Elizabeth C. Malone

ELIZABETH C. MALONE is a Managing Director in the research department of
Advest Inc. Ms. Malone is head of the securities research insurance
effort at Advest. Her responsibilities include analyzing the insurance
industry and advising institutional and retail clients on investing in
the insurance industry. In addition to Advest, Ms. Malone have been a
senior research analyst covering the insurance industry at a number of
prestigious Wall Street firms including: Alex. Brown & Sons, now known
as Deutsche Bank, Legg Mason Wood Walker, and Friedman Billings Ramsey.
In addition, Ms. Malone worked as a financial manager for the National
Association of Insurance Commissioners (NAIC). Her responsibilities
included working with state insurance departments to identify and manage
financially troubled insurance companies. During the mid-1990s, Ms.
Malone was a Vice President for a $1 billion market capitalization
insurance company. Her responsibilities involved merger and
acquisitions as well as working with investors and rating agencies. Ms.
Malone has twice been ranked as an All-Star analyst by The Wall Street
Journal. In 2002, Zacks Investor Service ranked Ms. Malone as the number
one life and health insurance analyst as measured by stock performance.
Ms. Malone has a Bachelor of Science degree in Finance and Accounting
from the University of Virginia and a Master’s of Business
Administration in Finance from Loyola College, where she graduated cum
laude. In addition, Ms. Malone has been a Chartered Financial Analyst
for 15 years.