CATEX Restructures Ownership as Benfield Reduces Stake

October 16, 2003

CATEX, the New York-based Internet reinsurance marketplace, announced that it “has successfully concluded an investment round that significantly reduces the Benfield Group’s ownership stake in CATEX from its previous 50.0% to less than 25%.”

The bulletin indicated that the “Benfield Group has also agreed to leave the CATEX Board of Directors.”

CATEX CEO Frank Fortunato stated: “We’ve had a long and productive relationship with Benfield, which will continue. With this next step in the relationship, CATEX will be able to market its software and trading products more effectively to competing intermediaries. While we have always maintained strict operational neutrality, this change will only enhance the market’s perception of our neutrality as we expand our trading operations in the future.”

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