Ralph S. Saul served as CEO of the INA Corp. from 1975 to 1982. After the merger of INA and Connecticut General, Mr. Saul was Co-CEO and Chairman of the Board of CIGNA Corp. from March, 1982 until April, 1984. He served as a member of the Board of Directors of CIGNA Corp. until April, 1989. Prior to joining INA, he was Co-CEO and Chairman of the Management Committee of the First Boston Corporation, a post he assumed in 1971. Together with Mr. Kelly, he was a co-founder of Peers & Co.

Mr. Saul 's career includes serving as director of the Division of Trading and Markets of the Securities and Exchange Commission and as President of the American Stock Exchange.

Mr. Saul is currently a director of American Buildings Corp., Horace Mann Educators Corp., PH II, Inc., and Commonwealth Ventures. He serves on the Advisory Board to the Graduate School of Education of the University of Pennsylvania. He is on the Board of the Brookings Institution, the Committee for Economic Development and the Regulatory Advisory Committee of the New York Stock Exchange. He is a member of the American Bar Association and the Council on Foreign Relations, Inc. During his career, Mr. Saul has served on the boards of, among others, AMF Inc., the New York Times, Fidelity Group of Funds, the New York Stock Exchange, Paine Webber & Co., Pennwalt Corp., Saint Gobain Corp., Sun Company and the Suez Group.

Mr. Saul served as Chairman of the Board of Drexel Burnham Lambert Group during its Chapter 11 reorganization. That company emerged from Bankruptcy on April 30, 1992, culminating one of the largest and most complex reorganizations in recent financial history.

Mr. Saul is a graduate of the University of Chicago (B.A., 1947) and Yale Law School (LL.B., 1951), and is a recipient of Honorary Doctor of Law Degrees from Alfred University and Mercer University.