Swiss Re Capital Management and Advisory names key executive to environment & commodity markets team - Brian O’Hearne to lead North American activities

23 January 2006, New York

Swiss Re Capital Management and Advisory (CMA) today announced the appointment of Brian O’Hearne to the position of Managing Director, Environment & Commodity Markets, where he will be responsible for overseeing the team’s North American activities. He will focus on weather and commodity trading, business and product development and risk management. In his new role, Mr. O’Hearne will report to Juerg Trueb, Swiss Re Global Head of Environmental & Commodity Markets, and Dan Ozizmir, CMA Group Head of Asset-Backed Securities/Insurance Linked Securities and Environmental and Commodity Markets.

“Brian brings to Swiss Re a wealth of experience and expertise to this position,” Juerg Trueb said. “His previous work in the weather and commodities areas will be a significant asset to our growing program.”

Swiss Re's Environmental & Commodity Markets team bundles Swiss Re's trading and risk taking capabilities in the weather, outage-contingent commodity and emissions markets.

“Swiss Re is a market leader in the weather risk market and a major player in the outage-contingent commodity markets,” said Dan Ozizmir. ” Brian’s knowledge of the weather and commodities markets, coupled with our global platform, fosters ongoing innovation in the increasingly interdependent weather, commodities and emissions markets, offering a strong product to our clients.”

In Mr. O’Hearne’s previous position as CEO and President of GuaranteedWeather, he led the convergence of the commodity, capital and insurance markets with weather and commodity trading and risk management activities. Previous to his duties at GuaranteedWeather, Mr. O’Hearne was President and CEO of Aquila Re Ltd. and Aquila Merchant Services-International based in Bermuda. Prior to Aquila, he was Director of Tax Planning and Vice President Corporate Finance at Koch Industries.

Mr. O’Hearne is currently President of the Weather Risk Management Association, the global industry association.

Mr. O’Hearne received his LLM, MBA, JD and Chemistry degrees from the University of Missouri at Kansas City and has more than 20 years of experience in the energy and risk management fields.

Swiss Re

Swiss Re is one of the world’s leading reinsurers and the world’s largest life and health reinsurer. The company operates through more than 70 offices in over 30 countries. Swiss Re has been in the reinsurance business since its foundation in Zurich, Switzerland, in 1863. Swiss Re offers a wide variety of products to manage capital and risk. Traditional reinsurance products, including a broad range of property and casualty as well as life and health covers and related services, are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re currently has the following ratings: (i) from Standard & Poor's: long-term counterparty credit, financial strength and senior unsecured debt ratings of "AA (CreditWatch negative)", and a short-term counterparty credit rating of "A-1+", (ii) from Moody's: insurance financial strength and senior debt ratings of "Aa2" (on review for possible downgrade), and a short-term rating of "P-1" and (iii) from A.M. Best: a financial strength rating of A+ (superior) (under review with negative implications).

Swiss Re Capital Management and Advisory, 55 East 52nd Street, New York, NY 10055