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EQECAT to Speak at Successfully Managing Terrorism Insurance Risk Conference

November 26, 2002

Peter R. Fisher, Treasury Under Secretary for Domestic Finance to address insurance industry in January 2003, at the "Successfully Managing Terrorism Insurance Risk" summit on the Terrorism Risk Insurance Act of 2002. He will speak on how the new legislation will work in practice and what the impact of the changed regulatory environment will be on the industry.

Further, a panel of top law firms will be present to discuss the implications of the Terrorism Risk Insurance ACT, along with senior figures from leading insurers and re-insurers such as AIG, Guy Carpenter, PMA Re, Hiscox Associates, Wellington RE, General Accounting Office and more.

The Successfully Managing Terrorism Insurance Risk summit will be held at the Westin New York, New York. It will take place over 2 days on January 28th & 29th, 2003.

Notable speakers include:

Peter Fisher
Under-Secretary, Domestic Finance
US DEPARTMENT OF TREASURY

Harrison Oellrich
Managing Director
GUY CARPENTER

Richard Thomas
Chief Underwriting Officer
AIG

Bob Hartwig
VP and Chief Economist
INSURANCE INFORMATION INSTITUTE

Boaz Ganor
Executive Director
THE INTERNATIONAL POLICY INSTITUTE FOR COUNTER-TERRORISM, ISRAEL

Paul Bassett MC
Executive Director, Special Risks Division
AON LTD

Peter Thomas
Executive Vice President
PMA RE

Lieutenant General Patrick M. Hughes,
U.S. Army (Retired)
President
PMH ENTERPRISES LLC

Dr Neil C Livingstone
Chairman and CEO
GLOBALOPTIONS

Rodger Lawson
President
ALLIANCE OF AMERICAN INSURERS

Dr. Saul B. Wilen
CEO
INTERNATIONAL HORIZONS UNLIMITED

Debra Hall
Senior VP and General Counsel
REINSURANCE ASSOCIATION OF AMERICA

Daniel B. Rubock
Vice President
MOODYS

Mark Cravens
Vice President of Risk Management
WELLINGTON RE

Dr. Mahmoud Khater
Chief Scientist
EQECAT

Stephen Ashwell
Underwriter
HISCOX SYNDICATES LTD

Dr Ana Garcia Barona
Technical Director, Reinsurance
CONSORCIO de COMPENSACION DE SEGUROS (Spanish State Insurance Fund)

Summit Overview

Peter Fisher, Under Secretary for Domestic Finance, US Department of Treasury Under-Secretary, will give a special address on the new terrorism insurance legislation at this major insurance industry gathering will discuss the new terrorism insurance bill and the changing regulatory landscape for the insurance and reinsurance industries.

Even with federal backstop terrorism risk insurance legislation in place, there is still concern within the industry about covering losses below what will be provided for by the government. Whatever the provisions made by federal government, there will still be a substantial amount of risk the insurance industry is exposed to. What is the way forward for the insurance industry and how can these terrorism risks be managed? This ground breaking conference will set the scene by providing important information and theories on the scale and potential of terrorist threats, and an assessment of the most important issues around acquisition of intelligence and how this affects the ability of an individual or business organisation to adequately assess terrorism risk. However, while we can learn a great deal about the political, psychological, social and ‘human’ factors linked to terrorism, there is still a long way to go before the insurance industry devises a framework to quantify such risk. ‘Successfully Managing Terrorism Insurance Risk’ will consider the practical, commercial and technical challenges faced by the insurance industry and how these may be dealt with in the future including how catastrophic terrorism hazard can be modelled or quantified.

Some of the key value drivers of this summit include:

• Gain fresh insights from the Insurance Information Institute into the current state of the market for terrorism insurance.

• Hear Important analyses of the nature and magnitude of the risks from the WMD and CyberRisks from the International Policy Institute for Counter Terrorism - Israel, AON and Global Options.

• As documented in the overview, debate the status and impact of the federal terrorism insurance bill with the US Treasury, Reinsurance Association of America, Moody's and the Alliance of American Insurers.

• Compare how leading re-insurers including AIG, Wellington RE and Swiss RE are managing the challenges posed by terrorism risk.

• Evaluate leading risk modelling approaches designed to quantify potential losses from terrorism from EQECAT.