Former Secretary of Energy Hazel R. O'Leary Joins Scottish Annuity & Life Holdings, Ltd. Board of Directors.Business Editors GEORGE TOWN George Town, town (1989 pop. 12,921), capital of the Cayman Islands, in the West Indies. It is a major offshore banking and business center, and many companies have subsidiaries there because of the tax advantages. , Grand Cayman--(BUSINESS WIRE)--Feb. 9, 2001 Scottish Annuity & Life Holdings, Ltd. (Nasdaq:SCOT) is pleased to announce Hazel R. O'Leary Hazel Rollins O'Leary (born May 17, 1937) was the seventh United States Secretary of Energy from 1993 to 1997. She was the first woman and first African American to hold the positon. She is to date the only woman and only African American to serve as Secretary of Energy. has joined its Board of Directors. O'Leary's distinguished background includes a four-year term as the United States Secretary of Energy <onlyinclude> The United States Secretary of Energy is the head of the United States Department of Energy and is a member of the President's Cabinet. The post was created with the formation of the Department of Energy on October 1 1977, after the signing of the Department of with the Clinton Administration Noun 1. Clinton administration - the executive under President Clinton executive - persons who administer the law . Mrs. O'Leary will complete the unexpired term of Charles Wyly, who is stepping down from the Board of Directors. Mrs. O'Leary will stand for election to a three year term at the Company's annual meeting of shareholders this year. "We are pleased to have such an accomplished business authority join our Board of Directors," said Michael C. French, Chairman and Chief Executive Officer of Scottish Annuity & Life. "Hazel's experience working in the public and private sectors, along with her many notable positions have allowed her to develop tremendous expertise in the areas of government, law and business consulting. Hazel will be a valuable asset to our Board, and we look forward to the insight she will bring to Scottish Annuity & Life." Mrs. O'Leary is currently President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Blaylock & Partners in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the leading minority-owned investment banking firm in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In addition to her experience as Energy Secretary, Mrs. O'Leary held a wide variety of senior government and corporate positions , including serving as President of the natural gas subsidiary of Northern States Power, a diversified utility holding company. Mrs. O'Leary served as United States Secretary of Energy from 1993-1997. In addition to being the longest serving Energy Secretary, she was the first woman, the first African-American, and the first energy executive to hold the post. She also served as Administrator of the Department of Energy's Economic Regulatory Administration from 1979-1981, Deputy Administrator from October 1977-1979, and held various posts in the department's predecessor agency, the Federal Energy Administration. "I am looking forward to serving on the Board of Directors for Scottish Annuity & Life," said Mrs. O'Leary. "My role on the Board will enable me to draw on my previous experiences, working with my fellow Board members to guide the company in growth and in future strategic direction." Mrs. O'Leary is on the boards of UAL UAL United Airlines (ICAO code) UAL Unified Accelerator Library (Brookhaven National Laboratory) UAL User Account Lockdown UAL User Access Layer UAL Universal Auxiliary Language UAL User Agent Layer Inc., the parent of United Airlines; The AES Company, a global independent power producer; and The Kaiser Group International, an engineering and construction company. She also serves on the nonprofit boards of the World Wildlife Fund, Morehouse College Morehouse College: see Atlanta Univ. Center. Morehouse College Private, historically black, men's liberal arts college in Atlanta, Ga. It was founded as the Augusta Institute, a seminary, in 1867 and renamed in 1913 in honour of Henry L. , the Andrew Young Center of International Development and The Keystone Center. Mrs. O'Leary holds a Bachelor's Degree from Fisk University and a J.D. Degree from Rutgers University School of Law. Certain statements included herein are "forward-looking statements" within the meaning of the federal securities laws. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important events that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the Company's ability to attract clients and generate business; the competitive environment; the Company's ability to underwrite business; performance of outside service providers; mortality risk; surrender risk; investment risk (including asset value risk, reinvestment risk Reinvestment Risk The risk that future proceeds will have to be reinvested at a lower potential interest rate. Notes: This term is usually heard in the context of bonds. and disintermediation The elimination of the distributor and/or retailer (the middleman) when making a purchase. The term is used to refer to purchasing directly from a manufacturer's Web site, the benefits of which are convenience, fast turnaround time and sometimes lower prices. risk); the impact of unforeseen economic changes (such as changes in interest rates, currency exchange rate, inflation rates, recession and other external economic factors); regulatory changes (such as changes in U.S. tax law and insurance regulation which directly affect the market for the Company's products); rating agency policies and practices; and loss of key executives. Investors are also directed to consider the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. About Scottish Annuity & Life Scottish Annuity & Life Holdings, Ltd. provides reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. of annuities and life insurance products and is a direct issuer of customized variable life and annuity products for high net worth individuals and families. Founded in 1998, the company is headquartered in the Cayman Islands. |
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