Management

Rick Spurling - President & Chairman of the Board

Jerome C. Schaefer, Esq. - Managing Director

Bradfield Adderley, Esq. - Vice President

Lucia Kempe - Secretary

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History

Mutual Insurance Company, Ltd. was incorporated by an Act of Parliament in
Bermuda on March 30, 1961 and began underwriting a strike insurance program
for members of the American Newspaper Publishers Association (ANPA) which
had been written under a Trust agreement since 1939.

Shortly after Mutual was created, a freestanding Committee of ANPA members
then known as the Newspaper Publishing Premium Fund Committee, requested
that the Company explore the possibility of structuring a viable libel insurance
program for ANPA members which would be more responsive to newspaper
publishers' needs than coverage then obtainable from commercial insurers. After
a feasibility study, Mutual entered the libel field on August 1, 1963 with a program
open to ANPA members. Reinsurance was provided by the London market which
participated in the structure and pricing of this new program prior to its inception.
Today, the libel insurance program is open to all media companies in North America.

Daily newspapers account for approximately 75% of the base premium developed
under the libel program. Mutual’s daily newspaper insureds fall proportionately in all
circulation groups with a broad distribution by area of publication, i.e., rural,
suburban and urban. Mutual is privileged to serve many of the larger, well known
dailies in the United States, Canada and the Caribbean.

In addition to five Bermudians, executives of major U.S. media companies serve
on the Company’s Board of Directors. Apart from the overall management of the
Company’s operations, the Directors provide leadership in the identification of risks
inherent in the industry and the development of an appropriate product portfolio.

Board of Directors

ACTUARIAL SERVICES
TAYLOR & MULDER, INC.
Potomac, Maryland

CLAIMS MANAGEMENT
WHITEFORD, TAYLOR & PRESTON, LLP
Washington, D.C.

REINSURANCE BROKERS
PRICE FORBES & PARTNERS, LTD.
London, England

UNDERWRITING CONSULTANTS
BRUIN STRATEGIES, Inc
Coupeville, Washington

Professional Advisors to Mutual

Jerome C. Schaefer, Esq.
Whiteford, Taylor & Preston

Lissa Walls Vahldiek
Vice President/Secretary/COO
Southern Newspapers, Inc.

Richard D. Spurling, Esq.
(Retired), St. George's, Bermuda

Richard J. Warren
President & Publisher
Bangor Daily News

Chesley White, Esq.
President
T-I-E Limited

Kathryn Siggins
CFO
Northstar Group Holdings, Ltd

Bradfield Adderley, Esq.
Appleby

W. Roger Davidson
(Retired), Paget, Bermuda

The Hon. Sir David Gibbons
Chairman
Colonial Insurance Company, Ltd.

Caroline Diamond Harrison
Publisher
Staten Island Advance

Todd Schurz
President & CEO
Schurz Communications, Inc

Stephen J. Barker
(Retired), Sandy's, Bermuda