St. Paul Re Names Michael D. Price Chief Underwriting Officer; Will Join Platinum

May 21, 2002

The St. Paul Companies announced that Michael D. Price, 35, has been appointed chief underwriting officer at St. Paul Re, the group’s reinsurance operation, and eventually will hold the same post at Platinum Underwriters Holdings, Ltd., the Bermuda-based reinsurer to be formed from The St. Paul’s ongoing reinsurance operations.

The St. Paul announced last month that it intended to spin off its reinsurance operations to Platinum Underwriters Holdings, ltd., a new company that it’s in the process of establishing in Bermuda (See IJ Website April 26). The St. Paul will retain a minority 24.9 percent in Platinum, with the remaining shares to be sold through a public offering.

Jerry Fadden, St. Paul Re president and CEO said Price will assume his post on June 3. “Michael brings the experience and expertise we need to pursue our financial and operating goals,” Fadden stated. “He will be instrumental in implementing the business plan and developing the long-term strategies for Platinum Underwriters.”

The announcement stated that, “Since last year, Price has been chief operating officer for Global Aerospace, a prominent aviation insurer. Previously, he was chief underwriting officer for Underwriters Reinsurance Company and for Swiss Re (Americas), where he worked with Steven H. Newman, who is now chairman of Platinum Underwriters.”

“I’m delighted to be reunited with Michael,” Newman indicated. “We have always worked well together and we look forward to the challenges that lie ahead.”|”st., paul, re, names, michael, d., price, chief, underwriting, officer;, will, join, platinum

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