New York, NY, May 23, 2006 – Holborn Corporation, an independent provider of reinsurance brokerage services, today announced a number of new hires and executive level changes to key leadership positions within the firm, in its continuing advancement as the industry’s most trusted reinsurance broker and adviser. The responsibilities of David W. Melrose, Executive Vice President, will now focus on client service and business development. New titles and responsibilities have been accepted by John J. DiGregoria, who will now serve as Executive Vice President and Chief Operating and Financial Officer; and Paul J. Kneuer, as Senior Vice President, Chief Reinsurance Strategist and a senior member of the broking staff. Finally, Holborn is proud to welcome the following new members of the firm: Paul C. Little, in the position of Executive Vice President and Chief Brokerage Officer; Frank D. Pierson, as Senior Vice President and Chief Technical Officer; and Michael Mikitiuk, in the position of Vice President, Claims.

“The difficulties facing the insurance industry today – from natural disasters and terrorism to capital availability and pricing - are some of the most provocative ever confronted,” said Frank T. Harrison, President and CEO. “And yet, Holborn’s opportunities for growth in this environment are unprecedented, as clients and prospects seek truly bespoke strategies and absolute integrity on the part of their advisers. Each of these professionals contributes outstanding credentials and capabilities to our efforts, and with them, Holborn strengthens its capacity to guide clients through this challenging landscape.”

David Melrose, who joined Holborn in 1985, added, “Holborn’s approach is to listen to our clients and make sure we bring them the solutions they want. We leverage our knowledge to create individualized reinsurance answers. As our clients change and grow, it’s always challenging and fun to stay ahead of their needs and seek to build long term relationships.”

Paul Little, who comes to Holborn after a 21 year career at Guy Carpenter, said, “I am delighted to be here. Holborn has a client service culture that flows very naturally from its employee-ownership; it really aligns everyone’s interests. My job is to make sure that we maximize the talents of each of our professionals, and to help expand our business. I look forward to working closely with the other members of Holborn’s senior management team to ensure that we continue to deliver at the high standards that our clients and the reinsurance markets have come to expect from Holborn.”

Frank Pierson has 28 years of experience in insurance and reinsurance, with the last 14 spent at Centre Re. He stated, “The reinsurance industry is in something of an arms race right now, developing sophisticated analytics that can assess risk from any number of vantage points. Holborn is dedicated to identifying and, as necessary, creating tools that provide real insight for each of its clients in terms of their specific circumstances and business strategy. The tools that we currently have in development provide a substantive advance in the state of the art.”

Michael Mikitiuk, a veteran of the Quanta Insurance Group and Converium North America, provides further depth to Holborn’s Claim Services. “In the wake of Katrina and Rita, many insurers have rediscovered the importance of a claim services orientation that is truly ‘handson,’ as opposed to simply processing paper,” said Mr. Mikitiuk. “I regard claims as something of an art, and it is particularly gratifying to be affiliated with Holborn, a firm that shares that view.”

John DiGregoria began his career at PriceWaterhouse-Coopers in 1984, and joined Holborn in 1999, after more than 16 years in the insurance and reinsurance industry. John graduated cum laude from Pace University with a B.B.A. in Accounting. He is a member of the New York State Society of Certified Public Accountants, the Insurance Accounting and Systems Association, and Employee-Owned S Corporations of America.

Paul Kneuer joined Holborn in 1995. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries, and a past President of Casualty Actuaries in Reinsurance. Paul received a BS from Notre Dame and an Executive MBA from Columbia University. He has earned the Insurance Institute of America's designations in Risk Management (ARM) and Underwriting.

About Holborn

Holborn Corporation is an independent reinsurance brokerage firm which was founded in 1920 and is headquartered in New York City. Through the adoption of an Employee Stock Ownership Plan (ESOP) during 1998, it became exclusively owned by its employees. For additional information, please visit the Holborn website at www.holborn.com.