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New York Life Selects John Cassagne To Run Group Membership

Executive To Succeed David Dunn as Head of Group Membership Association Division.

NEW YORK, N.Y., February 22, 2005 — New York Life Insurance Company announced today that John Cassagne, vice president in charge of sales for Membership Association, will succeed David Dunn as head of Group Membership Association Division upon Mr. Dunn's retirement in April.

"David has played a significant role in helping the Company sustain and strengthen its leadership position in this important market. He has led the development of new products and niche markets that have positioned the Membership Association business for further growth. We wish him well in his retirement," said Robert L. Smith, senior vice president, New York Life. "I am pleased that John will be assuming responsibility for Group Membership. He is well known and respected in the Membership Association market. We are pleased to have John ready and able to step up and take the reins of Membership."

"John's considerable management expertise and knowledge of Group Membership make him perfectly suited to take over this position. Over the next few months John and I will work closely together to assure a smooth transition," said David Dunn.

For the last 13 years Mr. Cassagne has served as head of sales for Membership Association. He joined New York Life in 1977 as an account correspondent in the Group Insurance Department. He was promoted to supervisor in 1979, assistant manager in 1980, manager in 1983, and director of sales in 1990. In 1992, he was named group vice president and named vice president in the Special Markets Department in March 1998. Born in New York City, Mr. Cassagne received a BBA degree in Management from Hofstra University. He and his wife, Laurel, reside in Kings Park, New York. They have two children, John & Sarah.

Mr. Dunn joined New York Life in 2001, after working for 27 years with USLIFE Corporation. Prior to working for USLIFE Corporation, Mr. Dunn was with Liberty Mutual Insurance Company, where he began his career in insurance as a group underwriter. A native of New Haven, Conn., Mr. Dunn received his B.A. degree in history from Yale University. He and his wife, Arlene, have three children, Erik, Adam and Gretchen, and live in Brielle, N.J.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

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New York Life Selects John Cassagne To Run Group Membership

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