NEW YORK, May 20, 2002 (BUSINESS WIRE) -- Michael D. Price, 35, has been
appointed chief underwriting officer at St. Paul Re, the reinsurance operation
of The St. Paul Companies(NYSE:SPC, London:SPA), 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 initial public offering for Platinum Underwriters was announced April 25 and
is in registration with the U.S. Securities and Exchange Commission.
Jerry Fadden, St. Paul Re president and chief executive officer, 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 said. "He will be
instrumental in implementing the business plan and developing the long-term
strategies for Platinum Underwriters."
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 said. "We have always worked well
together and we look forward to the challenges that lie ahead."
From 1996 to 1998, Price was president of London Life & Casualty Reinsurance
Corporation. He is a fellow of the Casualty Actuarial Society as well as a
member of the American Academy of Actuaries, and holds a bachelor's degree in
mathematical statistics and economics from the University of
The St. Paul Companies, Inc., is headquartered in Saint Paul, Minn., and
provides commercial property-liability insurance and asset management.
A registration statement relating to Platinum Underwriters Holdings, Ltd.'s
securities has been filed with the Securities and Exchange Commission but has
not yet become effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes effective. This
announcement shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. A written
prospectus relating to the offering of common shares may be obtained from the
SEC's website, www.sec.gov.
CONTACT: The St. Paul Companies, Inc., St. Paul
Patrick Hirigoyen, 651/310-7598 or mobile: 651/261-2054