Swiss Re, Tokio Marine Conclude $450 Million Cat Swap

August 15, 2001

QBE Reinsurance Corporation announced that its parent, QBE Insurance Group Limited, had made an additional capital contribution of $50 million.

The contribution increases the policyholders’ surplus of QBE Reinsurance Corporation to over $200 million and the policyholders’ surplus of its wholly owned subsidiary, QBE Insurance Corporation, to over $50 million as at June 30, 2001.

Tim Kenny, president & CEO of QBE the Americas, stated “the additional capital strengthens our balance sheet, allows the companies to broaden their product lines and supports the development of our Latin American operations in Panama, Argentina, Brazil and Mexico.” He further commented that the contribution demonstrates the solid commitment of QBE Insurance Group Limited to the Americas.

QBE Reinsurance Corporation and its wholly owned subsidiary, QBE Insurance Corporation, are rated “A” (Excellent) by A.M. Best and carry a Standard & Poor’s rating of “A+.”

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