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August 7, 2000

Towers Perrin Reinsurance Acquires Pegasus Advisors

COMPANY PRESS RELEASE: Towers Perrin Reinsurance has acquired Pegasus Advisors, a leading reinsurance intermediary and consultant in the area of whole account Stop Loss and Adverse Development Covers (ADC), designing covers for many of the largest multiline reinsurers and insurers.

By CBR Staff Writer

Finite risk reinsurance is a growing business, and Pegasus products are commonly used in conjunction with mergers and acquisitions to cap losses from prior years and protect near term earnings, said Bill Eyre, chief executive officer of Towers Perrin Reinsurance.

Pegasus will bring tremendous talent, depth and expertise in the finite reinsurance arena to Towers Perrin, Eyre added. Greg Leonard, Larry Frank, Hugo Kostelni and the rest of the Pegasus team have established a strong brand as the premier firm in their area, and we expect to leverage their skills to provide innovative and creative solutions for our clients going forward.

In addition to Stop Loss and ADCs for acquisitions, Pegasus also designs and places other nontraditional covers such as finite quota shares, finite specific excess and financial guaranty. Other products of the firm include the design and execution of combined equity and reinsurance arrangements, where the reinsurer also provides hard capital to the customer.

The expertise and unique analytical tools of Pegasus are key additions to the range of services offered by Towers Perrin Reinsurance and is another important part in strengthening our position as a leading consulting firm across the financial services sector, said Mike Tuohy, Managing Director of Tillinghast – Towers Perrin.

By combining with Towers Perrin Reinsurance and also working with Tillinghast – Towers Perrin, we will have the ability to work on a broader range of projects with access to worldwide resources in a leading management consulting firm that is expanding globally and broadening its service offerings, said Greg Leonard, Pegasus president.

Towers Perrin Reinsurance provides reinsurance intermediary services and consulting expertise that focus on the creative blending of traditional and nontraditional risk transfer vehicles.

Tillinghast – Towers Perrin provides management consulting to financial services companies worldwide. In addition, our health sector practice consults to organizations that finance health care risks.

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Both Tillinghast – Towers Perrin and Towers Perrin Reinsurance are part of Towers Perrin, one of the world’s largest independent consulting firms, with over 8,000 employees in more than 20 countries.

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