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Frederick J. Sievert Elected Chairman of The American College Board of Trustees

Bryn Mawr, Pennsylvania., February 2, 2006 — The American College announced today the election of Frederick J. Sievert as Chairman of the educational institution's Board of Trustees. Sievert is President of New York Life Insurance Company, the largest mutual life insurance company in the United States.

"Fred will be an outstanding Chairman of The Board of Trustees," said Daniel J. Toran, President of Penn Mutual and Immediate Past Chairman of the Board. "His guidance and leadership in this important role will help the College to be successful in an increasingly diverse financial services marketplace."

As Chairman, Sievert will preside at all meetings of The College's Board of Trustees. The Board of Trustees has oversight responsibility for affairs of The College, including the institution's management and for formulating and determining institutional policies.

"Fred is a champion of professional education," notes Larry Barton, PhD., President and Chief Executive Officer of The American College. "He continually challenges us to improve, to serve students with technologies and a curriculum that meets their needs.

"He's been truly instrumental in encouraging us to reassess core business assumptions, something that is particularly important for us as a non–profit organization," added Barton.

Sievert has significant leadership and management experience. Since January 2004, Sievert has shared responsibility for overall New York Life management in the Office of the Chairman with the current Chairman and CEO, Sy Sternberg.

He is a member of New York Life's Executive Management Committee, which is responsible for establishing management policies in all areas of the company's business and affairs. In addition, Sievert is President and a member of the board of the New York Life Insurance and Annuity Corporation and serves as chairman of the board of the NYLIFE Insurance Company of Arizona. He is a director of LIMRA, the Actuarial Foundation, and the Life Insurance Council of New York, (LICONY).

Sievert joined New York Life in 1992 as senior vice president and chief financial officer with responsibility for the Financial Management Department of Individual Operations. In 1994, he took over responsibility for the Individual Life, Individual Annuity and Disability Income Departments. In 1995, Sievert was promoted to executive vice president with the additional responsibility of overseeing Individual Policyholder Services. He was elected to the Board of Directors of New York Life in November 1996, and became vice chairman in January 1997. In 1999, he was given oversight responsibility for the Special Markets Business Units and the Corporate Marketing Department. Sievert also serves on the Board of Directors for Max New York Life, the company's joint venture in India, Siam Commercial New York Life, the joint venture in Thailand, and the company's South Korea operation. In 2002, Sievert was elected President of New York Life.

He is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. Sievert received a B.A. degree from Amherst College and an M.A. degree from Wayne State University.

Sievert joined The American College Board in 2000 and has served as a member of the Executive Committee. He also is a member of The American College Foundation Board of Directors.

The American College is the nation's leading non–profit educator of professionals in the insurance and financial services industry. Located in Bryn Mawr, Pennsylvania, The College is a public charity founded in 1927 and accredited by the Middle States Association of Colleges and Schools. The American College offers an array of specialized designation programs, Master of Science degrees in several disciplines and customized continuing education programs predominantly on a distance education basis for those pursuing a career in financial services.

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Frederick J. Sievert Elected Chairman of The American College Board of Trustees

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