Investment Date: March 1993

ACE is a major property & casualty insurance/reinsurance holding company based in Bermuda.

While at Marsh & McLennan, Mr. Schnitzer was a co- founder of ACE in 1984-1985. In 1992, Wand’s capital partner, S.G. Warburg was chosen as the co-manager of the initial public offering of ACE. Through Warburg, Wand was able to acquire ACE warrants from one of the founding shareholders.

ACE matured into a leader of the Bermuda insurance market. Wand sold its position in ACE in 1995 in an open market transaction.

Investment Date: August 1997

Acordia is a national insurance brokerage firm, serving medium-sized commercial clients.

In August 1997, Wand led an investor group (including Banc of America, First Union, High Ridge Capital and Knightsbridge Capital) in a management buyout of Acordia from Anthem, a major health care provider.

Acordia was successfully reorganized an as independent company with a reduced cost structure and enhanced systems. Several add-on acquisitions were integrated into the Acordia platform.

Acordia was sold to Well Fargo in 2001.

AMERICAN INDEPENDENT COMPANIES INC

Investment Date: November 2004

American Independent Companies Inc., is the holding company for a family of non-standard auto insurance businesses.

Wand sponsored the acquisition of American Independent in late 2004 from the Arch Group. Inverness is the controlling shareholder and Arch Re continues as a strategic reinsurance partner.

In late 2006, American Independent acquired OMNI from the Hartford. BlackRock/Merrill Lynch provided most of the equity for this add-on acquisition.

Investment Date: April 1991

AMRESCO was a manager of distressed real estate assets and a specialty finance company.

In 1986, Mr. Schnitzer facilitated a merger through which BEI Holdings became a public company. In 1991, Wand took a strategic stake in BEI, as the only institutional investor. In 1993, AMRESCO (a divestiture of Nations Bank) was merged into BEI.

The integration of BEI and AMRESCO was successfully implemented and the Company grew profitably throughout the period of Wand’s ownership. In 1995, Wand liquidated its investment in AMRESCO through a sale of securities in the open market.

Investment Date: March 1992

Chartwell was a medium-sized, broker-market reinsurance company.

In March 1992, Wand led an investor group that included IFINT, Brinson Partners, Caanan Partners, and the State of Michigan.

Chartwell integrated several acquisitions and became a public company in 1995 through a merger with Piedmoint Management Company Inc., a small, public reinsurer.

Wand sold a portion of its holdings and liquidated the balance of its investment after Chartwell’s merger into Trenwick in 1999.

Investment Date: March 1990

Hicks Muse & Co., now HM Capital, was formed to build on the successful private equity investment experience of Thomas O. Hicks.

Mr. Schnitzer and Mr. Hicks had been friends since University and were colleagues at Morgan Guaranty. Mr. Hicks approached Mr. Schnitzer regarding the possibility of Wand allocating capital to Hicks Muse Equity Fund I. Wand was the only “outside” investor in the management company and general partner of Hicks Muse Equity Fund I.

Wand provided the equity capital to bridge the initial transaction (Life Partners Group) for Hicks Muse I and Wand provided specialty finance services expertise to Hicks Muse on other transactions.

Wand’s ownership terminated naturally in the context of the final distributions associated with Hicks Muse Equity Fund I.

Investment Date: August 2010

ICAT Managers underwrites small and middle market commercial properties located in catastrophe-exposed regions of the United States on behalf of Syndicate 4242 at Lloyd's and other leading insurers and reinsurers. In August 2010, Wand sponsored a management buy-out and led an investor group that included Wand Partners Inc.(www.wandpartners.com) and Elliott Management Corporation (www.elliottmgmt.com). The acquisition was a divestiture by Paul Allen’s Vulcan.

After 7 years of solid growth and profitability, ICAT was sold to The Schinnerer Group Inc. on September 1, 2017.

http://www.icat.com/

Investment Date: April 1990

Life Partners Group was a life insurance holding company that was ultimately acquired by Conseco.

Wand assisted Hicks Muse in pursuing the possible acquisition of ICH, a troubled, publicly-owned insurance business. Wand provided expertise in insurance and the equity capital to launch discussions with ICH that led to the acquisition of certain major subsidiaries of ICH that became Life Partners Group. Hicks Muse and Wand co-sponsored the transaction. GE Capital and Conseco were co-investors.

Life Partners Group completed a successful IPO in March 1993 and was acquired by Conseco in 1996.

Investment Date: January 1988

Litle & Co. was a credit card processing and authorization services company that was acquired by First USA, now a part J.P. Morgan/Chase.

Mr. Litle sought guidance from Mr. Schnitzer with regard to the formation and development of Litle & Co. Mr. Schnitzer was a founding equity owner and was active in strategic planning, organizational development and management recruiting.

Litle & Co. quickly became a profitable and growing business that was acquired by First USA in November 1995.

Investment Date: August 1999

Mitchell is a worldwide leader in technology-based business solutions for property and casualty insurance.

Mitchell, a Hellman & Friedman company, acquired Ensera (a Wand-sponsored company) in September 2001. Wand led the Ensera investor group, including CMGI@Ventures, Bank of America and High Ridge Capital.

Ensera was successful in attracting new clients and integrating its new generation of technology products into Mitchell.

Mitchell was acquired by Aurora Capital Group in May 2007.

Investment Date: June 1992

Old American Group manages Old American County Mutual, a Texas Mutual Insurance Company that acts on behalf of other insurers and reinsurers to provide non-standard automobile insurance in Texas.

Wand was the sponsor and majority shareholder of Old American, a divestiture by the Resolution Trust Company (the government entity charged with working out the assets of failed thrift institutions).

Old American Group was sold to High Ridge Capital, another private equity firm, in October 1999.

Investment Date: August 1990

PennCorp Financial Group was a life insurance holding company that is now a part of Swiss Re.

DJS/Inverness contracted to acquire PennCorp Financial Group from Primerica during the difficult financing climate of 1989-1990. Wand facilitated the acquisition by leading the subordinated debt issuance and was a co-investor in the equity.

PennCorp completed a successful IPO in October 1994, and Wand exited its investment in the context of the public offering.

Investment Date: August 2003

The Republic Group is a Texas-based, specialty property and casualty insurer focused on personal lines, mid-market/rural commercial business and specialty services for MGAs and large, national insurance companies.

In August 2003, Wand sponsored a management buy-out and led an investor group that included Banc of America Capital Investors, Greenhill & Co. Brazos and 21st Century. The acquisition was a divestiture by Winterthur.

As a result of the unexpected death of Republic’s CEO on the day after the closing of the acquisition, Mr. Schnitzer served as Interim CEO for the four-month period required to recruit and install a new CEO.

Republic completed a successful IPO in August 2005 and was sold to Delek Group Ltd. in December 2006.

Investment Date: October 1996

Seguros Commercial America is the largest insurance company in Mexico.

Hicks Muse led an investor group that provided financing for Seguros Commercial America to acquire Aseguradora Mexicana SA, a large Mexican insurance company. Wand led due diligence effort on behalf of the investor group which included: Hicks Muse; The Travelers; Morgan Stanley; TCW; and, Wand.

Seguros Commercial America was acquired by ING in July 2000.

Investment Date: January 1999

Wit Capital (later Soundview Technology Group and now a part of Jefferies) was formed as an innovative, online investment banking and brokerage services business.

Wand was an early “angel investor” in Wit Capital. Cap Z and Goldman Sachs led a subsequent round of financing and became the principal institutional investors.

The Company completed a successful IPO, and Wand exited the investment following the expiration of the IPO lock-up period in April 2000.

Investment Date: December 1994

Universal American Financial Corp. is a publicly owned life and health insurance holding company.

Wand invested in a preferred equity security when the company needed additional capital to fund an acquisition. For several years thereafter, Wand was the only strategic shareholder. A series of successful acquisitions brought Universal American to critical mass.

In the context of the Company’s acquisition of Pennsylvania Life in 2000, Cap Z became the majority shareholder.

Wand liquidated a portion of its investment as a part of a public secondary offering in July 2001 and sold the balance of its shares in January 2002.