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Civic Assurance’s General Manager To Retire

MEDIA RELEASE

For immediate release on 4 May 2004

Civic Assurance’s General Manager To Retire

Rod Mead, General Manager of Civic Assurance, will be retiring at the end of this year, Civic Assurance’s Chairman Kinsley Sampson announced today.

“I have been informed by Rod of his decision to retire after 15 years as Civic Assurance’s General Manager. While this will be a huge loss for the organisation, I respect Rod’s wishes to enjoy his retirement years,” said Mr Sampson.

“Rod has made a very significant contribution to the company and leaves it in a very strong position. The last decade has not been an easy one for the insurance industry with the impact of climate change driven events, September 11 2001, and other negative factors compounding problems for an already volatile industry.

“Throughout this period, Rod has put effective management strategies in place, developed successful products and maintained a good level of profitability for the organisation. This has enabled it to maintain its strong claims paying ability rating – AM Best – A Excellent, and to continually improve its financially secure position.

“The key to Rod’s success has been not only his insurance and risk expertise but also his ability to build excellent relationships with the local government sector. Accordingly, he has received a high level of support from our shareholders and on their behalf I wish Rod all the best for his retirement,” said Mr Sampson.

The Board of Civic Assurance has employed an employment consultant to recruit for the position of General Manager. Once the recruitment process has been completed, Rod will finalise his leaving arrangements.

Background information on Civic Assurance:

Civic Assurance is New Zealand's specialist provider of insurance, mutual funding and risk financing for local government and public sector organisations. Wholly-owned by New Zealand local authorities, Civic Assurance is the one-stop shop for cost-effective protection of community-owned assets and is the largest insurer of ratepayer owned assets in New Zealand, currently insuring New Zealand owned assets exceeding NZ$5 billion.

ENDS

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