Director Biographies for RAM

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RAMR » Topics » Director Biographies

These excerpts taken from the RAMR 10-K filed Apr 15, 2009.

Director Biographies

Set forth below is biographical information concerning each director of RAM Holdings and RAM Re, including each such individual’s principal occupation and the period during which such person has served as a director of RAM Holdings and RAM Re. Information about share ownership of each of the directors can be found in the section titled “Information about the Owners of our Common Shares” below.


Steven J. Tynan Age 54 Director since 1998 Chairman of the Board of Directors since 2001		Mr. Tynan co-founded High Ridge Capital LLC, a private equity firm that specializes in the insurance sector, in 1995 and has served as a member of the firm since that time. In his capacity with High Ridge, Mr. Tynan has served on the boards of numerous private insurance, reinsurance and related entities.

Vernon M. Endo Age 54 President and Chief Executive Officer Director since 2003		Mr. Endo joined the Company in 2003 from GFGC LLC, a startup venture formed to establish a European-based financial guaranty company, where he was CEO and co-founder. Mr. Endo was a managing director and member of the corporate leadership team and board of directors at FGIC from 1991 to 2001. During his tenure at FGIC, he was responsible for various business segments including structured finance, bond insurance underwriting (including public finance and international), capital markets and new products. Between 1988 and 1991, Mr. Endo was a managing director responsible for the mortgage finance unit and was later a member of the financial institutions group at Prudential Securities. He began his career at Citibank in 1976. He is Vice Chairman and a director of the Association of Financial Guaranty Insurers. Mr. Endo attended Williams College where he graduated with a B.A. in political science.

Edward F. Bader Age 67 Director since 2004		Mr. Bader owns Bader & Associates, a consulting firm. Prior to founding Bader & Associates in August 2001, Mr. Bader was a partner in the Insurance Services Practice of Arthur Andersen LLP with more than 37 years of experience in accounting and auditing concentrating in the insurance industry. He served as the head of Andersen’s World Wide Insurance Practice Group. Mr. Bader received a B.S. degree in Economics from Fairfield University.

David L. Boyle Age 62 Director since 2005		Mr. Boyle retired as Vice Chairman and Head of Portfolio Risk Management for Ambac Financial Group, Inc. in 2005, where he served in many different executive management capacities for eight years. Previously, Mr. Boyle was a Managing Director at Citibank, N.A. where he had various management responsibilities over a career spanning from 1974 to 1996. He is the former chairman of the Association of Financial Guaranty Insurers, and currently serves on the Board of Trustees of Wittenberg University. Mr. Boyle received a B.S. from Wittenberg University and an M.B.A. from the Fisher College of Business at The Ohio State University.

Allan S. Bufferd Age 71 Director since 2006		Mr. Bufferd retired in June 2006 after a thirty-four year career at Massachusetts Institute of Technology, most recently as Treasurer and the Founding President of the MIT Investment Management Company. During his tenure, Mr. Bufferd participated in the management of MIT’s investment portfolio. Mr. Bufferd serves as a director of Och-Ziff Capital Management Group, a NYSE listed company and City of London Investment Management Group, a London AIM listed company. Mr. Bufferd serves as a Trustee of the Whiting Foundation and a Trustee of the Robert Wood Johnson Foundation. He is also an investment advisor to the Grayce B. Kerr Foundation, and an investment advisor to the National University of Singapore. In addition, he is the Chairman of the Harvard Cooperative Society and of the Controlled Risk Insurance Company/Risk Management Foundation (CRICO/RMF); and a Director of the Harvard Cooperative Society, the Beth Israel Deaconess Medical Center, CRICO/RMF, Adveq (Switzerland), Morgan Stanley Prime Property Fund, Bessemer Trust BGO Fund, Boston Advisors LLC, International Data Group, M Funds and Makena LLC. Mr. Bufferd holds three MIT degrees in materials engineering: the S.B., S.M. and Sc.D., as well as a J.D. from Suffolk University.

Joseph M. Donovan Age 54 Director since 2007		Prior to his retirement in January 2007, Mr. Donovan was chairman of Credit Suisse’s asset-backed securities and debt financing group, which he led for nearly seven years. Prior thereto, Mr. Donovan was a managing director and head of asset finance at Prudential Securities (1998-2000) and Smith Barney (1995-1997). Mr. Donovan began his banking career at The First Boston Corporation in 1983, ultimately becoming a managing director at CS First Boston, where he served as Chief Operating Officer of the Investment Banking

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		Department from 1992 to 1995. Mr. Donovan received his MBA from The Wharton School and has a degree in Accountancy from the University of Notre Dame. Mr. Donovan is the Lead Independent Director and Chairman of the Audit Committee of Babcock & Brown Air Limited, a NYSE listed aircraft leasing company headquartered in Dublin, Ireland and a director of First Again, LLC, a consumer finance company in San Diego, California.

Victoria W. Guest Age 42 General Counsel and Secretary Director since 2009		Victoria W. Guest joined the Company in January 2006 from Heller Ehrman LLP where she had been a corporate associate since 1997. As a corporate associate, Ms. Guest worked on a wide variety of business transactions and provided advice to both venture-backed and public companies in connection with securities offerings, mergers and acquisitions and corporate governance matters. From 1996 – 1997 Ms. Guest conducted corporate investigations for Beau Dietl & Associates, a private investigative firm. Ms. Guest began her legal career as a corporate associate with Simpson Thacher & Bartlett from 1993 – 1996. Ms. Guest has a J.D., cum laude, from Harvard Law School and a B.A. in Modern Thought & Literature, phi beta kappa, from Stanford University. Ms. Guest serves as a director of The Bessemer Group, Incorporated, a manager of Bessemer Securities LLC and a trustee of Phipps Houses Group.

Michael J. Normile Age 58 Director since 2008		From 2004 until to his retirement in September 2006, Mr. Normile was Managing Director, Fixed Income Capital Markets and Head of Structured Finance, Americas for HSBC Securities, Inc. From 1993 to 2003, Mr. Normile held various Managing Director positions with Merrill Lynch & Co. in New York and London, including Head of Principal Finance and Head of Global Insurance Markets. From 1985 to 1993, Mr. Normile worked in the asset securitization area for Solomon Brothers Inc, ultimately becoming the Head of Asset Securitization. From 2003 to 2005, Mr. Normile was a director of St. Joseph’s Regional Medical Center in Patterson, New Jersey. He began his career at Irving Trust Company in 1973. Mr. Normile received his BA in Economics and Communications from Fordham University in 1973.

Lloyd A. Porter Age 49 Director since 2008		Lloyd A. Porter is Executive Vice President, Chief Risk Officer for The PMI Group, Inc. (“PMI”). Mr. Porter is responsible for PMI’s Risk Management department. His responsibilities include portfolio management and risk exposure optimization, reinsurance, reserving, pricing, corporate credit policy and asset disposition. Prior to assuming this role Mr. Porter managed PMI’s non-US mortgage insurance activities. Residing in Dublin, Ireland, he oversaw the company’s activities in Australia, Europe, Hong Kong, and Canada. Other assignments included establishing PMI’s Hong Kong business and directing the acquisition and integration of PMI’s Australian venture, MGICA. He also lived and worked in Sydney, Australia. Mr. Porter also led the 2001 acquisition of CGU’s mortgage insurance business in Australia/New Zealand. Prior to assuming the leadership role for international markets, Porter managed institutional markets, implementing the use of PMI’s automated underwriting system in the capital markets. Mr. Porter is a founding board member of Habitat for Humanity Ireland. A graduate of the University of California at Los Angeles, Mr. Porter holds bachelor’s degrees in economics and psychology and has received advanced training at Northwestern University’s executive management program. He was awarded “Faculty Fellow” by the U.S. Mortgage Bankers Association for commitment and excellence in teaching in the School of Mortgage Banking.

Conrad P. Voldstad Age 59 Director since 2006		From 2002 through 2006, Mr. Voldstad was a founding Principal of Arlington Hill Investment Management LLC, which managed Arlington Hill Debt Strategies (Master), Ltd. a Cayman Islands debt and currency hedge fund. From 2001 to 2002, Mr. Voldstad was Chief Executive Officer of Polestar Capital Group, LLC, a structured finance company that developed a proprietary technique for financing tenant improvements associated with commercial real estate leases. In 2000, Mr. Voldstad advised Dresdner Kleinwort Benson regarding its strategy for investment banking in the U.S. From 1988 to 1999, Mr. Voldstad was employed at Merrill Lynch, first in London (1988 to 1997) and then in New York. At Merrill Lynch in London, Mr. Voldstad became the Head of European Debt Markets (1995 to 1997). From 1997 to 1998, he was Co-Head of Global Debt Markets. From 1998 to 1999, he was a member of the Oversight Committee that liquidated the assets and positions of Long Term Capital. Mr. Voldstad began his career at J.P. Morgan & Co. in 1974 where he was employed until 1988. Mr. Voldstad has a J.D. degree from Fordham University, an

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		M.B.A. from the Amos Tuck School of Business at Dartmouth College and a B.A. degree from Boston College. Mr. Voldstad is a member of the Board of Overseers at the Amos Tuck School.

Director Biographies

Set
forth below is biographical information concerning each director of RAM
Holdings and RAM Re, including each such individual’s principal occupation and
the period during which such person has served as a director of RAM Holdings
and RAM Re. Information about share ownership of each of the directors can be
found in the section titled “Information about the Owners of our Common Shares”
below.


Steven J. Tynan Age 54 Director since 1998 Chairman of the Board of Directors since 2001		Mr. Tynan co-founded High Ridge Capital LLC, a private equity firm that specializes in the insurance sector, in 1995 and has served as a member of the firm since that time. In his capacity with High Ridge, Mr. Tynan has served on the boards of numerous private insurance, reinsurance and related entities.

Vernon M. Endo Age 54 President and Chief Executive Officer Director since 2003		Mr. Endo joined the Company in 2003 from GFGC LLC, a startup venture formed to establish a European-based financial guaranty company, where he was CEO and co-founder. Mr. Endo was a managing director and member of the corporate leadership team and board of directors at FGIC from 1991 to 2001. During his tenure at FGIC, he was responsible for various business segments including structured finance, bond insurance underwriting (including public finance and international), capital markets and new products. Between 1988 and 1991, Mr. Endo was a managing director responsible for the mortgage finance unit and was later a member of the financial institutions group at Prudential Securities. He began his career at Citibank in 1976. He is Vice Chairman and a director of the Association of Financial Guaranty Insurers. Mr. Endo attended Williams College where he graduated with a B.A. in political science.

Edward F. Bader Age 67 Director since 2004		Mr. Bader owns Bader & Associates, a consulting firm. Prior to founding Bader & Associates in August 2001, Mr. Bader was a partner in the Insurance Services Practice of Arthur Andersen LLP with more than 37 years of experience in accounting and auditing concentrating in the insurance industry. He served as the head of Andersen’s World Wide Insurance Practice Group. Mr. Bader received a B.S. degree in Economics from Fairfield University.

David L. Boyle Age 62 Director since 2005		Mr. Boyle retired as Vice Chairman and Head of Portfolio Risk Management for Ambac Financial Group, Inc. in 2005, where he served in many different executive management capacities for eight years. Previously, Mr. Boyle was a Managing Director at Citibank, N.A. where he had various management responsibilities over a career spanning from 1974 to 1996. He is the former chairman of the Association of Financial Guaranty Insurers, and currently serves on the Board of Trustees of Wittenberg University. Mr. Boyle received a B.S. from Wittenberg University and an M.B.A. from the Fisher College of Business at The Ohio State University.

Allan S. Bufferd Age 71 Director since 2006		Mr. Bufferd retired in June 2006 after a thirty-four year career at Massachusetts Institute of Technology, most recently as Treasurer and the Founding President of the MIT Investment Management Company. During his tenure, Mr. Bufferd participated in the management of MIT’s investment portfolio. Mr. Bufferd serves as a director of Och-Ziff Capital Management Group, a NYSE listed company and City of London Investment Management Group, a London AIM listed company. Mr. Bufferd serves as a Trustee of the Whiting Foundation and a Trustee of the Robert Wood Johnson Foundation. He is also an investment advisor to the Grayce B. Kerr Foundation, and an investment advisor to the National University of Singapore. In addition, he is the Chairman of the Harvard Cooperative Society and of the Controlled Risk Insurance Company/Risk Management Foundation (CRICO/RMF); and a Director of the Harvard Cooperative Society, the Beth Israel Deaconess Medical Center, CRICO/RMF, Adveq (Switzerland), Morgan Stanley Prime Property Fund, Bessemer Trust BGO Fund, Boston Advisors LLC, International Data Group, M Funds and Makena LLC. Mr. Bufferd holds three MIT degrees in materials engineering: the S.B., S.M. and Sc.D., as well as a J.D. from Suffolk University.

Joseph M. Donovan Age 54 Director since 2007		Prior to his retirement in January 2007, Mr. Donovan was chairman of Credit Suisse’s asset-backed securities and debt financing group, which he led for nearly seven years. Prior thereto, Mr. Donovan was a managing director and head of asset finance at Prudential Securities (1998-2000) and Smith Barney (1995-1997). Mr. Donovan began his banking career at The First Boston Corporation in 1983, ultimately becoming a managing director at CS First Boston, where he served as Chief Operating Officer of the Investment Banking

128


		Department from 1992 to 1995. Mr. Donovan received his MBA from The Wharton School and has a degree in Accountancy from the University of Notre Dame. Mr. Donovan is the Lead Independent Director and Chairman of the Audit Committee of Babcock & Brown Air Limited, a NYSE listed aircraft leasing company headquartered in Dublin, Ireland and a director of First Again, LLC, a consumer finance company in San Diego, California.

Victoria W. Guest Age 42 General Counsel and Secretary Director since 2009		Victoria W. Guest joined the Company in January 2006 from Heller Ehrman LLP where she had been a corporate associate since 1997. As a corporate associate, Ms. Guest worked on a wide variety of business transactions and provided advice to both venture-backed and public companies in connection with securities offerings, mergers and acquisitions and corporate governance matters. From 1996 – 1997 Ms. Guest conducted corporate investigations for Beau Dietl & Associates, a private investigative firm. Ms. Guest began her legal career as a corporate associate with Simpson Thacher & Bartlett from 1993 – 1996. Ms. Guest has a J.D., cum laude, from Harvard Law School and a B.A. in Modern Thought & Literature, phi beta kappa, from Stanford University. Ms. Guest serves as a director of The Bessemer Group, Incorporated, a manager of Bessemer Securities LLC and a trustee of Phipps Houses Group.

Michael J. Normile Age 58 Director since 2008		From 2004 until to his retirement in September 2006, Mr. Normile was Managing Director, Fixed Income Capital Markets and Head of Structured Finance, Americas for HSBC Securities, Inc. From 1993 to 2003, Mr. Normile held various Managing Director positions with Merrill Lynch & Co. in New York and London, including Head of Principal Finance and Head of Global Insurance Markets. From 1985 to 1993, Mr. Normile worked in the asset securitization area for Solomon Brothers Inc, ultimately becoming the Head of Asset Securitization. From 2003 to 2005, Mr. Normile was a director of St. Joseph’s Regional Medical Center in Patterson, New Jersey. He began his career at Irving Trust Company in 1973. Mr. Normile received his BA in Economics and Communications from Fordham University in 1973.

Lloyd A. Porter Age 49 Director since 2008		Lloyd A. Porter is Executive Vice President, Chief Risk Officer for The PMI Group, Inc. (“PMI”). Mr. Porter is responsible for PMI’s Risk Management department. His responsibilities include portfolio management and risk exposure optimization, reinsurance, reserving, pricing, corporate credit policy and asset disposition. Prior to assuming this role Mr. Porter managed PMI’s non-US mortgage insurance activities. Residing in Dublin, Ireland, he oversaw the company’s activities in Australia, Europe, Hong Kong, and Canada. Other assignments included establishing PMI’s Hong Kong business and directing the acquisition and integration of PMI’s Australian venture, MGICA. He also lived and worked in Sydney, Australia. Mr. Porter also led the 2001 acquisition of CGU’s mortgage insurance business in Australia/New Zealand. Prior to assuming the leadership role for international markets, Porter managed institutional markets, implementing the use of PMI’s automated underwriting system in the capital markets. Mr. Porter is a founding board member of Habitat for Humanity Ireland. A graduate of the University of California at Los Angeles, Mr. Porter holds bachelor’s degrees in economics and psychology and has received advanced training at Northwestern University’s executive management program. He was awarded “Faculty Fellow” by the U.S. Mortgage Bankers Association for commitment and excellence in teaching in the School of Mortgage Banking.

Conrad P. Voldstad Age 59 Director since 2006		From 2002 through 2006, Mr. Voldstad was a founding Principal of Arlington Hill Investment Management LLC, which managed Arlington Hill Debt Strategies (Master), Ltd. a Cayman Islands debt and currency hedge fund. From 2001 to 2002, Mr. Voldstad was Chief Executive Officer of Polestar Capital Group, LLC, a structured finance company that developed a proprietary technique for financing tenant improvements associated with commercial real estate leases. In 2000, Mr. Voldstad advised Dresdner Kleinwort Benson regarding its strategy for investment banking in the U.S. From 1988 to 1999, Mr. Voldstad was employed at Merrill Lynch, first in London (1988 to 1997) and then in New York. At Merrill Lynch in London, Mr. Voldstad became the Head of European Debt Markets (1995 to 1997). From 1997 to 1998, he was Co-Head of Global Debt Markets. From 1998 to 1999, he was a member of the Oversight Committee that liquidated the assets and positions of Long Term Capital. Mr. Voldstad began his career at J.P. Morgan & Co. in 1974 where he was employed until 1988. Mr. Voldstad has a J.D. degree from Fordham University, an

129


		M.B.A. from the Amos Tuck School of Business at Dartmouth College and a B.A. degree from Boston College. Mr. Voldstad is a member of the Board of Overseers at the Amos Tuck School.

This excerpt taken from the RAMR DEF 14A filed Mar 31, 2008.

Director Biographies


Steven J. Tynan Age 53 Director since 1998 Chairman of the board of directors since 2001		Mr. Tynan co-founded High Ridge Capital LLC, a private equity firm that specializes in the insurance sector, in 1995 and has served as a member of the firm since that time. In his capacity with High Ridge, Mr. Tynan has served on the boards of numerous private insurance, reinsurance and related entities.
Vernon M. Endo Age 53 President and Chief Executive Officer Director since 2003		Mr. Endo joined the Company in 2003 from GFGC LLC, a startup venture formed to establish a European-based financial guaranty company, where he was CEO and co-founder. Mr. Endo was a managing director and member of the corporate leadership team and board of directors at FGIC from 1991 to 2001. During his tenure at FGIC, he was responsible for various business segments including structured finance, bond insurance underwriting (including public finance and international), capital markets and new products. Between 1988 and 1991, Mr. Endo was a managing director responsible for the mortgage finance unit and was later a member of the financial institutions group at Prudential Securities. He began his career at Citibank in 1976. He is Vice Chairman and a director of the Association of Financial Guaranty Insurers. Mr. Endo attended Williams College where he graduated with a B.A. in political science.
Edward F. Bader Age 66 Director since 2004		Mr. Bader owns Bader & Associates, a consulting firm. Prior to founding Bader & Associates in August 2001, Mr. Bader was a partner in the Insurance Services Practice of Arthur Andersen LLP with more than 37 years of experience in accounting and auditing concentrating in the insurance industry. He served as the head of Andersen’s World Wide Insurance Practice Group.
David L. Boyle Age 61 Director since 2005		Mr. Boyle retired as Vice Chairman and Head of Portfolio Risk Management for Ambac Financial Group, Inc. in 2005, where he served in many different executive management capacities for eight years. Previously, Mr. Boyle was a Managing Director at Citibank, N.A. where he had various management responsibilities over a career spanning from 1974 to 1996. He is the former chairman of the Association of Financial Guaranty Insurers, and currently serves on the Board of Trustees of Wittenberg University. Mr. Boyle received a B.S. from Wittenberg University and an M.B.A. from the Fisher College of Business at The Ohio State University.


Allan S. Bufferd Age 70 Director since 2006		Mr. Bufferd retired in June 2006 after a thirty-four year career at Massachusetts Institute of Technology, most recently as Treasurer and the Founding President of the MIT Investment Management Company. During his tenure, Mr. Bufferd participated in the management of MIT’s investment portfolio. Mr. Bufferd serves as a director of Massbank Corp., a NASDAQ listed company and as a director of Och Ziff Capital Management Group, a NYSE listed company. Mr. Bufferd serves as a Trustee of the Whiting Foundation and a Trustee of the Robert Wood Johnson Foundation. He is also an investment advisor to the Grayce B. Kerr Foundation, and an investment advisor to the National University of Singapore. In addition, he is the Chairman of the Harvard Cooperative Society and of the Controlled Risk Insurance Company/Risk Management Foundation (CRICO/RMF); and a Director of the Harvard Cooperative Society, the Beth Israel Deaconess Medical Center, CRICO/RMF, Adveq (Switzerland), and Morgan Stanley Prime Property Fund. Mr. Bufferd holds three MIT degrees in materials engineering: the S.B., S.M. and Sc.D., as well as a J.D. from Suffolk University.
Joan H. Dillard Age 56 Director since 2007		Ms. Dillard, CMA, is a Senior Vice President and the Chief Financial Officer of Allied World Assurance Company Holdings, Ltd., a NYSE listed property and casualty insurer and reinsurer for which she has served in various senior financial capacities since 2003. From August 2001 until December 2002, Ms. Dillard served as the Chief Financial Officer of Worldinsure Ltd., an insurance technology provider. From May 2000 until April 2001, Ms. Dillard served as the Chief Operating Officer and Chief Financial Officer of CICcorp Inc., a medical equipment service provider. From March 1998 until May 2000, Ms. Dillard served as the Chief Financial Officer of ESG Re Limited, based in Hamburg, Germany, and from 1993 until 1998, Ms. Dillard worked for TIG Holdings, Inc. and served as the Chief Financial Officer of TIG Retail Insurance and later as the Senior Vice President of Alternative Distribution. Prior to that, Ms. Dillard served in various senior financial positions at both USF&G Corporation and American General Corporation.


Joseph M. Donovan Age 53 Director since 2007		Prior to his retirement in January 2007, Mr. Donovan was chairman of Credit Suisse’s asset-backed securities and debt financing group, which he led for nearly seven years. Prior thereto, Mr. Donovan was a managing director and head of asset finance at Prudential Securities (1998-2000) and Smith Barney (1995-1997). Mr. Donovan began his banking career at The First Boston Corporation in 1983, ultimately becoming a managing director at CS First Boston, where he served as Chief Operating Officer of the Investment Banking Department from 1992 to 1995. Mr. Donovan received his MBA from The Wharton School and has a degree in Accountancy from the University of Notre Dame. Mr. Donovan is the Lead Independent Director and Chairman of the Audit Committee of Babcock & Brown Air Limited, a NYSE listed aircraft leasing company headquartered in Dublin, Ireland.
Michael J. Normile Age 57 Director since 2008		From 2004 until to his retirement in September 2006, Mr. Normile was Managing Director, Fixed Income Capital Markets and Head of Structured Finance, Americas for HSBC Securities, Inc. From 1993 to 2003, Mr. Normile held various Managing Director positions with Merrill Lynch & Co. in New York and London, including Head of Principal Finance and Head of Global Insurance Markets. From 1985 to 1993, Mr. Normile worked in the asset securitization area for Solomon Brothers Inc, ultimately becoming the Head of Asset Securitization. From 2003 to 2005, Mr. Normile was a director of St. Joseph’s Regional Medical Center in Patterson, New Jersey. He began his career at Irving Trust Company in 1973. Mr. Normile received his BA in Economics and Communications from Fordham University in 1973.
Bradley M. Shuster Age 53 Director since 2008		Bradley M. Shuster is President and CEO of PMI Capital Corporation, which manages the international and financial guaranty segments of PMI. Mr. Shuster’s responsibilities include management and oversight of PMI’s subsidiaries and investments in the areas of international mortgage insurance, and financial guaranty, along with management and direction for future corporate strategic diversification efforts. Mr. Shuster joined PMI in 1995 as Treasurer and Chief Investment Officer and has since held positions in corporate development where he was responsible for PMI’s strategic diversification plan. Prior to joining PMI in 1995, Mr. Shuster was an audit partner for Deloitte & Touche LLP, where he spent more than 16 years serving insurance and mortgage banking clients. Mr. Shuster served on Deloitte’s National Partner Compensation Committee and was Partner-in-Charge of Recruitment for the Northern California Practice. Mr. Shuster is a director and member of the audit committee of Intraware, Inc., a Nasdaq-listed software company. Mr. Shuster holds a B.S. from the University of California, Berkeley and an MBA from the University of California, Los Angeles. He is a chartered financial analyst and a certified public accountant.


Dirk A. Stuurop Age 59 Director since 2004		Mr. Stuurop retired as Chairman, Global Financial Institutions at Merrill Lynch where he worked from 1982 to 1999. Mr. Stuurop served as Chairman of Worldinsure Ltd., an insurance technology provider, from 2000 to 2002. He also served as Senior Executive Director to Banc of America Securities in 2003. He is a Director of Hiscox Ltd., a Bermuda based property and casualty insurance company, and is a member of their Audit, Remunerations and Conflicts Committee. Hiscox operates Syndicate 33 at Lloyd’s and is listed on the London Stock Exchange.
Conrad P. Voldstad Age 58 Director since 2006		Mr. Voldstad is a founder, advisor and director of Pallium Investment Management, a start-up investment management company, majority-owned by the Bank of Montreal, which intends to create a AAA/Aaa rated company that will operate initially in the credit default swap and the cash credit markets. From 2002 through 2006, Mr. Voldstad was a founding Principal of Arlington Hill Investment Management LLC, which managed Arlington Hill Debt Strategies (Master), Ltd. a Cayman Islands debt and currency hedge fund. From 2001 to 2002, Mr. Voldstad was Chief Executive Officer of Polestar Capital Group, LLC, a structured finance company that developed a proprietary technique for financing tenant improvements associated with commercial real estate leases. In 2000, Mr. Voldstad advised Dresdner Kleinwort Benson regarding its strategy for investment banking in the U.S. From 1988 to 1999, Mr. Voldstad was employed at Merrill Lynch, first in London (1988 to 1997) and then in New York. At Merrill Lynch in London, Mr. Voldstad became the Head of European Debt Markets (1995 to 1997). From 1997 to 1998, he was Co-Head of Global Debt Markets. From 1998 to 1999, he was a member of the Oversight Committee that liquidated the assets and positions of Long Term Capital. Mr. Voldstad began his career at J.P. Morgan & Co. in 1974 where he was employed until 1988. Mr. Voldstad has a J.D. degree from Fordham University, an M.B.A. from the Amos Tuck School of Business at Dartmouth College and a B.A. degree from Boston College. Mr. Voldstad is a member of the Board of Overseers at the Amos Tuck School.

This excerpt taken from the RAMR DEF 14A filed Mar 29, 2007.

Director Biographies

Steven J. Tynan
Age 52
Director since 1998
Chairman of the Board of Directors since 2001

Mr. Tynan co-founded High Ridge Capital LLC, a private equity firm that specializes in the insurance sector, in 1995 and has served as a member of the firm since that time. He has also been a member of Northaven Associates LLC, the General Partner of several financial services hedge funds, since 2005. In his capacity with High Ridge and Northaven, Mr. Tynan has served on the boards of numerous private insurance, reinsurance and related entities. Mr. Tynan also founded Constitution Partners LLC in 1987 and remains its Managing Member. Constitution Partners provides regulatory consulting services to Lloyd’s of London and a number of European reinsurance companies.

Vernon M. Endo Age 52 President and Chief Executive Officer Director since 2003		Mr. Endo joined the Company in 2003 from GFGC LLC, a startup venture formed to establish a European-based financial guaranty company, where he was CEO and co-founder. Mr. Endo was a managing director and member of the corporate leadership team and board of directors at FGIC from 1991 to 2001. During his tenure at FGIC, he was responsible for various business segments including structured finance, bond insurance underwriting (including public finance and international), capital markets and new products. Between 1988 and 1991, Mr. Endo was a managing director responsible for the mortgage finance unit and was later a member of the financial institutions group at Prudential Securities. He began his career at Citibank in 1976. He is Vice Chairman and a director of the Association of Financial Guaranty Insurers. Mr. Endo attended Williams College where he graduated with a B.A. in political science.

Victor J. Bacigalupi Age 63 Director since 1998		Mr. Bacigalupi has worked for PMI since 1996 and currently serves as Executive Vice President, Chief Administrative Officer, General Counsel and Secretary. He is a director of PMI’s U.S., European and Australian mortgage insurance subsidiaries. He is also a member of the Board of Regents of John F. Kennedy University in Pleasant Hill, California.

Edward F. Bader Age 65 Director since 2004		Mr. Bader owns Bader & Associates, a consulting firm. Prior to founding Bader & Associates in August 2001, Mr. Bader was a partner in the Insurance Services Practice of Arthur Andersen LLP with more than 37 years of experience in accounting and auditing concentrating in the insurance industry. He served as the head of Andersen’s World Wide Insurance Practice Group.

David L. Boyle Age 60 Director since 2005		Mr. Boyle retired as Vice Chairman and Head of Portfolio Risk Management for Ambac Financial Group, Inc. in 2005, where he served in many different executive management capacities for eight years. Previously, Mr. Boyle was a Managing Director at Citibank, N.A. where he had various management responsibilities over a career spanning from 1974 to 1996. He is the former chairman of the Association of Financial Guaranty Insurers, and currently serves on the Board of Trustees of Wittenberg University and as President of the New Haven County Cutters professional baseball team, of which he is one of the principal investors. Mr. Boyle received a B.S. from Wittenberg University and an M.B.A. from the Fisher College of Business at The Ohio State University.

Allan S. Bufferd Age 69 Director since 2006		Mr. Bufferd retired in June 2006 after a thirty-four year career at Massachusetts Institute of Technology, most recently as Treasurer and the Founding President of the MIT Investment Management Company. During his tenure, Mr. Bufferd participated in the management of MIT’s investment portfolio. Mr. Bufferd serves as a director of Massbank Corp., a NASDAQ listed company. Mr. Bufferd serves as a Trustee of the Whiting Foundation and a Trustee of the Robert Wood Johnson Foundation. He is also an investment advisor to the Alaska Permanent Fund Corporation, the Grayce B. Kerr Foundation, and an investment advisor to the National University of Singapore. In addition, he is the Chairman of the Harvard Cooperative Society and of the Controlled Risk Insurance Company/Risk Management Foundation (CRICO/RMF); and a Director of the Harvard Cooperative Society, the Beth Israel Deaconess Medical Center, CRICO/RMF, Adveq (Switzerland), Explorations, Inc. M Funds, and Morgan Stanley Prime Property Fund. Mr. Bufferd holds three MIT degrees in materials engineering: the S.B., S.M. and Sc.D., as well as a J.D. from Suffolk University.

Daniel C. Lukas Age 35 Director since 2004		Mr. Lukas is a Managing Director of GSC Group, where he has been employed since 2003. He was previously with Thomas Weisel Partners, where he served as Vice President in the private equity and distressed debt funds. Prior to that he was with Consolidated Press Holdings Limited, the private investment vehicle of Kerry Packer in Sydney, Australia. Earlier, Mr. Lukas was at Hellman & Friedman after beginning his career at Goldman, Sachs & Co. He is also chairman of the board of directors of Iron Age Corporation, and a director of Burke Industries, Inc., Precision Partners, Inc., DTN Holding Company, Inc. and Cherokee International Corporation. Mr. Lukas is a Phi Beta Kappa graduate of Dartmouth College.

Mark F. Milner Age 47 Director since 2006		Mr. Milner is the Senior Vice President, Chief Risk Officer, PMI Mortgage Insurance Co. In this position, Mr. Milner is responsible for risk management for the U.S. Mortgage Insurance business of PMI. This includes the Credit Risk Management, Portfolio Management, Pricing, Actuarial, and Mortgage Analytics functions. Prior to joining PMI in July 2003, Mark spent three years as Executive Vice President, Asset Management and Chief Risk Manager at General Electric Rail Services, a freight railcar and intermodal equipment leasing company. Prior to his tenure at GE Rail he worked for 14 years at Bank of America and Banc of America Securities in various corporate banking, credit and risk management roles. Most recently he served as Managing Director and Risk Manager for the Global Asset Backed Securitization Group. Mark holds a bachelor’s degree in Economics and History from Stanford University and an MBA from The Anderson School of Management at UCLA.

Steven S. Skalicky Age 58 Director since 1998		Mr. Skalicky is Chief Financial Officer, Chief Accounting Officer and Executive Vice President of Transatlantic Reinsurance Co., and Transatlantic Holdings, Inc. He is a director of Transatlantic Reinsurance Co., Putnam Reinsurance Co. and TransRe Zurich.

Dirk A. Stuurop Age 58 Director since 2004		Mr. Stuurop retired as Chairman, Global Financial Institutions at Merrill Lynch where he worked from 1982 to 1999. Mr. Stuurop served as Chairman of Worldinsure Ltd., a privately owned provider of solutions to the Life Insurance Industry, from 2000 to 2002. He also served as Senior Executive Director to Banc of America Securities in 2003. He is a Director of Hiscox Ltd., a Bermuda based property and casualty insurance company, and is a member of their Audit, Remunerations and Conflicts Committee. Hiscox operates Syndicate 33 at Lloyd’s and is listed on the London Stock Exchange.

Conrad P. Voldstad
Age 57
Director since 2006

Mr. Voldstad is a founder, advisor and director of Pallium Investment Management, a start-up investment management company, majority-owned by the Bank of Montreal, which intends to create a AAA/Aaa rated company that will operate initially in the credit default swap and the cash credit markets. From 2002 through 2006, Mr. Voldstad was a founding Principal of Arlington Hill Investment Management LLC, which managed Arlington Hill Debt Strategies (Master), Ltd. a Cayman Islands debt and currency hedge fund. From 2001 to 2002, Mr. Voldstad was Chief Executive Officer of Polestar Capital Group, LLC, a structured finance company that developed a proprietary technique for financing tenant improvements associated with commercial real estate leases. In 2000, Mr. Voldstad advised Dresdner Kleinwort Benson regarding its strategy for investment banking in the U.S. From 1988 to 1999, Mr. Voldstad was employed at Merrill Lynch, first in London (1988 to 1997) and then in New York. At Merrill Lynch in London, Mr. Voldstad became the Head of European Debt Markets (1995 to 1997). From 1997 to 1998, he was Co-Head of Global Debt Markets. From 1998 to 1999, he was a member of the Oversight Committee that liquidated the assets and positions of Long Term Capital. Mr. Voldstad began his career at J.P. Morgan & Co. in 1974 where he was employed until 1988. Mr. Voldstad has a J.D. degree from Fordham University, an M.B.A. from the Amos Tuck School of Business at Dartmouth College and a B.A. degree from Boston College. Mr. Voldstad is a member of the Board of Overseers at the Amos Tuck School.

EXCERPTS ON THIS PAGE:

10-K (2 sections)	Apr 15, 2009

DEF 14A	Mar 31, 2008

DEF 14A	Mar 29, 2007

RAM Holdings (RAMR)

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