in Chemical Engineering from the University of Pennsylvania in
1982. He received a M.B.A. degree in Finance from New York University's Graduate School of
Business Administration in 1991. Mr. Riegel is an Associate of the Society of Actuaries and a
Member of the American Academy of Actuaries.

Patrick G. Ryan, Founder, Executive Chairman & CEO, Ryan Specialty Group, LLC
A widely respected global insurance leader, Mr. Patrick Ryan formed Ryan Specialty Group,
LLC (RSG) in 2010. RSG is an international holding company specializing in wholesale
brokerage, MGU/MGA underwriting management and other specialty services to agents, brokers
and carriers. Today, RSG companies include RT Specialty, LLC - the wholesale brokerage arm,
and several MGU/MGA underwriting facilities which currently include ThinkRisk, CivicRisk,
SafeHarbor and Technical Risk Underwriters (TRU). Prior to launching RSG, Mr. Ryan was the
founder, retired chairman and CEO of Aon Corporation - one of the world's largest insurance and
reinsurance brokers. As an entrepreneur, he founded the company, which traces its origins to a
small insurance agency organized in 1964. When he retired, the company had more than 500
offices in 120 countries, generating revenues then in excess of $7 billion. Mr. Ryan has received
a number of accolades throughout his extensive career. In 2009 he was awarded a Doctor of
Humane Letters degree from his alma mater, Northwestern University. He served as a member
and former chairman of the Board of Trustees of Northwestern University. Both major athletic
facilities - the Welsh-Ryan Arena and Ryan Field - are named after him. In 2008, Mr. Ryan was
elected to the American Academy of Arts & Sciences, one of the nation's oldest and most
prestigious honorary societies and independent research centers. Also in 2008, he was elected to
the International Insurance Society Hall of Fame and received the Ernst and Young Entrepreneur
of the Year Lifetime Achievement Award. Select career tributes include: Insurance Leader of the
Year by the College of Insurance; the Insurance Federation of New York's Free Enterprise

Marc E. Schmittlein, President and Chief Executive Officer Select Accounts
Marc E. Schmittlein is president and chief executive officer of Travelers Small Commercial
Division, Select Accounts, and oversees Agribusiness, a business unit that offers insurance
products and services for farms, ranches, wineries and large commercial growers of agricultural
products. He is responsible for determining strategic direction, underwriting appetite, product
development, marketing strategies and product management for Select Accounts and
Agribusiness. Mr. Schmittlein joined The St. Paul in December 2001, prior to The St. Paul’s
merger with Travelers Property Casualty Corp. While at the St Paul Companies he was
President of their Small Commercial operation. From 1996 to 2001, he served as a field vice
president of the Mid-Atlantic region for Travelers, based in Hartford, Conn. Prior to that, he
held various field assignments in underwriting and marketing management for Aetna Life &
Casualty Company. Mr. Schmittlein is active in professional insurance organizations. He is a
member of the American Alliance of Insurers (AIA), and holds a Chartered Property Casualty
Underwriter (CPCU) designation. Mr. Schmittlein is also an active board member of the
Connecticut/ Massachusetts Juvenile Diabetes Research Foundation. Mr. Schmittlein earned his
bachelor’s degree in English from Allegheny College. He and his wife, Denise, have three
children and reside in Avon, Conn.

John L. Sennott, Jr., Executive Vice President and Chief Corporate Strategy Officer Allied
Jack is responsible for all of Allied World’s investor relations, rating agency relations, merger
and acquisition activity and corporate strategic initiatives. Previously Jack was Allied World’s
North American Chief Operating Officer and was one of the founding members and Directors of
Darwin Professional Underwriters, where he served as Executive Vice President and Chief
Financial Officer until its acquisition by Allied World.
Prior to joining Darwin, Jack served as Principal of Beacon Advisors, Controller of Executive
Risk, Controller of ManagedComp, Inc., and Assistant Controller with the Trust Group. He
began his career with Coopers & Lybrand as Manager in their Business Assurance group.

Donald A. Sherman, Delphi Financial Group, Inc.
 Donald A. Sherman is President and Chief Operating Officer, and a Director of Delphi Financial
Group, Inc. Mr. Sherman has served as a Director of Delphi Financial since 2002 and became
President and Chief Operating Officer in April 2006. He previously served as Chairman and
Chief Executive Officer of Waterfield Mortgage Company, Inc. since 1999 and as President of
Waterfield from 1989 to 1999. Under Mr. Sherman's leadership, Waterfield, a Ft. Wayne,
Indiana-based financial institution, grew to become the largest private bank in Indiana and the
largest private mortgage origination and servicing businesses in the U.S. Prior to his service at
Waterfield, Mr. Sherman served as President of Hyponex Corporation and was previously a
partner in the public accounting firm of Coopers and Lybrand.

Todd D. Shriber, Morgan Stanley Smith Barney
 Todd Shriber is a Managing Director and business head for the Insurance business at Morgan
Stanley Smith Barney. In his role, Todd leads a team of over 100 product, sales and operations
professionals who support the life insurance and health & welfare businesses at Morgan Stanley
Smith Barney. Todd joined Smith Barney in 2002 as the Global Business Head for Smith
Barney Global Stock Plan Services. In that role, Todd led a team of over 250 people delivering
equity compensation administration and brokerage services to 700 corporate clients with more
than 4 million participants around the world. Prior to Smith Barney, he spent five years as part of
the PricewaterhouseCoopers Strategy Consulting practice in Chicago, where he worked with a
variety of Fortune 100 companies. Todd holds an MBA from the University of Chicago, a BA
from Harvard College, and earned the Chartered Financial Analyst (CFA) designation.
Doreen Spadorcia, Travelers
Doreen Spadorcia is executive vice president of Claim and chief executive officer of Personal
Insurance for Travelers. She was named chief executive officer of Personal Insurance in July
2009 and was appointed to lead the company’s claim organization and to serve on the
Management Committee in 2005. From 2002 to 2005, Ms. Spadorcia served as president and
chief executive officer of the Bond division responsible for the largest surety and fidelity
operation in the United States property casualty industry. Prior to that, she managed the Bond
Claim operation and served as general counsel for the unit, responsible for legal, regulatory and
compliance matters, from 1994 to 2002. Ms. Spadorcia began her career with the company as an
attorney in the Claim Department in 1986, following two years with the law firm of Carlton,
Fields, Ward, Emmanuel, Smith & Cutler. She is admitted to practice law in the states of Florida
and Connecticut. Ms. Spadorcia received a bachelor’s degree from Eastern Michigan
University. She graduated from Florida State University with a J.D. (Order of the Coif) and a
master’s degree in International Relations. Ms. Spadorcia also received her CPCU designation
in 1991. Active in the community, Ms. Spadorcia served as vice chair of the Major Corporate
Division of the United Way of the Capital Area’s 2008 Community Campaign and was the
corporate chair of the in-house employee United Way campaign in 2007 and 2008. Ms.
Spadorcia is Travelers’ executive champion for Dwight Elementary School, leading the
company’s commitment to provide leadership and skill development, financial support,
volunteers and in-kind services to its partner school and served on the education-focused board
of Achieve Hartford!. She also serves on the board of directors of the Travelers Foundation and
KickStart International, Inc.

Jerry M. de St. Paer, Executive Chairman, Group of North American Insurance
Enterprises (GNAIE)

Insurance Accounting Standards -- Mr. de St. Paer is Executive Chairman of the Group of
North American Insurance Enterprises (GNAIE), the association of North American insurers
representing the industry’s perspective in the development of international insurance accounting
and solvency standards.

He serves in advisory roles to the IASB and FASB:
    Financial Accounting Standards Advisory Council of FASB.
    IFRS Advisory Council of IASB.
    Insurance Working Group of IASB.

He is also Special Advisor to The Geneva Association, the leading international insurance “think
tank” for strategically important insurance and risk management issues.

Board of Directors -- Mr. de St. Paer holds the Master Certificate from the National Association
of Corporate Directors (NACD). He is currently a member of
    Board of Directors, SCOR Global Life Reinsurance (Americas) and SCOR Reinsurance
     (Americas). He is a member of both audit committees and chair of the life reinsurance
     audit committee. (since 2010)
    Board of Directors, Emerging Managers Group, a specialty asset management firm
     focused on emerging markets. (since 2008)
    Board of Directors, The Ronald McDonald House of New York (since 1992)
    Board of Directors (Chairman and CEO), Bermuda Wellness Foundation, a charitable
     foundation supporting the new hospital and other wellness initiatives in Bermuda (since
    AICPA – Member of the planning committee and panel moderator for the AICPA Annual
     Audit Committee Forum. (since 2009)
    The Advisory Council of The Johns Hopkins University’s Paul H. Nitze School of
     Advanced International Studies (SAIS) (since 1992)

Management/Professional -- Currently, Mr. de St. Paer is Executive Chairman of GNAIE. He
was Vice Chair from 2003 to 2007. He is also a Senior Advisory Partner at Grail Partners LLC,
a merchant bank specializing in the investment management industry and related businesses.

From 2007 to April 2008, Mr. de St. Paer was Senior Vice President, Finance of AIG reporting
independently to the Audit Committee on control and transformation initiatives. He was
Executive Vice President and CFO of XL Capital Ltd in Bermuda from 2001 to 2007, from 9/11
through the aftermath of the 2005 hurricanes, leaving the company in a strong financial position.
Prior to that, he was a Managing Director of JP Morgan and Hudson International in insurance
investment banking from 1996 to 2001.

From 1992 through 1996, Mr. de St. Paer served under CEO Dick Jenrette as Senior Executive
Vice President & CFO of The Equitable Companies (NYSE). Simultaneously, he was Executive
Vice President of French insurer AXA under CEO Claude Bebear, responsible for global
strategic studies and corporate development from 1993 to 1996. Mr. de St. Paer joined The
Equitable in 1986 as CFO of Equitable Investment Management Corporation. He was elected
Senior Vice President and Treasurer of Equitable Life in 1990, and in 1991 Executive Vice
President and head of Corporate Development. Mr. de St. Paer managed the demutualization of
The Equitable, including the investment in The Equitable by AXA and Equitable’s NYSE listing.

Mr. de St. Paer began his career from 1966 to 1973 in the Treasurer’s Department of The
Standard Oil Company (New Jersey), now EXXONMobil. Between 1973 and 1986, he was
CFO of several publicly-listed and privately-owned corporations.

Guy Swayne, Chief Underwriting Officer – International, Flagstone Re
Mr. Swayne has extensive experience in the industry worldwide and brings a depth of expertise
in underwriting, business development, and leadership to Flagstone Re. He has held a number of
executive positions in the Bermuda, London and New York markets. Prior to joining Flagstone
Re, he held a number of executive positions with ACE Insurance in Bemruda and London and
his last position prior to joinging Flagstone was Chief Underwriting Officer, International with
ACE Tempest Re Bermuda where he managed the International Catastrophe underwriting unit.
Prior to joining ACE in 2000, Mr. Swayne was Senior Vice President with Aon Re Bermuda
where he was responsible for the production, design and placement of reinsurance and capital
market solutions for Bermuda domiciled Insurance, Reinsurance and Captive Companies. Before
joining Aon Re Bermuda, Mr. Swayne was Vice President of Willis Faber North America in
New York and before that spend 6 years underwriting in Lloyds.

 Christopher J. Swift, Hartford Financial Services Group
Christopher J. Swift has been Executive Vice President and Chief Financial Officer of Hartford
Financial Services Group, Inc. since March 2010. He had served as Vice Chairman and Chief
Financial Officer of American Life Insurance Company (ALICO), from 2009 to February 2010.
From July 2005 to March 2009, he served as Vice President and Chief Financial Officer of Life
Insurance and Retirement Services; and from August 2003 to July 2005, he served as Executive
Vice President, Chief Financial Office...r and Head of Annuity Operations of AIG American
General Life Companies. Mr. Swift began his career as an Auditor in the Chicago office of
KPMG focused on financial services. He then became Executive Vice President of Conning
Asset Management ("Conning"), a subsidiary of General American, where he was responsible
for finance, sales/marketing and information technology. After MetLife acquired Conning in
1999, Mr. Swift returned to KPMG and was eventually appointed Head of Global Insurance
Industry Practice for the firm. As leader of this segment, he worked with clients in both the life
and P&C segments, globally and domestically. He was responsible for matters ranging from
strategic and regulatory to audit, risk, advisory and tax services. Mr. Swift received a bachelor's
degree in accounting from Marquette University and earned a Certified Public Accountant

Cory T. Walker, Brown & Brown
Mr. Cory T. Walker was named Senior Vice President, Treasurer and Chief Financial Officer of
Brown & Brown, Inc. in April 2004. Prior to that time, he had served as the Company's Vice
President, Treasurer and Chief Financial Officer since 2000. Mr. Walker also serves as an
executive officer for a number of the Company's subsidiaries. Mr. Walker previously served as
the Company's Vice President and Chief Financial Officer from 1992 to 1994. From 1995 to
2000, Mr. Walker served as profit center leader of the Oakland, California office of Brown &
Brown of California, Inc., one of the Company's subsidiaries. Before joining the Company, Mr.
Walker was a Certified Public Accountant and Senior Audit Manager for Ernst & Young LLP.

Ulrich Wallin, Hannover Re
Chief Executive Officer - Ulrich Wallin was born in 1954. He studied Law at Hamburg
University and in 1982, after his Second Final Exam in Law he obtained his Assessor grade. In
1982, he started his working career at HDI Haftpflichtverband der Deutschen Industrie V.a.G.,
Hannover, Germany. In 1984, he then joined E+S Rückversicherung AG, Hannover, Germany,
as a treaty specialist in the foreign section, responsible for the establishment of the aviation
reinsurance portfolio. From 1987, E+S Rück’s foreign section was integrated into Hannover Re’s
group of US departments. Ulrich Wallin held various responsibilities here, primarily in the areas
of aviation and space, as well as US liability business. In 1996, Ulrich Wallin became Vice
President at Hannover Re, responsible for worldwide aviation and marine business, and
subsequently in 2000 Managing Director with responsibility for Hannover Re's worldwide
facultative property and casualty business in addition. Since 2001, Ulrich Wallin has acted as a
Member of the Executive Board and finally in 2009 he was appointed as the new Chief
Executive Officer of Hannover Re, Hannover, Germany.

Wendy C. Waugaman, Chief Executive Officer, American Equity
Wendy C. Waugaman was elected to the Board of Directors in September 2008 and became the
Chief Executive Officer and President of American Equity in January 2009. Ms. Waugaman
joined American Equity in 1999 and fulfilled dual responsibilties as Chief Financial Officer and
General Counsel prior to becoming CEO. Prior to becoming an employee, she served as outside
corporate counsel for our company from its inception in 1995. Ms. Waugaman was previously a
partner in the firm of Whitfield and Eddy, P.L.C., Des Moines, Iowa, where she practiced law
from 1985-1999. She served as one of the corporate attorneys for Statesmen for over 10 years. In
addition to her law degree, she is a certified public accountant.

Jennifer Weiner, FASB Senior Practice Fellow
Jennifer is a Senior Practice Fellow at the Financial Accounting Standards Board (FASB) in
Norwalk, Connecticut. In this role, Jennifer acts as the project manager on the insurance
contracts project. This involves working with the International Accounting Standards Board in
the development of a new standard to improve the financial reporting for insurers and answering
numerous questions posed by preparers, auditors, and regulators on the application of accounting
standards as it relates to insurance companies. Prior to her fellowship, Jennifer was a partner in
Ernst & Young’s Accounting On-Call Advisory Services Group focusing on assisting clients and
investment bankers regarding investment and special-purpose entity structures, reinsurance
transactions and due diligence. Jennifer was also a member of Ernst & Young’s Financial
Accounting and Advisory Services Team where she assisted companies in understanding and
implementing new US GAAP, US Statutory and IFRS accounting pronouncements. Jennifer was
Ernst & Young’s Americas IFRS Insurance Markets contact and the America’s liaison with Ernst
& Young’s Global IFRS Insurance Working Group. In this role, she assisted numerous
companies in analyzing the impacts of IFRS on their financial reporting and the overall
conversion to IFRS as well as the evolution of the insurance contracts standard and the business
implications. Jennifer has over 18 years of audit and advisory experience and served a variety of
public, private and foreign traded companies within the financial services industry, including
property and casualty insurers, life insurers with traditional and variable products, health care
organizations and broker/dealers in Boston, New York and Chicago. Jennifer spent three years
in Ernst & Young’s National Professional Practice/Accounting Standards Group where she was
one of the principal technical resources on accounting and financial reporting matters to Ernst &
Young’s insurance professionals throughout the U.S. Jennifer has been a frequent speaker at
financial services industry trade group seminars including the Society of Actuaries, IASA and
LOMA and at Ernst & Young-sponsored seminars, has participated in several AICPA
committees, assisted in writing AICPA Technical Practice Aids and developed support for
various initiatives of the AICPA/NAIC Task Force, was an editor of the AICPA Life/Health and
Property/Casualty Audit Guides and the AICPA Insurance Industry Developments. Jennifer has
written several articles as well as the GAAP chapter within the IASA textbooks for the
Property/Casualty and Health Insurance Industries.

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