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BSX Insurance Index Committee Announces Changes To Constituent Base

16 October 2002

Hamilton, Bermuda, 16 October 2002 - The Bermuda Insurance Index Advisory Committee today announced that pursuant to the Ground Rules for the Management of the BSX Bermuda Insurance Index, Trenwick Group Ltd. and Annuity & Life have been deleted from the Index's constituent base with immediate effect.

In addition, Montpelier Re was added to the Index, also with immediate effect.

This announcement is made in accordance with Section 4.2 of the Ground Rules, which requires that constituent companies have a market capitalisation of greater than 1% of the total Index market cap to be eligible for inclusion in the Index.

The total number of Index constituents now stands at eight, with a combined market cap of $31.6 billion.

A copy of the Bermuda Insurance Index Ground Rules may be obtained from the Bermuda Stock Exchange (BSX), please contact Greg Wojciechowski at the Bermuda Stock Exchange, 292-7212 email, ceo@bsx.com.