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Continental General Insurance Company Appoints Michael Gorzynski as Executive Chairman

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Appointment Reflects Continental's Commitment to Building and Maintaining a Best-in-Class Insurance Platform

Mr. Gorzynski Brings Proven Insurance and Investment Management Expertise to his Position

Continental General Insurance Company (together with its affiliates, "Continental"), which serves approximately 125,000 customers across the long-term care, life insurance, annuity and supplemental health insurance categories, today announced the appointment of Michael Gorzynski as Executive Chairman, effective immediately. Mr. Gorzynski is also a member of the board of directors and executive committee of HC2 Holdings, Inc. ("HC2") (NYSE:HCHC), which is the parent company of Continental.

Mr. Gorzynski has two decades of experience operating across the capital markets, investment management sector and insurance industry as an analyst, investor and executive. Prior to forming MG Capital Management, which is his New York-based investment firm, Mr. Gorzynski invested in special situations globally at Third Point LLC, an asset management firm in New York. He began his career at Credit Suisse First Boston in the investment banking division and at Spectrum Equity Investors, a private equity firm in Boston.

Since his appointment as a director of HC2 earlier this year, Mr. Gorzynski has been working closely with Continental and its leadership to enhance policyholder relations, install a new and highly-qualified board of directors, increase communications with regulators and put in place a long-term strategy that takes into account all stakeholders' needs. Mr. Gorzynski's appointment as Executive Chairman is intended to strengthen his working relationship with Continental's management team and support the accelerated implementation of organizational plans.

"We are very excited about the strong insurance industry expertise and investment management experience that Mike brings to his new role," said David Ramsey, Chief Executive Officer of Continental. "He has been involved with numerous insurance companies across several global geographies and various lines of business. I look forward to continuing to work with Mike to grow Continental into one of the most dynamic, successful insurers for the benefit of all our stakeholders."

The appointment of Mr. Gorzynski comes on the heels of Continental recently adding Liesl Hickey and Michael V. Gisser to its board of directors.

"I am thrilled and humbled to join the Continental family and help build on the foundation put in place by Dave and the management team," said Michael Gorzynski, Executive Chairman of Continental. "By continuing to consolidate the long-term care market, extending our servicing expertise to third parties and diversifying into other insurance lines, Continental will be well-positioned for success. This will help us meet our obligations to policyholders, create more opportunities for employees and deliver stronger returns to shareholders."

Mr. Gorzynski succeeds Robert B. Mills, who is retiring from his roles with Continental.

About Continental

Based in Austin, Texas, Continental General Insurance Company (together with its affiliates, "Continental") strives to assist customers with managing the financial risks and challenges that come as they age. Our family of insurance companies and strategic partners provide administrative services to approximately 125,000 Long-Term Care, Life, Annuity and Supplemental Health customers. We are dedicated to upholding the commitments we have made to provide excellent service to all our customers and serve the needs of our claimants and their families during difficult times. Learn more at www.continental-ins.com.

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