BUSINESS INSURANCE DIRECTORY OF WORLDWIDE REINSURERS: M-N

Munich Reinsurance Co.

Koeniginstrasse 107, Munich 80791, Germany; 49/89-0; fax: 49

www.munichre.com

1997* 1996*

Prem. written $10,484,388,750 $11,286,942,454

Prem. earned $10,342,905,625 $11,294,708,164

Capital/surplus** $6,867,481,250 $5,921,214,543

Net income*** $436,566,250 $406,723,768

Losses $6,703,933,750 $7,423,527,000

Expenses $3,147,963,125 $3,189,682,398

Domestic 45% 48%

Foreign 55% 52%

* Fiscal years ending 6/30/97 and 6/30/96. ** Capital and surplus include direct insurance business. *** Net income figures reflect the Munich Re Group.

Founded: 1880.

Subsidiaries: American Re Corp., Princeton, N.J.; American Re-Insurance Co. (Chile) S.A., Santiago, Chile; American Re-Insurance Co., Princeton, N.J.; Great Lakes American Reinsurance Co., New York; The Great Lakes Reinsurance Co., Toronto; Great Lakes Reinsurance (U.K.) P.L.C., London; Munchener Ruck Italia S.p.A., Milan, Italy; Munich American Reassurance Co., Atlanta and New York; Munich Reinsurance Co. of Africa Ltd., Johannesburg, South Africa; Munich Reinsurance Co. of Australia Ltd., Sydney, Australia; Munich Reinsurance Co. of Canada, Toronto; New Reinsurance Co., Geneva, Switzerland.

Employees: 18,021.

Locations: One domestic, 60 foreign.

Specialties: Engineering, satellite, private health, agricultural.

Contact: Tom Walker, American Reinsurance Corp.; 609-243-4679.

N

NAC Reinsurance Corp.

1 Greenwich Plaza, P.O. Box 2568, Greenwich, Conn. 06836-2568; 203-622-5200; fax: 203-622-0723

www.nacre.com

1997 1996

Prem. written $593,656,000 $574,004,000

Prem. earned $574,647,000 $526,342,000

Capital/surplus $702,222,000 $663,867,000

Net income $79,570,000 $64,542,000

Losses $380,255,000 $339,703,000

Loss ratio 66.2% 64.5%

Expenses $221,570,000 $213,148,000

Expense ratio 38.9% 40.1%

Combined ratio 105.1% 104.6%

Treaty 75.9% 78.8%

Facultative 24.1% 21.2%

Domestic 91.2% 90.9%

Foreign 8.8% 9.1%

Non-life 100% 100%

Founded: 1985.

Parent: NAC Re Corp.

Subsidiaries: Greenwich Insurance Co.; Indian Harbor Insurance Co.; NAC Re International Holdings Ltd.; NAC Reinsurance Corp.

Employees: 304.

Locations: 10 domestic, three foreign.

Specialties: All lines of property and casualty reinsurance.

Officers: Ronald L. Bornhuetter, chairman; Nicholas M. Brown Jr., president/CEO; Martha G. Bannerman, executive vp/general counsel/secretary; Jerome T. Fadden, executive vp/CFO/treasurer; Stanley J. Kott, C. Fred Madsen, executive vps.

Contact: Jerome T. Fadden.

New Cap Reinsurance Corp. Holdings Ltd.

Level 37, Gateway, 1 Macquarie Place, Sydney, N.S.W. 2000, Australia; 61-2-9275-6200; fax: 61-2-9275-6262

1997 1996

Prem. written $195,794,000 NA

Prem. earned $148,194,000 NA

Capital/surplus $143,287,000 NA

Net income ($7,823,000) NA

Losses $132,864,000 NA

Loss ratio 89.7% NA

Expenses $28,082,000 NA

Expense ratio 18.9% NA

Combined ratio 108.6% NA

Treaty 92.5% NA

Facultative 7.5% NA

Domestic 1% NA

Foreign 99% NA

Non-life 100% NA

Founded: 1996.

Subsidiaries: New Cap Reinsurance Ltd.; New Cap Reinsurance Corp. (Bermuda) Ltd.

Employees: 21.

Locations: One domestic, one foreign.

Specialties: Multiyear, whole account, finite risk.

Officers: Udayan Ghose, CEO, New Cap Re Holdings; Azmin Daya, managing director-New Cap Re (Australia); Paul Williams, deputy managing director-New Cap Re (Australia); Volker De Chelard, chief underwriter, New Cap Reinsurance Corp. Ltd.

Contact: Rob Eastham, COO, New Cap Re (Bermuda).