REPRESENTATIVE PORTFOLIO COMPANIES

Location: Chicago, IL
Investment Year: 2003
Status: Active

www.aamcompany.com

Description: Asset Allocation & Management specializes in providing fixed income investment management services for insurance companies and is skilled at developing and implementing customized investment strategies designed to meet a client’s specific investment objectives and business needs.

Location: Newport Beach, CA
Investment Year: 2005
Status: Exited 2007

www.alliantinsurance.com

Description: Alliant Insurance is the second largest privately held insurance broker in the U.S.  Alliant focuses on the distribution of specialty-oriented products with leading market positions among public entities, Indian Nations, law firms and other industry groups.

Location: London, England
Investment Year: 2002
Status: Exited 2006

www.cathedralcapital.com

Description: Cathedral Capital plc which manages Lloyd’s Syndicate 2010 is a leading provider in the London market of property and aviation treaty reinsurance, direct and facultative property insurance and reinsurance and contingency insurance. This investment was exited in 2006 through a sale to another private equity firm.

Location: Dallas, TX
Year of Investment: 1998
Status: Active

www.concentra.com

Description: National Healthcare Resources, Inc., acquired by Concentra, was a provider of medical cost containment services to the automobile, workers' compensation and group health insurance markets. NHR's services include independent medical exams, telephonic and field case management, bill review, and access to a proprietary PPO network.

Location: Hamilton, Bermuda
Investment Year: 2005
Status: Active

Description: Cyrus Reinsurance Holdings, Ltd. is a Cayman based reinsurance vehicle that provides retrocessional coverage in the property catastrophe market. The company sources business through a quota share agreement with XL Re Ltd. and XL Re Europe.

Location: London, England
Investment Year: 1996
Status: Exited 1998

Description: DP Mann Underwriting Agency Limited managed Syndicate 435, which was composed of five distinct teams. The holding company was formed for the purpose of owning both the managing agency and the corporate name. The managing agency was established in 1983 and through Syndicate 435 has managed a growing and diverse mix of non-marine businesses at Lloyd’s. DP MANN was acquired by General and Cologne Re in 1998.

Location: Farmington, CT
Investment Year: 1994
Status: Exited 1995

Description: Founded in 1990, Discover Re Managers, Inc. developed a reputation as a leading provider of insurance, excess insurance, reinsurance and related advisory service to the Alternative Risk Transfer (“ART”) market. Discover Re was acquired by USF&G Corp. in 1995, and is currently a subsidiary of St. Paul Travelers.

Location: Oakland, CA
Investment Year: 1997
Status: Exited 2000

Description: EQE International was formed in 1981 with the goal of blending state of the art engineering analysis and practical experience to solve risk management problems faced by commercial and government entities.  The Company assists private companies and public agencies by helping them understand and manage the financial and other impacts of natural hazard and technology related events on their business and public activities. EQE was sold to American Bureau of Shipping in 2000.

Location: Salt Lake City, Utah
Investment Year: 2003
Status: Active

www.ereinsure.com

Description: eReinsure was formed to meet the needs of the facultative reinsurance market from a buyer’s perspective.  The company provides a unique solution allowing participants to control and monitor their facultative business efficiently.

Location: Santa Barbara, CA
Investment Year: 1999
Status: Exited 2002

Description: Fidelity National Information Systems (formerly Vista Information Systems) is an Internet-based real estate risk information provider to consumers, real estate agents, and the environmental engineering, home insurance, banking and legal industries. The Company provides address-based hazard information to help clients determine the ability to finance the desirability, insurability and value of properties anywhere in the nation via the web. The Company merged with Fidelity National Financial, Inc. (NYSE:FNF) in 2002.

Location: Batesville, IN
Investment Year: 2004
Status: Active

www.forethought.com

Description: Forethought serves the United States' funeral planning professionals with marketing support for Forethought funeral plans funded by life insurance. This specialized funeral-planning product is offered through funeral homes.

Location: Houston, TX
Investment Year: 1999
Status: Exited 2001

Description: Galtney was a leading insurance broker specializing in professional liability and medical malpractice insurance coverage. At the time of investment, the company ranked as the 24 largest  insurance brokers in the U.S. and one of the most productive as measured by revenues per employee. The Company was acquired by Arthur J. Gallagher in 2001.

Location: Markham, Ontario
Investment Year: 2000
Status: Exited 2002

Description: InSystems is a leader in providing e-business solutions to the global insurance industry.  InSystems enables insurance companies to use the Internet to streamline product lifecycle and manage business critical relationships through its document management and relationship management software solutions. Insystems was sold to Sandard Register Company.

Location: Greenwich, CT
Investment Year: 2005
Status: Active

www.integrogroup.com

Description: Integro is an insurance brokerage and risk management firm dedicated to serving the complex insurance and risk management needs of large and/or complex institutional risks. The Company has offices in New York, San Francisco, Chicago, Atlanta, Bermuda, Toronto, Montreal, London and Stockholm.

Location: Hamilton, Bermuda
Investment Year: 1992
Status: Exited 1995

Description: Organized in August 1992, Mid Ocean Reinsurance was the first company formed specifically to capitalize on the opportunity created by the then existing supply/demand imbalance for worldwide property catastrophe reinsurance. Mid Ocean successfully completed its initial public offering in 1995 and was subsequently acquired by EXEL Limited (XL Capital) in 1998.

Location: Hamilton, Bermuda
Investment Year: 2001
Status: Exited 2005

Description: Montpelier Reinsurance Ltd., was formed to capitalize on the attractive market opportunities in the global reinsurance and insurance markets. MRH is focused on lines of business that provide an opportunity to achieve superior returns on capital including property catastrophe reinsurance, commercial property insurance and reinsurance, and property retrocession reinsurance. In 2002 Montpelier successfully completed an initial public offering. This investment was exited through sales and distributions of freely tradeable common stock.

Location: Hamilton, Bermuda
Investment Year: 1993
Status: Exited 1996

Description: Tempest Re was organized on September 1, 1993 to take advantage of the supply and demand imbalance that existed in the property catastrophe reinsurance market at the time. Tempest Re underwrote property catastrophe reinsurance on a worldwide basis and emphasizes excess layer coverages.

Location: Hamilton, Bermuda
Investment Year: 1994
Status: Exited 1996

Description: Terra Nova was a property/casualty and marine insurance and reinsurance company operating on a worldwide basis through subsidiaries in the London company market and Lloyd’s of London, in the Bermuda Market, and through branch offices in Toronto, Canada and Brussels, Belgium. Terra Nova was sold to Markel in 1996.

Location: Kennesaw, GA
Investment Year: 2007
Status: Active

www3.thomcoins.com/thomco/index.cfm

Description: THOMCO is a Program Administrator for 14 national target market programs. THOMCO's programs typically involve a customized package of coverages. Nationally, THOMCO is best known in the Child Care arena as the largest writer of Child Care exposures in the country and is also well known in the industry for having a leading product in the Senior Living, Medical Transportation, Pest Control, Social Service, and Tanning Salon markets.

Location: London, England
Investment Year: 1995
Status: Exited 1996

Description: Incorporated in 1994, Wellington's principal activity is insurance and reinsurance underwriting in the Lloyd’s insurance market. Wellington’s principal operating subsidiary, Wellington Underwriting Agencies Limited, has been managing Lloyd’s syndicates since 1986, and was acquired by Wellington in 1996, when Wellington converted from investment company to trading company status.

Location: Wilton, CT
Investment Year: 2005
Status: Active

www.wiltonre.com

Description: Wilton Re was formed in late 2004 as a Bermuda domiciled life reinsurance group with a life reinsurance subsidiary in the U.S. The business strategy is to build a life reinsurance company that engages in two basic activities: (a) new life reinsurance and (b) run-off business administration.