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Directors

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Keith S. Hynes
Chairman of the Board
Age 57
Mr. Hynes has served as a member of our Board of Directors since November 2005 and as the Chairman of the Board since March 2009, having previously served as Deputy Chairman since December 2006. Mr. Hynes served as a member of the Board of Directors of one of our subsidiaries, Majestic Insurance Company (Majestic), from November 2006 until January 2008. From September 1999 until his retirement in March 2007, Mr. Hynes served as Executive Vice President and Chief Financial Officer of Max Re Capital Ltd. From 1994 to 1999, Mr. Hynes held various senior management positions, including chief financial officer, at Renaissance Re Holdings, Ltd. From 1983 to 1994, Mr. Hynes held various positions, including chief financial officer, at Hartford Steam Boiler Inspection and Insurance Co, and from 1978 to 1983, he held various positions at Aetna Life and Casualty Company. Mr. Hynes served as a director of Grand Central Re Ltd. from 2001 until 2007 and as a director of DaVinciRe Holdings Ltd. from 2001 to 2006. Mr. Hynes is a chartered financial analyst admitted to the CFA Institute. Mr. Hynes graduated from the State University of New York at Albany with a B.S. in math and computer science and holds an M.B.A. in Finance and Accounting from the Amos Tuck School of Business at Dartmouth College.

Mr. Hynes has significant experience in insurance and reinsurance, spanning a 30 year career in the industry. Mr. Hynes has served as a director of other insurance companies and has held various senior management positions at several large insurance and reinsurance companies, most recently as chief financial officer of Max Re Capital Ltd., a global insurance enterprise, with over a $1 billion dollars of gross written premiums, dedicated to providing diversified specialty insurance and reinsurance products. In addition, Mr. Hynes has a strong background in accounting, finance and risk assessment, and his credentials include being a chartered financial analyst admitted to the CFA Institute and holding an M.B.A. in Finance and Accounting. Mr. Hynes' experience and background provides the Board with the perspective of someone with experience in all facets of a global insurance enterprise, including direct responsibility for financial and accounting issues.

Member Member of the Audit Committee
Member Member of the Finance and Investment Committee
Holdings: 59,557 shares     View Transactions
Date Type Shares Traded Price Range
Dec 1, 2009 Buy 5,000 0.70
Nov 30, 2009 Buy 5,000 0.73
Jun 3, 2009 Buy 2,000 1.13
Jun 2, 2009 Buy 3,000 1.14
May 21, 2009 Buy 2,000 1.10
May 15, 2009 Buy 2,000 1.10
May 13, 2009 Buy 3,000 1.05
May 11, 2009 Buy 100 1.00
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 24, 2006 Buy 2,000 10.20
May 9, 2006 Acquisition (Non Open Market) 2,397 n/a
Dec 29, 2005 Acquisition (Non Open Market) 310 n/a
James J. Scardino
Deputy Chairman and Chief Executive Officer
Age 56
Mr. Scardino has served as our Chief Executive Officer since March 2009 and as Deputy Chairman of the Board since May 2009. Mr. Scardino also serves as the Chief Executive Officer of our operating subsidiaries, Twin Bridges, Majestic, Compensation Risk Managers, LLC (CRM), Compensation Risk Managers of California, LLC (CRM of CA), and Eimar, LLC (Eimar). Mr. Scardino served as our Chief Financial Officer from August 2005 to May 2009, as Executive Vice President, Chief Financial Officer of Majestic from July 2007 to May 2009, and as Chief Financial Officer of CRM, CRM of CA, and Eimar from August 2005 to May 2009. From 2003 to 2005, Mr. Scardino held the position of Senior Vice President, Finance with RSC Insurance Brokerage, Inc., where his responsibilities included financial management. From March 2000 until May 2003, Mr. Scardino was Executive Vice President of Allied American Insurance Agency, Inc., where he was responsible for program management. Mr. Scardino graduated from the University of California, Berkeley with a B.A. in Anthropology and holds an M.B.A. from the Amos Tuck School of Business at Dartmouth College.

Holdings: 153,266 shares     View Transactions
Date Type Shares Traded Price Range
May 6, 2009 Acquisition (Non Open Market) 100,000 n/a
Mar 24, 2009 Buy 17,000 0.70 - 0.73
Jan 16, 2008 Acquisition (Non Open Market) 10,360 n/a
Dec 7, 2007 Disposition (Non Open Market) 1,129 7.95
Mar 26, 2007 Disposition (Non Open Market) 173 8.65
Dec 29, 2006 Disposition (Non Open Market) 735 8.63
Dec 7, 2006 Acquisition (Non Open Market) 9,535 n/a
May 12, 2006 Buy 1,100 10.62 - 10.65
Mar 25, 2006 Acquisition (Non Open Market) 2,308 n/a
Dec 29, 2005 Acquisition (Non Open Market) 15,000 n/a
David M. Birsner
Director
Age 42
Mr. Birsner has served as a member of our Board of Directors since September 2005. Mr. Birsner served as a member of the Board of Directors of Majestic from November 2006 until January 2008. Since 1996, Mr. Birsner has served as an insurance broker for Hickey-Finn and Company, Inc., where his responsibilities have involved insurance sales and service. Mr. Birsner graduated from Siena College with a B.A. in Marketing.

Mr. Birsner's background comes from the retail insurance brokerage business, having been an insurance agent and broker for the past 14 years. Mr. Birsner's experience includes the placement and servicing of various types of insurance products, including workers' compensation, with an emphasis on the contracting industry. From this, Mr. Birsner brings to our Board experience and a background in sales and marketing of insurance products from the retail agency side of the business.

Holdings: 329,913 shares     View Transactions
Date Type Shares Traded Price Range
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
Apr 21, 2008 Disposition (Non Open Market) 500 n/a
Dec 5, 2007 Sell 100,000 7.20
Dec 4, 2007 Disposition (Non Open Market) 700 n/a
Oct 9, 2007 Automatic Sell 1,500 6.24 - 6.39
Oct 8, 2007 Automatic Sell 3,500 6.19 - 6.38
Oct 5, 2007 Automatic Sell 2,253 6.36 - 6.42
Oct 4, 2007 Automatic Sell 2,747 6.38 - 6.44
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 9, 2006 Acquisition (Non Open Market) 2,397 n/a
Dec 29, 2005 Acquisition (Non Open Market) 611 n/a
Dec 27, 2005 Acquisition (Non Open Market) 512,355 n/a
Dec 27, 2005 Sell 107,000 13.00
Daniel G. Hickey Sr.
Director
Age 65
Mr. Hickey, Sr. has served as a member of our Board of Directors since September 2005. Mr. Hickey, Sr. has also served as a member of the Board of Directors of Majestic since our acquisition of Majestic in November 2006. He served as a member of the board of managers of CRM, CRM CA and Eimar from 1999, 2001 and 2003, respectively, until December 2005. Since 1980, Mr. Hickey, Sr. has served as President of Hickey-Finn and Company, Inc., an insurance brokerage firm, where his responsibilities have involved sales and management functions. Mr. Hickey, Sr. graduated from Marist College with a B.A. in Psychology. Mr. Hickey, Sr. is the father of Daniel G. Hickey, Jr., who was our Chief Executive Officer and Chairman of the Board prior to March 13, 2009.

Mr. Hickey, Sr. has extensive experience in the retail insurance brokerage business. For the past 30 years, Mr. Hickey, Sr. has owned and operated a retail insurance agency, and Mr. Hickey, Sr. has developed a significant background in insurance agency operations and the selling and servicing of various insurance products, including workers' compensation insurance. From this, Mr. Hickey, Sr. brings to the Board an understanding of the sales and marketing of insurance products, as well as his executive leadership and management experience.

Committee Chair Chair of the Finance and Investment Committee
Holdings: 1,799,679 shares     View Transactions
Date Type Shares Traded Price Range
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
Dec 27, 2007 Disposition (Non Open Market) 20,000 n/a
Dec 24, 2007 Disposition (Non Open Market) 1,000 n/a
May 24, 2007 Automatic Sell 4,669 8.25 - 8.52
May 23, 2007 Automatic Sell 8,700 8.50 - 8.67
May 23, 2007 Automatic Sell 300 8.68 - 8.72
May 22, 2007 Automatic Sell 5,100 8.51 - 8.84
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 9, 2006 Acquisition (Non Open Market) 2,397 n/a
Dec 29, 2005 Acquisition (Non Open Market) 611 n/a
Dec 27, 2005 Sell 630,000 13.00
Dec 27, 2005 Acquisition (Non Open Market) 2,433,690 n/a
Charles Johnston
Director
Age 55
Mr. Johnston has served as a member of our Board of Directors since May 2006. Since August 2008, Mr. Johnston has served as a managing director of Deutsche Bank Securities, Inc. in the private wealth management division. Mr. Johnston had been the managing member of Johnston Capital Management, LLC, from April 2006 to August 2008. Before this, Mr. Johnston served as Chief Executive Officer of Ladenburg Thalmann & Co. Inc., an investment brokerage firm, from April 2004 until March 2005. Mr. Johnston served as a managing director of Lehman Brothers, an investment banking institution, where his responsibilities included acting as the global head of the private client services group, from June 1996 until February 2004. Mr. Johnston graduated from Colgate University with a B.A. in Russian Studies and holds an M.B.A. from the Amos Tuck School of Business at Dartmouth College.

Mr. Johnston has a wide-ranging knowledge of the capital markets, having served as the chief executive officer of a publicly traded investment brokerage firm and in various management positions at two large investment banking institutions, Lehman Brothers and Deutsche Bank Securities. In addition, Mr. Johnston has significant academic credentials, including an M.B.A. and a previous certification as a public accountant. Mr. Johnston's experience and background is invaluable to the Board's oversight of our investment strategies and objectives and capital and liquidity resources.

Committee Chair Chair of the Audit Committee
Member Member of the Compensation Committee
Member Member of the Finance and Investment Committee
Holdings: 40,147 shares     View Transactions
Date Type Shares Traded Price Range
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
May 15, 2007 Buy 1,757 8.60
May 14, 2007 Buy 1,395 8.58 - 8.60
May 11, 2007 Buy 1,848 8.60
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 9, 2006 Statement of Ownership 0 n/a
Philip J. Magnarella
Director
Age 72
September 2005. Mr. Magnarella, who is retired, has significant experience working in various areas of education. From 1994 until 2004, Mr. Magnarella held various administrative and consulting positions with the Moore County Schools in Carthage North Carolina. From 2000 until 2004, Mr. Magnarella was also a program evaluator for Sandhills Community College and Hoke County Schools, both in North Carolina. Mr. Magnarella graduated from the State University College at Buffalo with a B.S. degree in Industrial Arts Education and holds an M.Ed from the State University of New York at Buffalo in Counseling and Guidance, a CAS from the State University College, New Paltz, New York in Education Administration, and an Ed.D from Columbia University, New York, N.Y. in Education Administration.

Mr. Magnarella has extensive experience in education, spanning over a 35 year career. Mr. Magnarella served as the superintendent of a large school district for 10 years, and his academic credentials include a doctorate in education from Columbia University. Mr. Magnarella brings to our Board a unique background from this experience in education, which provides a perspective to the Board in leadership and governance.

Member Member of the Compensation Committee
Committee Chair Chair of the Nominating and Corporate Governance Committee
Holdings: 38,858 shares     View Transactions
Date Type Shares Traded Price Range
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
Dec 12, 2008 Sell 400 1.29
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
Aug 14, 2007 Buy 2,000 6.29
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 9, 2006 Acquisition (Non Open Market) 2,397 n/a
Dec 29, 2005 Acquisition (Non Open Market) 611 n/a
Salvatore A. Patafio
Director
Age 65
Mr. Patafio has served as a member of our Board of Directors since September 2005. Mr. Patafio, who is retired, has more than thirty years of extensive experience in various aspects of human resources with IBM Corporation, most recently as Human Resources Manager, Commercial Alliances. From 2002 until 2004, Mr. Patafio held the position of Manager of Human Resources at Micron Technology. For more than five years prior to 2002, Mr. Patafio was a Human Resources Consultant at Dominion Semiconductor L.L.C. He is a graduate of the University of Bridgeport with a B.S. in Industrial and Labor Relations.

Mr. Patafio has an extensive background in human resources, spanning a 35 year career. Mr. Patafio spent 30 years at IBM Corporation in various human resource management positions, including several years as the Employee Relations Manager for a 10,000 person facility. Mr. Patafio has significant experience in staffing and recruitment, compensation, performance planning, benefits, and employee relations, among other aspect of human resources. In particular, Mr. Patafio's experience and background helps our Board address the challenges faced by our company with respect to setting effective executive compensation and other human resources issues.

Member Member of the Audit Committee
Committee Chair Chair of the Compensation Committee
Member Member of the Nominating and Corporate Governance Committee
Holdings: 45,758 shares     View Transactions
Date Type Shares Traded Price Range
Jun 4, 2009 Buy 10,000 1.19
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 9, 2006 Acquisition (Non Open Market) 2,397 n/a
Dec 29, 2005 Acquisition (Non Open Market) 611 n/a
Louis Rosner Esq.
Director
Age 61
Mr. Rosner has served as a member of our Board of Directors since September 2005. Mr. Rosner has been involved in the private practice of law, concentrating in employment, labor relations and related business matters, since 1985. Prior to such time he was a Board Attorney and Litigation Specialist with the National Labor Relations Board. Mr. Rosner graduated from Cornell University with a B.S. degree and holds a J.D. from Antioch School of Law. Mr. Rosner also serves on the board of The Work Group, a community based non-profit agency which works with disadvantaged youths.

Mr. Rosner has a broad legal background in personnel and employment matters and business affairs. Mr. Rosner's experience includes advising employers on personnel policies and practices, terms of employment, contractual agreements, general business matters, strategy and regulatory issues. Mr. Rosner has also been involved with other boards, having served as an independent director of two non-profit agencies. Mr. Rosner's broad experience and background as an attorney provide him with insights into our governance, challenges, opportunities and operations.

Member Member of the Nominating and Corporate Governance Committee
Member Member of the Finance and Investment Committee
Holdings: 44,433 shares     View Transactions
Date Type Shares Traded Price Range
Jun 23, 2009 Buy 5,800 1.40 - 1.41
May 5, 2009 Acquisition (Non Open Market) 22,727 n/a
May 7, 2008 Acquisition (Non Open Market) 7,123 n/a
Sep 7, 2007 Buy 1,800 6.70
Sep 5, 2007 Buy 75 6.40
May 2, 2007 Acquisition (Non Open Market) 2,900 n/a
May 9, 2006 Acquisition (Non Open Market) 2,397 n/a
Dec 29, 2005 Acquisition (Non Open Market) 611 n/a
Dec 27, 2005 Buy 1,000 13.13