Frenkel and Co. Inc. Acquired by Senior Management

February 5, 2001

Frenkel & Co., Inc., a leading international insurance brokerage firm, has been acquired through a management buyout. The management buyout was lead by Robert Shunk and John Kelly. Shunk will continue to serve as chairman of Frenkel while Kelly will serve as president and CEO.

Other senior appointments include Gary Smith as executive vice president and COO; Michael Feinstein as executive vice president; and R.P. Wolf as executive vice president, general counsel and secretary.

Founded in 1878, Frenkel & Co., Inc. is a full-service international insurance brokerage firm rooted in a tradition of technical knowledge and business integrity. Prior to this transaction, the company had been employee-owned since 1985. Frenkel has 225 employees, with expertise in all aspects of commercial and personal insurance and risk management. With offices in New York, Los Angeles and New Jersey, Frenkel serves clients throughout the United States and around the world. Frenkel & Co. is also a partner in Assurex International, a network of more than 100 independently owned insurance agencies.

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