THE REPUBLIC GROUP

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.