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T. Richard Kennedy Named General Counsel at American Skandia.

SHELTON, Conn.--(BUSINESS WIRE)--May 19, 1999--

T. Richard Kennedy has left his position as Managing Partner of the New York City law firm of Werner & Kennedy to become full-time General Counsel for the American Skandia Group of companies. American Skandia is a 12-year-old financial services firm in Shelton, CT. The company has over $23 billion in assets under management across its product lines, which include mutual funds, variable annuities, variable life insurance and qualified retirement plans.

As General Counsel, Mr. Kennedy will be responsible for the legal operations of American Skandia Investment Holding Corporation, American Skandia Life Assurance Corporation and affiliated companies, and will report directly to the CEO, Jan R. Carendi. Mr. Kennedy has served as outside General Counsel to the Group since the companies were founded in 1988.

Mr. Kennedy said, "I am delighted now to be able to devote my full energies to the dynamic American Skandia Group. The people at American Skandia have demonstrated to me that they care very much about being good citizens while making available through professional advisors a broad range of investment products. I will be assisted by extremely competent lawyers, paralegals and staff in the Group Law Department."

Mr. Kennedy has been the New York State Delegate to the American Bar Association House of Delegates. In this capacity, he has chaired the 32-member New York State Delegation to the ABA House of Delegates. He is also Chair of the ABA's Standing Committee on Professional Discipline. He has been a member of the House of Delegates of the New York State Bar Association and recently chaired the Association's Standing Committee on Attorney Professionalism.

Mr. Kennedy is President of the U.S. Chapter of the International Association of Insurance Law and immediate past Chair of the Board of Directors of the AIDA Reinsurance and Insurance Arbitration Society.

Mr. Kennedy received his LL.B from Syracuse University College of Law, where he was an Editor of the Law Review and a member of the National Moot Court Team. He received his A.B. with honors from Villanova University.

Further information on American Skandia is available on the Company's web site located at www.americanskandia.com.
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Publication:Business Wire
Date:May 19, 1999
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