Karen Clark & Company Hires John Tierney as Senior Vice President

BOSTON, MA, August 4, 2009

Karen Clark & Company, independent experts in catastrophe risk, catastrophe models, and catastrophe risk management, today announced the hire of John Tierney as Senior Vice President. Mr. Tierney will join the firm’s consulting practice to provide clients with an integrated approach to assessing, pricing, and managing catastrophe risks with the aim of improving operational performance and enhancing profitability.

“John has a wealth of experience identifying and implementing efficient, highly customized risk management processes that directly contribute to the bottom line,” said Karen Clark, President and CEO, Karen Clark & Company. “His expertise will complement our efforts to provide insurers with a holistic catastrophe risk management framework that fulfills the requirements of all parts of the organization, from the CEO to the line underwriter, to enable more consistent, reliable risk management decisions.”

Mr. Tierney brings to the firm over 35 years of management, actuarial, and underwriting experience in the property and casualty insurance industry. Much of Mr. Tierney’s career has been spent in consulting, where he has assisted insurers and reinsurers with pricing, underwriting, financial reporting and risk management. Mr. Tierney started his consulting career with Tillinghast-Towers Perrin, where he ultimately became the Managing Principal of the firm’s worldwide property/casualty consulting practice. Mr. Tierney has also served as President of Bunker Hill Insurance Company, a New England-based homeowner insurer, where he revitalized the company through new reinsurance programs, underwriting processes, workflows and technologies. He also worked as Chief Underwriting Officer at Allmerica Property and Casualty Companies where he was responsible for pricing support, product development, reserving, reinsurance and underwriting policy.

Mr. Tierney is a Member of the American Academy of Actuaries and a Fellow of the Casualty Actuarial Society, where he also serves on the Board of Directors. Mr. Tierney received S.B. degrees in management and mathematics from the Massachusetts Institute of Technology.

“Most insurers realize the pitfalls associated with the narrow interpretation of catastrophe model results, but many lack the internal resources to facilitate the translation of model results into integrated operational strategies to improve financial performance,” said Mr. Tierney. “I look forward to working with Karen Clark & Company, a true leader in the field, to provide companies with the guidance to implement robust catastrophe risk management processes and identify the means to improve profitability.”