NEWS RELEASE

Thursday, 7 February 2008

Reliance Mutual restructures management team

Kent based Reliance Mutual Insurance Society Limited (Reliance Mutual) has today announced a reorganisation of its senior management team to drive further growth in its core areas of business.

Mark Goodale, Reliance Mutual’s Chief Executive said, “The senior management team has been aligned to give us specific focus on our strategy going forward whilst maintaining our flat management structure to ensure the decision making process remains responsive to market opportunities.”

The new senior management team, led by Chief Executive, Mark Goodale is as follows:

Chris Lerpiniere joins as Head of Operations, responsible for client and technical services, and IT. Prior to joining Reliance Mutual, Chris held similar senior management positions at Fidelity and GAN Life and Pensions.

Roger Eastwood joins as Head of Risk and Corporate Governance, responsible for managing all compliance, risk and legal services. Roger was previously Head of Business Risk at AMP (formerly NPI) and more recently a consultant to a number of financial services providers.

Philip Bowden becomes Head of Strategy Implementation, with specific responsibility of programme managing all future major projects including acquisitions and development of white label products.

Completing the management team are Tim Birse, Cara Whatford and Roger Cuming who remain Actuary, Financial Controller and Head of Investments respectively.

Reliance Mutual is particularly interested in the acquisition of closed books of life and pensions policies, providing white label products, developing Credit Life business, and continuing to provide smoker annuity policies via the intermediary market. ( see Notes to Editors)

ENDS

Reliance Mutual Insurance Society Limited is authorised and regulated by the Financial Services Authority

Note to Editors

1. Photographs of Chris Lerpiniere and Roger Eastwood are attached – photographs of the other members of the management team are available on request.

2. Reliance Mutual has considerable experience in the business transfer and acquisitions market for life assurance and pensions. Having made 6 successful acquisitions since 2003 with each one being a seamless transition for policyholders, it has tremendous indepth strength in its acquisitions team who have all been with the company for a number of years and is second to none.

With all this experience Reliance Mutual is extremely well placed to make further acquisitions – even complicated acquisitions can be completed within 10 months from start to finish. These can be either small to medium sized insurance companies and friendly societies, or large insurers looking to offload a particular closed book of business.

Reliance Mutual is also focused on providing tailored white label products aimed particularly at advisers and organisations looking to ‘brand’ and market their own protection products such as term assurance, whole life and critical illness without having to carry all the necessary regulatory and administrative back office burdens.

Credit Life is also an area of business where Reliance Mutual is focusing and determined to grow its presence and interest.

Finally, the company is also committed to continuing its specialist smoker annuities, which are largely sold through the IFA market, and have a good consistent market track record of competitive rates.