American Re Closes Sale of Becher + Carlson Risk Management Unit

November 18, 2003

American Re Corp. announced that its subsidiary, Munich American Global Services, Inc., closed the sale on Friday, November 14, 2003 of its subsidiary, Becher + Carlson Risk Management, Inc., the holding company for the Becher + Carlson Companies.

The purchasers include B+C’s management and employees. The terms of the sale were not disclosed.

The bulletin noted that “Becher + Carlson Management Ltd. will continue to manage American Re’s Bermuda-based rental captive facilities, Princeton Eagle Insurance Company Limited and Princeton Eagle West Insurance Company Limited, which are accessed by the clients of Munich-American RiskPartners, American Re’s alternative market group.”

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