American Re Securities Corporation Meeting Growing Interest in Securitization.

PRINCETON, N.J.--(BUSINESS WIRE)--Feb. 16, 1999--

Charles W. Kerner to Head Securitization/Origination Department

American Re announced that American Re Securities Corporation, a broker-dealer formed to assist clients in the securitization of insurance risk and other risk management-related financial transactions, has hired Charles W. Kerner as Managing Director of Securitization/Origination. This is in response to a growing interest in securitization among American Re's clients.

As Managing Director of the Securitization/Origination Department, Mr. Kerner is responsible for further developing the company's insurance/reinsurance risk securitization capabilities. He comes to American Re from Deutsche Bank Securities Inc., where he was Director in the Structured Finance Group. There, Mr. Kerner was responsible for developing a capital markets-oriented, full-service asset-backed securities capability. Before joining Deutsche Bank, Mr. Kerner was Vice President, Asset Finance Group, at J.P. Morgan Securities, Inc., where he marketed asset-backed financings to issuers, developed asset-backed products and structures, and executed the resultant transactions.

"Through American Re Securities Corporation, we are providing a wider range of solutions to our clients' changing risk management needs," said American Re President and CEO Edward Noonan. "These solutions reach beyond the limits of the traditional insurance market, and include securitizing risk and drawing from a larger capital pool to offer greater capacity."

"We are pleased to have Chuck Kerner on our team," said Ronald Keenan, Managing Director of American Re Securities Corporation. "There has been heightened interest from our insurance company clients in securitization of insurance risk, and from the investment banking community in utilizing insurance within asset-backed securities' structures. Chuck's securities background will help us further develop our capabilities for both of these markets."

American Re Securities Corporation is part of American Re Financial Products, which provides clients a broad array of highly customized financial risk management products and services. The unit integrates products and services in the related areas of integrated risk management, financial reinsurance/insurance, and structured financial transactions into a comprehensive client approach. American Re Financial Products also recently formed American Re Capital Markets, which provides solutions for mitigating risk in the financial markets, initially focusing on weather derivatives.

American Re, a member of the Munich Re Group, is one of the leading writers of property and casualty reinsurance in the United States. Through its subsidiaries, it provides treaty and facultative reinsurance, insurance, and related services to insurance companies, other large businesses, government agencies, pools and other self-insurers, in the United States and abroad. The Munich Re Group is the leading reinsurance group in the world. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches, service companies and liaison offices in more than 60 locations worldwide, serving insurers in more than 150 countries.