Phillip Pettersen Has Joined the Reinsurance Business of Towers Perrin

Business Wire, August 28, 2006

STAMFORD, Conn. -- Towers Perrin, a global professional services firm, announced that Phillip Pettersen has joined the firm's Reinsurance business as a Managing Director based in the firm's Bermuda office. He will be responsible for business and brand development in the Bermuda marketplace and will be a member of the Financial Services Product Development Group.

Mr. Pettersen brings significant reinsurance and insurance industry expertise to the firm. Prior to joining Towers Perrin, he was an integral member of the Benfield ReMetrics Group, which led to his appointment as the Chief Executive Officer for Bluesure Ltd, an insurance broker and joint venture between the Benfield Group and Santam, South Africa's largest insurance company. Mr. Pettersen has also held senior positions with EW Blanch, Partner Re and Alexander Forbes Group.

"We are delighted that Phillip has joined Towers Perrin, and feel that his overall expertise in the design and placement of traditional and structured reinsurance solutions and his deep understanding of captives will assist us in becoming one of the leading providers of reinsurance intermediary services to the Bermuda market," stated Bill Eyre, Managing Director and CEO of the firm's Reinsurance business.

"I am very excited about joining Towers Perrin and for having the opportunity to be part of the Towers Perrin thought leadership initiative, which will allow me to contribute directly in creating value for our clients through customized and innovative solutions. The Bermuda market continues to grow in stature and importance within the global reinsurance fraternity, and I am delighted at being given the opportunity to continue the process of building the Towers Perrin brand in Bermuda," said Mr. Pettersen.

About Towers Perrin and Reinsurance

Towers Perrin is a global professional services firm that helps organizations improve their performance through effective people, risk and financial management. Through its Reinsurance business, Towers Perrin provides global reinsurance intermediary services and consulting expertise that focus on the creative blending of traditional and nontraditional risk transfer vehicles. Areas of focus include reinsurance strategy and program review, claims management and program administration, catastrophe exposure management, contract negotiation and placement, and market security issues. The firm's other businesses are HR Services, which provides human resource consulting, and Tillinghast, which provides management and actuarial consulting to the financial services industry. More information about Reinsurance is available at www.towersperrin.com/reinsurance.>

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