The Steamship Mutual Trust

The Steamship Mutual Trust (the Trust) and its Corporate Trustee, The Steamship Mutual Underwriting Association Trustees (Bermuda) Limited (Trustees) was set up in 1983 in Bermuda. Trustees is a registered insurer under Bermudian law, and this enables the Trust to act as an independent insurer for the benefit of the beneficiaries under the Trust Deed. These are, in addition to a number of named charities, all the Members for the time being of Steamship Bermuda.

Trustees underwrites an annual reinsurance contract for Steamship Bermuda covering all risks accepted by that Company. The Chairman for the time being of Steamship Bermuda is also ex-officio a Director of Trustees. The Chairman of Trustees is generally appointed for a maximum term of four years. The post is currently held by Mr. A.L. Marchisotto.

Trustees employs a Bermudian management company, Hamilton Investment Management Limited (Hamilton). Pursuant to its role in assisting Trustees with the management of the Trust's funds, Hamilton has retained a number of financial advisers. Mr. J.G. Conyers is Chairman and President of Hamilton.