American Re Notes Sale of ARB International Ltd.

November 5, 2003

American Re Corporation announced this week the sale of its subsidiary, ARB International Ltd (ARBI). The purchasers are members of ARBI management. The terms of the sale were not disclosed.

“It gives us great pleasure to announce the management buyout of ARBI. ARBI will continue to operate without any interruption or changes in its business”, said Kenneth Woodhams, managing director of ARBI. ARBI will retain its current trade names, operating structures and management teams.

ARB International Ltd. is a Lloyd’s brokering house headquartered in London. ARBI specializes in a broad range of classes of both insurance and reinsurance solutions.

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