Veteran Insurance Regulators Team Up At PricewaterhouseCoopers LLP.

Business Editors/Insurance Writers

NEW YORK--(BUSINESS WIRE)--Feb. 20, 2001

PricewaterhouseCoopers LLP, the world's largest professional services organization, today announced that Mr. Edward Muhl, former insurance commissioner in New York and Maryland, Mr. Kenneth Gibson, Mr. Roger Langley and Ms. Lynne Hepler have joined the organization's Insurance Regulatory Solutions (InsRegSolutions) practice.

These individuals will join James Schacht, former Illinois Insurance Director, who first started this practice area in 1995, and others to create the largest consulting practice devoted exclusively to U.S. insurance regulatory matters.

"The addition of these professionals greatly enhances the firm's ability to assist regulators, companies and new entrants into the insurance industry," said Patrick Shouvlin, U.S. Insurance Practice leader for PwC. "By combining their remarkable skill sets and experience with our existing team of resources, we have greatly enhanced both the depth and range of our service capabilities in our key markets. Our Regulatory Practice has outstanding abilities to help regulators improve their efficiency and effectiveness in overseeing the business of insurance; help companies deal with the complex regulatory and compliance environment; and assist those individuals and companies interested in entering this market navigate the regulatory challenges."

"We look forward to the high level of knowledge and experience that these highly qualified professionals bring to the organization," said Mr. James Schacht, InsRegSolutions Director. In the past year, the InsRegSolutions team has provided technology solutions to the NAIC to enhance the examination process, assisted numerous companies with the interpretation and application of state and federal regulation, as well as procedures to assist them in their compliance with both, and advised a number of start-up distributors and underwriters as they enter the US insurance regulatory market. The addition of these new members to our team will enable us to provide even greater assistance to our clients in all aspects of the regulatory arena."

Mr. Muhl joins PwC as an InsRegSolutions partner, bringing with him over 35 years of experience in the insurance industry, in both the public and private sectors. Prior to joining PricewaterhouseCoopers LLP, he worked with foreign and domestic insurers and reinsurers, as well as a number of State Insurance Departments as an Independent Consultant. His background includes a tenure as Commissioner of Insurance for the State of Maryland, during which he was elected to serve as President of the National Association of Insurance Commissioners (NAIC), as well as an appointment as Superintendent of Insurance for the State of New York by New York. Mr. Muhl serves on the boards of several domestic insurance companies and a congressional advisory committee.

Mr. Langley joins PwC as a Director in the InsRegSolutions practice. He has over 31 years of experience in the insurance industry, having served a 28-year tenure with the North Carolina Department of Insurance ("Department"). While serving as Chief Deputy Commissioner with the Department, Mr. Langley supervised all financial operations, rates and policy forms review, market conduct and financial examinations, computer facilities, actuarial services, personnel and budget services. Mr. Langley also chaired numerous task forces and blue ribbon studies within the Department and represented the Commissioner within NAIC and before Congress. He is a long-time member of the Insurance Regulatory Examiners Society (IRES) where he also served as President.

Mr. Gibson brings to the InsRegSolutions practice a successful public and private sector management and consulting background, with extensive experience in insurance, government relations, and manufacturing. Mr. Gibson served as Chief Deputy Insurance Commissioner with the California Department of Insurance. In that capacity, he was responsible for directing all aspects of the department's operations, including financial analysis, licensing, enforcement, market conduct, conservation and liquidation, rate regulation, legal affairs, and legislative activities.

Ms. Hepler has extensive experience at the executive level, most recently as Vice President of Marketing and Business Development for First NonprofitMutual Insurance Company in Chicago, Illinois. In that capacity, Ms. Hepler was responsible for the development of long range marketing strategies to support organizational growth, market expansion, management and development of a national distribution network, as well as new product development. Ms. Hepler also has experience consulting with insurers in government relations and the resolution of regulatory matters.

PricewaterhouseCoopers (www.pwcglobal.com) is the world's largest professional services organization. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, we help our clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.

PricewaterhouseCoopers refers to the member firms of the worldwide PricewaterhouseCoopers organization.