BUSINESS INSURANCE DIRECTORY OF WORLDWIDE REINSURERS: A-B

American Re-Insurance Co.

555 College Road E., Princeton,

N.J. 08543; 609-243-4200;

fax: 609-243-4257

www.amre.com

1997* 1996*

Prem. written $2,491,723,371 $2,622,856,119

Prem. earned $2,488,891,900 $2,497,846,313

Capital/surplus $2,301,404,018 $2,167,726,800

Net income $196,336,496 $356,352,607

Losses $1,712,952,630 $1,685,676,229

Loss ratio 68.8% 67.5%

Expenses $878,296,642 $815,980,330

Expense ratio 35.3% 32.7%

Combined ratio 104.1% 100.2%

Treaty 72% 68.7%

Facultative 28% 31.3%

Domestic 82.6% 83.1%

Foreign 17.4% 16.9%

Non-life 100% 100%

* Figures are pro forma and include American Alternative Insurance Co., Munich American Reinsurance Co. and Munich Reinsurance Co. U.S. Branch.

Founded: 1917.

Parent: Munich Reinsurance Co.

Subsidiaries: American Re-Insurance Co. (Chile) S.A.

Employees: 1,557.

Locations: 13 domestic, 14 foreign.

Officers: Edward J. Noonan, president/CEO; Robert K. Burgess, executive vp/general counsel/secretary; Mahmoud M. Abdallah, Albert J. Beer, Gregory T. Doyle, executive vps; George T. O'Shaughnessy Jr., senior vp/CFO.

Contact: Tom Walker, senior vp, 609-243-4679.

AXA RE

39 Rue du Colisee, Paris 75008, France; 33-1-40-75-5500;

fax: 33-1-40-75-5632

1997 1996

Prem. written $1,230,678,792 $1,396,904,348

Prem. earned $1,236,081,195 $1,386,090,244

Capital/surplus $1,282,531,464 $1,316,535,920

Net income $136,325,475 $105,949,564

Losses $907,581,132 $1,126,446,888

Loss ratio 73.4% 81.3%

Expenses $429,846,633 $401,853,508

Expense ratio 34.8% 29%

Combined ratio 108.2% 110.3%

Life 86% 89%

Non-life 14% 11%

Founded: 1975.

Subsidiaries: AXA RE Asia, AXA RE Canada, AXA RE Finance, AXA RE France, AXA RE Latin America, AXA RE Life, AXA RE U.K. P.L.C., AXA RE U.S.A., CGRM, SPS RE.

Employees: 668.

Locations: Two domestic, seven foreign.

Officers: Jean-Marie Nessi, president/CEO; Jean-Pierre Benoit, COO; Eric Paire, chief life officer; Jean-Paul Guillaumie, CFO; Adrian Ballardie, CEO-AXA RE U.K.; B. Lippincott, CEO-AXA RE U.S.A.

Contact: T. Pucci, CFO, 212-493-9300.

B

Bavarian Re

Sederanger 4-6, 80538 Munich, Munich D-80526, Germany; 49/89-0; fax: 49/89-2279

www.bayerischerueck.com

1996* 1995*

Prem. written $1,598,660,000 $1,648,040,674

Prem. earned $1,607,105,500 $1,641,732,854

Capital/surplus $922,421,500 $762,169,244

Net income $53,200,000 $55,840,000

Losses $1,032,346,000 $1,117,213,913

Loss ratio 64.2% 68.0%

Expenses $457,985,500 $487,538,764

Expense ratio 28.5% 29.6%

Combined ratio 92.7% 97.6%

* Fiscal years ending 12/31/96 and 12/31/95.

Founded: 1911.

Parent: Swiss Reinsurance Co.

Employees**: 420.

** Reflects year-end 1996.

Information for Bavarian Re is included in the consolidated Swiss Re Group listing.

Berkshire Hathaway Group

100 First Stamford Place, Stamford, Conn. 06902; 203-363-5200;

fax: 203-363-5221

www.berkshirehathaway.com

1997 1996

Prem. written $955,400,000 $715,500,000

Prem. earned $966,600,000 $757,500,000

Capital/surplus* $37,239,500,000 $26,079,600,000

Losses $675,800,000 $572,900,000

Loss ratio 69.9% 75.6%

Expenses $163,000,000 $192,400,000

Expense ratio 16.9% 25.4%

Combined ratio 86.8% 101%

Treaty 97% 97%

Facultative 3% 3%

Domestic 75% 75%

Foreign 25% 25%

* Capital and surplus figures represent the consolidated surplus for the Berkshire Hathaway Insurance Group.

Founded: 1969.

Subsidiaries: Columbia Insurance Co., National Fire & Marine Insurance Co., National Indemnity Co.

Employees: 14.

Locations: One domestic, one foreign.

Specialties: Property catastrophe, finite risk, marine and aviation, excess of loss, limited pro rata, property faculative, portfolio transfers.

Officers: Ajit Jain, president; Scott Doerr, Scott Stirling, Brian Snover, Brian Garrison, vps; Thomas Bolt, European operations.

Contact: Scott Stirling, 203-363-5217.