Hamilton, Bermuda - 7th August, 1998: Following the successful completion of Exel's acquisition of Mid Ocean Reinsurance Company Ltd. earlier today and the subsequent appropriation by Excel of Mid Ocean Reinsurance Company Ltd.'s entire share capital, Mid Ocean Re has been dropped as a constituent member of the FTSE/BSX Bermuda Insurance Index.
In consequence, Mid Ocean Re's entire share capital will be amalgamated with Exel's in the calculation of the Index, effective immediately.