St. Paul Re Creates Financial Solutions Unit,

July 13, 2000

St. Paul Re, the reinsurance operation of The St. Paul, announced today that Michael Schell, 50, has been named president and chief operating officer of Global Reinsurance, which underwrites traditional reinsurance from 11 offices worldwide.

In announcing the appointment, James Duffy, 56—who has assumed the new position of chairman and chief executive officer of The St. Paul Companies Reinsurance Group—also announced the creation of a new Financial Solutions unit, which will focus on the rapidly growing area of financial, “nontraditional” reinsurance.

“In traditional reinsurance, St. Paul Re has shown that it can compete as major trends—specialization, consolidation and the growth of the broker market—reshape the reinsurance world,” Duffy said. “Under Mike Schell’s direction, our reinsurance management team will continue with that success.”

“At the same time, nontraditional reinsurance and alternative risk transfer are areas of rapid growth for us, and the new Financial Solutions unit will spearhead many of our efforts in this important, emerging area,” he added. “We have the organization, backed by the capital and resources of The St. Paul, to grow significantly in the next decade and continue to rise in the ranks of global reinsurers.”

The Financial Solutions unit, Duffy said, will have a worldwide franchise, and market and underwrite through St. Paul Re offices. It includes staff previously with St. Paul Re’s Nontraditional Reinsurance unit, as well as the former St. Paul Re Financial Lines unit, which writes bond and credit reinsurance.

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