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Challenges for an Insurance Director Discussion

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Dan Kearney is a financial investor and independent director.

Mr. Kearney is a Director of two NYSE companies: MBIA, Inc., the country’s largest provider of municipal bond insurance, where he is Chairman of the Risk Oversight Committee; and MGIC, Inc., the country’s largest provider of mortgage insurance, where he is Chairman of the Securities Investment Committee and a member of the Audit Committee. He is also a Director of Fiserv, a NASDAQ company providing operations and technology solutions to financial institutions, where he is Chairman of the Compensation Committee.

From 1991 to 1998 Mr. Kearney was Chief Investment Officer of Aetna, Inc., responsible for the $72 billion portfolio of all asset types. Aetna, Inc was the holding company for the Health, Property and Causality and Life operational divisions. In 1994, he was named President of the Aetna Life & Annuity Company, the entity responsible for the company’s life insurance and pension products. During his tenure, the performance of the variable annuity product moved from the bottom to the top quartile, new channels of distribution were successfully initiated, and earnings grew at a compound rate of 21%.

Prior to joining Aetna in 1991, Mr. Kearney served as President and Chief Executive Officer of the Resolution Trust Corporation Oversight Board, created to address the savings and loan crisis. Before joining the RTC Oversight Board, he was a principal at Aldrich, Eastman and Waltch, Inc. (AEW), a Boston-based pension fund advisor.

From 1977 to 1988 Mr. Kearney was with Salomon Brothers, Inc. He was one of the founding members of the Mortgage Securities Department and had responsibility for the mortgage and real estate investment banking functions during his tenure.

From 1976 to 1977 Mr. Kearney was Associate Director of the Office of Management and Budget (OMB) for the U. S. Federal Government. He served as President of the Government National Mortgage Association (Ginnie Mae) from 1974 to 1976, Deputy Assistant Secretary of the Department of Housing and Urban Development (HUD) from 1973 to 1974, and Executive Director of the Illinois Housing Development Authority from 1969 to 1973. He was in private law practice in Chicago from 1965 to 1968.

Mr. Kearney attended Michigan State University, where he earned his Bachelor of Business Administration degree in 1961 and his Master of Economics degree in 1962. He was awarded a Doctor of Jurisprudence degree from the University of Chicago Law School in 1965.

In addition to his corporate responsibilities, Mr. Kearney is a Director of the Joyce Foundation, whose interests are primarily in the fields of education, employment, environment, gun violence, money and politics, and culture.

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