Curtis was engaged by the Pennsylvania Insurance Department (the "Department") to assist the Department in its review of the proposed Mutual-to-Stock Conversion of Educators Mutual Life Insurance Company ("Educators"). The Conversion was undertaken pursuant to the Pennsylvania Insurance Company Mutual-to-Stock Conversion Act and utilized the subscription rights model. Curtis served as investment banker to the Department, reviewed the plan of conversion and rendered advice regarding the methodologies and assumptions utilized by Educators' advisors in deriving the estimate of the pro forma market value of Educators. Curtis also provided expert testimony during the Department's hearings.

In March of 2006, the Department announced its approval of a multi-step integrated transaction allowing for the conversion of Educators to a stock insurance company and the acquisition of Eastern Alliance Insurance Company and Allied Eastern Indemnity Company. At the conclusion of the transactions in June 2006, Educators raised approximately $74.8 million in the offering and acquired Eastern for $78.9 million.