CVE Culver Hldgs

RNS Number:0917M
Culver Holdings PLC
15 November 2006

The board of Culver Holdings plc is pleased to announce the appointment of David
Sullivan as chief executive of its insurance broking subsidiary, Culver
Insurance Brokers Limited with effect from 14 November 2006.

Mr Sullivan joins the company from Willis where he was Regional Managing
Director with responsibility for Birmingham, Reading, Bristol and Cardiff.  He
is tasked with leading the insurance broking business forward and setting and
implementing its strategy for the immediate and mid to long term future.

Mr Sullivan will, in particular, be responsible for the performance of the
business, and for setting and driving the overall sales and development policy,
including client relationships.

As an incentive to join Culver and to lead the insurance broking business
forward successfully, Mr Sullivan has been issued with a warrant to subscribe
for up to 11,430 shares at 127.50 pence per share, subject to satisfaction of a
series of performance related and other conditions over each of the next five
years.  The warrant is exercisable in whole or in part at any time up to a date
seven years from 14 November 2006.   The terms of the warrant also provide the
holder with certain protections against dilution of his subscription rights in
the event of the exercise by their holders of the conversion rights attaching to
the company's existing issued convertible loan stock.

The board is also pleased to announce the grant of 7,000 share options under the
Culver Holdings plc Unapproved Share Option Scheme 2005 to a number of key
personnel.  These options are exercisable at 127.50 pence per share over a seven
year period subject to satisfaction of various performance related and other
conditions.



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