Peter M. Ross Joins Penn Treaty Board

Penn Treaty American Corporation announced the addition of Peter M. Ross to its Board of Directors.

“Mr. Ross, 63, will fill the remaining term of Michael F. Grill, the Company’s treasurer, and will be nominated for a three-year term beginning in May 2004,” said the bulletin. “The addition of Mr. Ross is a significant step in the Company’s efforts to bolster corporate governance with the appointment of independent directors.” It noted that president and CEO William W. Hunt, is the Company’s only remaining employee director.

“As a director and member of the Company’s audit committee, Mr. Ross will provide valuable financial leadership,” the announcement continued. He has over thirty years experience in the development and successful implementation of public financial policy, including two terms as Budget Director for the state of Delaware where he oversaw its $4 billion annual operations. It also noted that his “efforts were recognized by Governing Magazine in naming Delaware as the best run state government, with particular focus on limited budget growth and effective capital project management.”

Since his retirement in 2002, Ross has served as a Senior Policy Scientist with the Institute for Public Administration with the University of Delaware, where he is involved in assisting local government with budget management. Among his other accomplishments and appointments, he remains a member of the Delaware Economic Forecasting Advisory Committee.

“I have known Pete and have worked closely with him for nearly 30 years,” stated Gary E. Hindes, Chairman of the Penn Treaty board of directors. “Having once been his employee, I know that his no-nonsense approach to business issues will be an asset to our board, as will his extremely strong financial background.” Hunt added, “I strongly believe that Pete will bring valuable perspective to our board and will be very helpful in providing guidance to the Company in the future.”

Ross indicated he was “looking forward to working with Penn Treaty as it continues its forward progress. I believe that, with my 40 years of financial management experience, I can lend additional value to the discipline already in place.”