CATEX Names Tom Bailey Managing Director, Europe

Former Guy Carpenter Broker Brings Wealth of IT Experience to Team



James Mills Appointed Assistant Vice President, CATEX Europe



Apr 04, 2001, 01:00 ET from CATEX

    NEW YORK and LONDON, April 4 /PRNewswire/ -- The Catastrophe Risk
 Exchange, Inc. (CATEX), the largest electronic market for the reinsurance and
 commercial insurance industry in the world, today announced the appointment of
 Tom Bailey as Managing Director, Europe and James Mills as Assistant Vice
 President, Europe.  The two executives are based in CATEX's London office,
 which handles subscriber and marketing activities for the UK and Europe.
     Thomas W. Bailey will primarily be responsible for representing CATEX in
 its activities in Europe and in London, at Lloyd's, where CATEX is the only
 non-underwriting entity to ever have a "box" in the Lloyd's Underwriting Room.
 Mr. Bailey will focus on client development in London and throughout Europe
 from the CATEX Box 365 at Lloyd's in London.  He joins the Company from iPlato
 where he was responsible for new business development and strategy.  Prior to
 that he served as a broker both at Guy Carpenter and Sedgwick Re where he
 managed e-commerce strategy and implementation.
     "We are pleased to welcome Tom to the team," said CATEX CEO and co-founder
 Frank Fortunato.  "His exceptional knowledge of reinsurance and broking
 practices and a broad wealth of experience in information technology will be
 outstanding assets for us as we continue to build on our strategic vision.  As
 we focus on developing and installing turnkey Internet trading solutions and
 back office Clearing and Settlement Systems, Tom's expertise will be
 invaluable.  We welcome him to the senior management team."
     "I have known the CATEX team for over seven years having worked with them
 at Sedgwick Re and have followed their progress with interest," said Mr.
 Bailey.  "I have a tremendous amount of respect for this organization which
 has grown considerably over the past few years.  I am confident that we will
 continue to leverage our technological offering and global position to access
 new markets as we continue to successfully meet the needs of our clients.  I
 look forward to contributing to the success of the company."
     CATEX also announced today that James Mills has been promoted to Assistant
 Vice President, Europe.  His responsibilities include client and project
 management and administration of the global market.  "James has considerable
 experience in IT and has become an important player for us since his joining
 six months ago.  I look forward to working with him," concluded Mr. Bailey.
     CATEX is the largest electronic market for the reinsurance and commercial
 insurance industry in the world and has over 225 subscribers in over
 35 countries.  The company is licensed as a reinsurance intermediary that acts
 in a neutral capacity by the New York Department of Insurance and has seen
 nearly 800 transactions to date through its system.  The company's newest
 product, an online Clearing/Settlement System will soon be beta tested by
 selected subscribers.
 
     CONTACT:  Frank Fortunato of CATEX, 609-683-0888, or Tom Bailey of CATEX
 Europe, 44-207-327-3356.
 
 

SOURCE CATEX
    NEW YORK and LONDON, April 4 /PRNewswire/ -- The Catastrophe Risk
 Exchange, Inc. (CATEX), the largest electronic market for the reinsurance and
 commercial insurance industry in the world, today announced the appointment of
 Tom Bailey as Managing Director, Europe and James Mills as Assistant Vice
 President, Europe.  The two executives are based in CATEX's London office,
 which handles subscriber and marketing activities for the UK and Europe.
     Thomas W. Bailey will primarily be responsible for representing CATEX in
 its activities in Europe and in London, at Lloyd's, where CATEX is the only
 non-underwriting entity to ever have a "box" in the Lloyd's Underwriting Room.
 Mr. Bailey will focus on client development in London and throughout Europe
 from the CATEX Box 365 at Lloyd's in London.  He joins the Company from iPlato
 where he was responsible for new business development and strategy.  Prior to
 that he served as a broker both at Guy Carpenter and Sedgwick Re where he
 managed e-commerce strategy and implementation.
     "We are pleased to welcome Tom to the team," said CATEX CEO and co-founder
 Frank Fortunato.  "His exceptional knowledge of reinsurance and broking
 practices and a broad wealth of experience in information technology will be
 outstanding assets for us as we continue to build on our strategic vision.  As
 we focus on developing and installing turnkey Internet trading solutions and
 back office Clearing and Settlement Systems, Tom's expertise will be
 invaluable.  We welcome him to the senior management team."
     "I have known the CATEX team for over seven years having worked with them
 at Sedgwick Re and have followed their progress with interest," said Mr.
 Bailey.  "I have a tremendous amount of respect for this organization which
 has grown considerably over the past few years.  I am confident that we will
 continue to leverage our technological offering and global position to access
 new markets as we continue to successfully meet the needs of our clients.  I
 look forward to contributing to the success of the company."
     CATEX also announced today that James Mills has been promoted to Assistant
 Vice President, Europe.  His responsibilities include client and project
 management and administration of the global market.  "James has considerable
 experience in IT and has become an important player for us since his joining
 six months ago.  I look forward to working with him," concluded Mr. Bailey.
     CATEX is the largest electronic market for the reinsurance and commercial
 insurance industry in the world and has over 225 subscribers in over
 35 countries.  The company is licensed as a reinsurance intermediary that acts
 in a neutral capacity by the New York Department of Insurance and has seen
 nearly 800 transactions to date through its system.  The company's newest
 product, an online Clearing/Settlement System will soon be beta tested by
 selected subscribers.
 
     CONTACT:  Frank Fortunato of CATEX, 609-683-0888, or Tom Bailey of CATEX
 Europe, 44-207-327-3356.
 
 SOURCE  CATEX