A.M. Best, Tillinghast-Towers Perrin to Combine Expertise In Publishing Leading Captive Insurance Directory.

MIAMI--(BUSINESS WIRE)--Nov. 15, 1999--

Tillinghast-Towers Perrin and A.M. Best Co. have entered into an agreement whereby A.M. Best will publish the Captive Insurance Company Directory, the companies announced today.

The directory, published by Tillinghast since 1982, is the most comprehensive database of over 4,000 single-parent, group and association captives throughout the world. It also provides a worldwide listing of captive managers and service providers. Captives are insurers owned by individual or groups of companies, whose primary line of business is not insurance and are formed to insure their own risks. Captives and other alternative risk-transfer entities currently account for approximately 34% of the total commercial insurance market.

A.M. Best Chairman Arthur Snyder stated, "A.M. Best has rated captive insurers since the 1980s. Over the past three years, we have increased our coverage of this rapidly growing sector and now rate more than 100 captives. The Captive Insurance Company Directory is the market's most recognized and respected source of captive information and is a perfect complement to our interactive rating service. In addition to the acquisition, we intend to work closely with Tillinghast-Towers Perrin in developing high-quality products and services for the captive insurance sector. Tillinghast-Towers Perrin is the leading consulting firm to this sector."

Terry Clarke, Managing Principal of Tillinghast-Towers Perrin's property and casualty practice, said, "we are delighted to have a strong publisher and recognized industry leader such as A.M. Best publishing the Captive Insurance Company Directory."

The companies announced the transaction in Miami, at the "Ninth Annual World Captive and Alternative Risk Transfer Conference," of which Tillinghast is a co-sponsor. Terms of the transaction were not disclosed.

The Captive Insurance Company Directory lists approximately 4,000 single-parent and group captives domiciled throughout the world. All listings are in alphabetical order by captive name and cross- referenced by parent. The directory also provides a worldwide listing of captive managers, detailing number of captives under management, office staff and ownership.

A.M. Best and Tillinghast-Towers Perrin will jointly publish the year 2000 edition of the directory. The two firms will also collaborate on future research papers and conferences focusing on the captive sector.

A.M. Best, established in 1899, is the world's oldest and most authoritative insurance rating and information source. It is headquartered in Oldwick, New Jersey with over 500 employees and subsidiary offices in London, Toronto and Hong Kong.

Tillinghast-Towers Perrin is a global firm that provides management and actuarial consulting to the insurance and financial services industries as well as risk management consulting to the public and private sectors. Tillinghast-Towers Perrin is part of Towers Perrin, one of the world's largest management consulting firms, with over 8,400 employees and 81 offices in 23 countries.