AlphaStar Insurance Group Reports Resignation of Two Directors

March 21, 2003

Bermuda-based AlphaStar Insurance Group Limited announced that George W. Jones and Jean de Pourtales, two long-standing members of its Board of Directors, have resigned for unrelated reasons.

Jones, an executive director and former CFO, “has resigned as an employee and as a director of the Company, for personal reasons,” said the bulletin. He had been an officer and director of the Company and of predecessor companies since 1988. “At his own request, Mr. Jones stepped down as Chief Financial Officer of the Company in October, 2001, for personal reasons, at which time he assumed responsibilities in connection with reinsurance disputes and other special projects.”

“Jean de Pourtales, a Managing Director of Goldman Sachs International and a member of that firm’s Merchant Banking Division in London, resigned in connection with Goldman’s sale on December 31, 2002 of its 23% interest in the ordinary shares of AlphaStar,” said the bulletin. Goldman Sachs and de Pourtales informed AlphaStar that they “did not consider it appropriate for Mr. de Pourtales to continue serving on the Board following the sale. ”

AlphaStar Chairman, President & CEO Stephen A. Crane stated, “We have lost two strong directors in George Jones and Jean de Pourtales. Their contributions to the Company were invaluable. However, we understand their reasons for leaving and wish them well in their future endeavors.”

The Company added that it has no immediate plans for filling the vacancies on the Board, which now has five members, three of whom are non-executive.

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