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HealthMarkets Names Allen F. Wise Chairman, Board of Directors

Posted on: Thursday, 6 July 2006, 09:00 CDT

Steven J. Shulman Also Joins HealthMarkets Board as Director

HealthMarkets, Inc., a leading provider of affordable, innovative health insurance, announced today that it has named a new chairman, Allen F. Wise, and director, Steven J. Shulman, to the company's Board of Directors. Wise and Shulman will serve on the Board for a term expiring at the Company's next annual meeting of shareholders

Allen F. Wise is chairman of the board of directors of Coventry Health Care, a national managed health care company based in Bethesda, Md. For eight years Mr. Wise served as Coventry Health Care's president and chief executive officer. Prior to his tenure at Coventry Health Care, he was executive vice president at UnitedHealth Group, Inc., and its predecessor, MetraHealth Companies, Inc. Earlier in his career, Mr. Wise served as president and chief executive officer of Wise Health System, a health care investment company; president and chief executive officer of Keystone Health Plan; and served as chief operating officer of Independence Blue Cross. Mr. Wise is a director of Magellan Health Services, Inc. and a director and a member of the audit committee of NCO Group, Inc., a provider of accounts-receivable management and other services.

Steven J. Shulman serves as chairman and chief executive officer of Magellan Health Services, Inc. (Nasdaq:MGLN), a manager of behavioral health and radiology benefits. Prior to joining Magellan Health Services, Mr. Shulman founded IHCG, an early-stage healthcare technology venture fund, and served as its Chairman and Chief Executive Officer from 2000 to 2002. Prior to IHCG, he was employed by Prudential Healthcare, Inc. as its Chairman, President and Chief Executive Officer from 1997 to 1999. Prior to his tenure at IHCG, Mr. Shulman co-founded Value Health, Inc., a New York Stock Exchange-listed specialty managed health care company, and served as President of its Pharmacy and Disease Management Group and director from 1991 to 1997. Mr. Shulman is a member of the board of directors of IHCG, Digital Insurance, a private employee benefit service company, and BenefitPoint Inc., a private insurance software company.

"We are extraordinarily fortunate to gain the wisdom and insights of top-notch health industry leaders such as Allen Wise and Steve Shulman," said William J. Gedwed, President and CEO of HealthMarkets. "Allen and Steve are respected leaders in the managed health care arena, and we are privileged to have them join our board of directors. Their extensive experience leading successful diversified managed health care companies and understanding of today's health care landscape will be key assets to the board as we build our business, deliver innovative, affordable products, and demonstrate value to our stakeholders."

HealthMarkets' Board now consists of nine directors, including (in addition to Mr. Wise and Mr. Shulman) William J. Gedwed (President and Chief Executive Officer of HealthMarkets); Chinh E. Chu (a Senior Managing Director of The Blackstone Group LP); Matthew Kabaker (a Principal of The Blackstone Group LP); Adrian M. Jones (a Managing Director of Goldman, Sachs & Co.); Nathaniel Zilkha (a Vice President of Goldman, Sachs & Co.); Kamil M. Salame (a partner of DLJ Merchant Banking Partners); and Mural R. (Joe) Josephson (a private investor).

About HealthMarkets

HealthMarkets, Inc., headquartered in North Richland Hills, Texas, is a provider of health and life insurance products to individuals, families, students, the self-employed and small businesses. HealthMarkets offers products and services through its subsidiaries: The MEGA Life and Health Insurance Company, Mid-West National Life Insurance Company of Tennessee and The Chesapeake Life Insurance Company. The company's offerings include individual and self employed health insurance, small employer group health insurance, student health insurance, life insurance and reinsurance. Through its Consumer Directed Health Insurance plans, HealthMarkets seeks to provide affordable and accessible health coverage to individuals and small businesses. The company is owned by a group of private equity investors, including funds affiliated with The Blackstone Group, Goldman Sachs Capital Partners and DLJ Merchant Banking Partners, members of management and the company's independent agents through the company's agent stock accumulation plans. For more information, visit www.healthmarkets.com.

Source: Business Wire

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