Annual Report & Accounts 2008

Martin Thomas is a partner and board member of Altima Partners, LLP, a UK based hedge fund manager. Prior to this, he was an official of the Bank of England, most recently on secondment to the EU Commission where he worked in the Financial Services Policy and Financial Markets Directorate of the EU Commission’s Internal Market and Services Directorate General. Before Mr Thomas joined the Commission, he established the Financial Markets Law Committee at the Bank of England. Prior to that, he was deputy chief executive of the Financial Law Panel and prior to that, senior counsel to the European Central Bank in Frankfurt. He started his career in private practice, specialising in corporate and commercial litigation at Travers Smith and in the law and regulation of financial services at Clifford Chance.

Jens Juul, the Honorary Consul of Sweden for Bermuda, has 29 years of international reinsurance experience. He founded and managed subsidiaries for the Storebrand Group in Latin America and Canada and was also the CFO of their U.S. subsidiary, Christiana General, prior to moving to Bermuda, where he was the founding chief executive officer of Scandinavian Reinsurance Company Limited until his retirement in 2002. He is an ARIAS-U.S. certified arbitrator and umpire.

Ralf Oelssner was vice president of corporate insurance for Lufthansa German Airlines until 31 October 2007. In 1979, he was appointed director of corporate insurance, and in 1990 was appointed managing director of Lufthansa’s in-house broker. Mr Oelssner became a member of the executive board of the captive insurance and reinsurance companies of Lufthansa in 2000 and served as chairman of the International Air Transport Association (“IATA”) in 1982 and 1983 and as chairman of the IATA Risk & Insurance Managers’ Panel in 2001 and 2002. He was chairman and president of Airline Mutual Insurance, Bermuda from its foundation in May 1986 until dissolution of the company in March 2007. He is president of the German Risk Managers’ Association. He holds an M.A. in Economics from Cologne University.

Robert Spass is a founding partner of Union Square Partners, an investment firm he joined on its formation in February 2007. He previously held similar positions at Capital Z Partners (which he joined as a founding partner in 1998), and before that at Insurance Partners, L.P. and International Insurance Advisors L.P. Mr Spass currently serves on the Board of Universal American Financial Corp., Endurance Specialty Holdings, Ltd. and other privately held companies.

William Spiegel is a founding partner of Pine Brook Road Partners, LLC, a private equity firm specialising in energy and financial services investing. Mr Spiegel has worked in the private equity industry since 1990 at Lehman Brothers and the Cypress Group. Mr Spiegel has a B.Sc. in Economics from the London School of Economics, an M.A. in economics from the University of Western Ontario and an M.B.A. from the University of Chicago. Mr Spiegel has served on the boards of Catlin Group Limited, Financial Guaranty Insurance Co., MedPointe, Inc., Montpelier, and Scottish Re Group Limited.

Barry Volpert is co-founder, chairman and chief executive officer of Crestview Partners, LP a private equity firm. Prior to founding Crestview Partners, LP he was a partner at Goldman, Sachs & Co., where he was most recently head of the merchant banking division in Europe, co-chief operating officer of the principal investment area worldwide and a director of Goldman Sachs International. He has a J.D. and M.B.A. from Harvard and received an A.B. from Amherst College. He has served on the Boards of many public and private companies, including Oxbow Carbon LLC, FHC Health Systems, Inc. and Key Safety Systems Inc.

John Bishop was appointed to the Board on 19 March 2008. Mr Bishop is an actuary with broad experience in the insurance business. He has served on the boards of a number of insurance companies, including Sun Alliance Group and Eagle Star Group, both in an executive capacity and as a non-executive director. Mr Bishop has previously worked at the Euler Group on its managing board and as chairman and chief executive officer of Eagle Star Insurance Company Ltd, where he was responsible for the worldwide general insurance operations and, before that, as a managing director of Sun Alliance UK Insurance Company.

Richard Brindle was the driving force behind the establishment of Lancashire in late 2005 and serves as a member of the Board. Mr Brindle joined Ascot Underwriting Agency in 2001 as a non-executive member of the Ascot Board, which was a position he held until his resignation in September 2005. As part of his directorship duties at Ascot, Mr Brindle was responsible for a number of independent underwriting reviews and was chair of the Strategic Business Development Committee. Mr Brindle started his career in 1984 working at Posgate and Denby Managing Agency which was later taken over by Charman Underwriting Agencies. In 1989 Mr Brindle was appointed as deputy underwriter of Syndicate 488. In 1991 he was appointed as a director of Charman Underwriting Agencies and acted as main underwriter until 1999. Mr Brindle left Charman Underwriting Agencies when it was sold to the ACE Group of Companies in Bermuda.

Simon Burton joined Lancashire in March 2006 and leads the Bermuda subsidiary Lancashire Insurance Company Limited. He is also a member of the Board. Mr Burton previously spent 10 years at Financial Solutions International (“FSI”), an underwriting division of the ACE Group of Companies that specialised in non-traditional products including insurance, reinsurance, retrocessional and retrospective risks. He held various roles within FSI, his most recent being president of the unit with responsibility for underwriting, operations and financial performance of FSI’s offices in Bermuda, London, Dublin and Sydney. Prior to joining ACE, Mr Burton was a consulting actuary at Tillinghast-Towers Perrin in London and Bermuda.

Neil McConachie joined Lancashire in February 2006 and leads the finance functions of the Group and serves as a member of the Board. Mr McConachie was previously treasurer and chief accounting officer of Montpelier Re Holdings Ltd. Mr McConachie has extensive experience in debt and equity capital markets transactions in the UK and the U.S. including the initial public offerings of Lancashire and Montpelier Re Holdings Ltd.Prior to joining Montpelier Re Holdings Ltd, Mr McConachie worked for PricewaterhouseCoopers in London and Bermuda and at Stockton Holdings Limited.

Greg Lunn joined Lancashire in February 2006 and is responsible for all legal affairs as well as being Company Secretary. Before joining Lancashire in 2006, Mr Lunn spent almost nine years with the ACE Group of Companies, most recently at ACE Limited in Bermuda where he was compliance counsel. Between 2000 and 2003 Mr Lunn was legal counsel for ACE European Group in London. His responsibilities included the reviewing of legal service requirements for ACE Europe and provisions of European and English law legal advice on a wide range of strategic and transactional issues affecting the ACE European Group, including the implementation of the Financial Services and Markets Act 2000.