New Chair of Audit & Risk Committee

Tunbridge Wells, 27 May 2010 – At a board meeting before its Annual General Meeting today, Reliance Mutual Insurance Society Limited (Reliance Mutual) appointed Non-Executive Director, Wai Au as Chair of the Society’s Audit and Risk Committee.

Her appointment follows Jack Cain’s retirement from the Reliance Mutual Board after 9 years as a Non-Executive Director and 6 years as Chair of the Audit and Risk Committee. Wai Au was appointed a Non-Executive Director in October 2009.

Seamus Creedon, Chairman of Reliance Mutual said, “Jack Cain has been an exemplary Non-Executive Director and on behalf of the Board we thank him for all his efforts particularly in chairing our Audit and Risk Committee and wish him a long and enjoyable retirement.

“Wai Au takes over the Chair of the Audit and Risk Committee at a time when risk assessment and evaluation is very high on the agenda of both industry and regulators and Wai has all the qualifications and experience to fulfil that role for Reliance Mutual.”

In addition to her role with Reliance Mutual, Wai Au currently has a portfolio of other senior advisory roles with Accenture Financial Services UK and other organisations. She was also Chief Executive Officer at Tactica Insurance (2006-8), held several senior executive roles at Barclays Bank (2002-6) including Chief Operating Officer of the UK Bank and culminating as Director of Global Servicing, and was UK Finance Director (Life and General) at Royal Sun Alliance (1999-2001).

Wai Au said, “Risk has become THE word within financial services over the last two years. Appreciation and management of risk will quite rightly remain the principal focus of the life assurance industry over the next decade at least. The aim of Reliance Mutual’s Audit and Risk Committee is to ensure all management checks and balances are in place and robust, and the company remains well positioned and financially secure going forward.”

Last Edited: May 27, 2010