BRIEFLY NOTED: EQECAT; Skandia; Zurich/Generali; Endurance Specialty

September 13, 2002

EQECAT Releases Probabilistic Terrorism Insurance Model
Oakland-based EQECAT, a leading risk management consulting firm, announced that it has released a “full probabilistic model for terrorism risk assessment for use by insurers and reinsurers.” It “covers all relevant risk sources” in the U.S. and Washington DC said the announcement.

Skandia May Sell U.S. Subsidiary
Sweden’s Skandia is reported to be exploring the possibility of selling its U.S. subsidiary, American Skandia, Inc., a leading seller of variable annuity products, following the recent downturn in global equity markets, which have put pressure on its balance sheet. The company, once Skandia’s fastest growing unit, has suffered from falling sales and depressed share values.

Zurich Sells Hungarian Unit to Generali
Regulators have approved the sale of Zurich Insurance Rt, two companies which comprise its Hungarian operations, to Generali-Providencia Insurance Rt, a division of Italy’s Generali for an undisclosed amount. Generali has not commented on its future plans for the two companies.

Endurance Specialty Reports Q2 Net Income of $31.3 Million
Bermuda’s Endurance Specialty Insurance Ltd. reported net income in the second quarter of $31.3 million. Gross premiums were $264.3 million, $88 million of which were attributable to the company’s recent acquisition of LaSalle Re. Endurance, which began operations at the end of 2001 was established by Aon and Zurich financial Services with an initial capitalization of $1.2 billion.

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