Press Releases

SAYLOR & HILL COMPLETES OWNERSHIP TRANSITON,
APPOINTS MICHAEL MIRSKY CHIEF EXECUTIVE OFFICER
Provider of Risk Management, Insurance And
Employee Benefits Services Begins New Chapter in 72-Year History

OAKLAND, Calif., March 31, 2005 – Saylor & Hill, a leading provider of risk management, insurance and employee benefits services, today announced a management buy-out of two existing partners and appointed long-time insurance executive Michael Mirsky as Chief Executive Officer.

The transaction enables Saylor & Hill to remain a private, independent firm and creates a new generation of ownership at one of the Bay Area’s oldest and most respected firms offering risk management, insurance and employee benefits services. Terms of the transaction were not disclosed.

“This ownership transition allows Saylor & Hill to remain an independent firm and provides continuity for our clients as we build on our tradition of excellence,” said CEO Michael Mirsky. “By staying independent, Saylor & Hill can continue to offer an exceptional level of service and deliver cost-effective solutions tailored to the specific needs of our clients.”

The transaction occurred following the retirement of John P. Stock and Paul McKnight, two long-time principals of the firm who together worked for Saylor & Hill for more than 50 years. Stock and McKnight will remain advisors to the firm.

The majority interests of Stock and McKnight were purchased by the firm and by Saylor & Hill’s senior management team, which includes CEO Michael Mirsky, Chief Financial Officer John V. Stock, Jeff Calder and Dave Cannon. Their experience includes the following:
• Michael Mirsky has more than 40 years of experience in the insurance industry. Mirsky joined Saylor & Hill as a principal in 1980 and earlier in his career worked for Marsh & McLennan for 15 years.
• John V. Stock has 25 years of experience in the insurance industry. Stock joined Saylor & Hill in 1980 and previously worked for the Xerox Corporation.
• Jeff Calder has 24 years of experience in the employee benefits industry. Calder joined Saylor & Hill in 1986 and previously worked for Traveler’s Insurance Company.
• Dave Cannon has more than 20 years of experience in the employee benefits industry. Cannon joined Saylor & Hill in 1990 and previously worked for MetLife and Towers Perrin.

“While many firms have trouble bridging generations, Saylor & Hill has now completed a change of ownership for the third time since it was founded in 1933,” Mirsky said. “The continuity of Saylor & Hill is the reason we’ve built trusted relationships over the years and have succeeded in helping our clients meeting their objectives.”

About Saylor & Hill
Saylor & Hill has provided risk management, insurance and employee benefits services to businesses, nonprofit organizations, public entities, educational institutions and individuals for 72 years. Saylor & Hill works in partnership with clients to develop comprehensive programs to minimize risk and motivate and retain employees. Saylor & Hill is based in Oakland, California and can be reached at 510.273.8888, or www.saylorhill.com.