Black Diamond Capital Partners

CURRENT INVESTMENTS PRIOR INVESTMENTS

Our founding philosophy, and hence the name Black Diamond, is based on the competitive spirit of a world-class athlete/skier, conquering the most arduous obstacles of challenging “Black Diamond” downhill slopes and trails with skill, precision and endurance. With a focus on the future, our team is driven to navigate new pathways in search of the best investment opportunities in the insurance industry for our investors.

JAY NOVIK - Principal

Jay Novik has over thirty years of experience in both life and property/casualty reinsurance. During his career at Swiss Re, he established several new companies including Atrium Corp., a reinsurance intermediary, and European International Reinsurance Company, a Barbados underwriting company. He was CEO of Atrium, European International and Swiss Re Financial Services. Jay was also Vice Chairman of Swiss Re New Markets, Swiss Re America and other Swiss Re companies. He has been an active investor in insurance ventures. Mr. Novik is a member of the Board of Amerilife Group Holdings and served on the board of Talbot Holdings until its sale to Validus Re in July, 2007.

Jay is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

HEIDI HUTTER - Principal

Heidi Hutter has over twenty-five years of experience in property/casualty reinsurance. She began her career in 1979 with Swiss Reinsurance Company in New York. From 1993 to 1995, she was Project Director for the Equitas project at Lloyd's of London, which became the largest run-off reinsurer in the world. She served as CEO for Swiss Re America from 1996 to 1999 and was also a member of the Executive Board of Swiss Re in Zurich at that time. In 2001, she participated with management in the buyout and restructuring of Talbot Underwriting at Lloyd’s. She served on the Talbot board of directors until the sale of Talbot to Validus Re in July, 2007. In 2005, Ms. Hutter and her partners Jose Montemayor and Jay Novik formed Black Diamond Capital Partners; a private equity fund specializing in insurance.

Heidi is a Fellow of the Casualty Actuarial Society, a member of the American Academy of Actuaries and a member of the Board of Overseers of The School of Risk Management at St. John’s University. She is a Director of Aspen Insurance Holdings Ltd. (NYSE: AHL), Aquila, Inc. (NYSE: ILA) and Chairman and a member of the board of Amerilife Group Holdings.

JOSE MONTEMAYOR - Principal

Jose Montemayor has over fifteen years of experience in all aspects of insurance regulation and Insurance M&A including six years as the gubernatorially appointed Texas State Insurance Commissioner. Among his accomplishments, Mr. Montemayor launched the Texas FAIR plan, worked with the Texas Legislature to modernize insurance regulation and to address skyrocketing increases in medical malpractice premiums. He was instrumental in creating protocols for the early identification and intervention of companies at risk of insolvency and is credited with many successful company rehabilitation interventions. As a regulator, he was responsible for the licensing, solvency and market conduct of more than 2,000 insurers and health maintenance organizations in the $80 billion a year Texas market. In 2005, Mr. Montemayor and his partners Heidi Hutter and Jay Novik formed Black Diamond Capital Partners; a private equity fund specializing in insurance.

Jose is a member of the Texas Society of Public Accountants, the American Institute of Certified Public Accountants and the Society of Financial Examiners. He is a Director of CNA Financial Corp. (NYSE: CNA) and Amerilife Group Holdings. Earlier, he served in the US Air Force for 24 years and retired with the rank of Major in 1992.

CATHY LOCKETT-CONNIFF - Chief Financial Officer

Cathy Lockett-Conniff joined Black Diamond in 2007 following her thirty-one years of extensive experience at the Texas Department of Insurance (TDI). At TDI her job duties included supervising and evaluating examiners engaged in insurance regulatory duties, resolving contested matters in examination reports with examiners and company management and participating and testifying as an expert examiner and accounting in trials, before legislative bodies and in administrative hearings. In addition, she actively participated as a member of the National Association of Insurance Commissioner’s Statutory Accounting Principles Working Group and Emerging Accounting Issues Working Group, and served as Chairman of the Accounting Issues Committee for the Financial Program of TDI.

Cathy received her accreditation as a Certified Financial Examiner in 1983, Certified Public Accountant designation in 1990. Furthermore, she is a Certified Fraud Examiner and Certified Insurance Examiner. She graduated from Southwest Texas State University with a Bachelor of Business Administration in Accounting.

SUBODH KESRI – Associate

Subodh Kesri joined Black Diamond in 2007. He has experience in financial modeling and business valuation. Prior to joining Black Diamond he did summer internship at SBI Fund Management Pvt. Ltd., a $3 billion equity fund based in India and worked in the Banking Business Unit at Infosys Technologies Ltd.

Subodh holds a Bachelors degree in Chemical Engineering from the Indian Institute of Technology (IIT), Kanpur and an MBA degree with concentration in Finance from the McCombs School of Business at the University of Texas at Austin.

Black Diamond Capital Partners • 515 Congress Avenue, Suite 2220, Austin, Texas 78701 • Tel: (512) 450-5000

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