Kunal Patel Named Executive Vice President of CATEX, Retains CTO Role

Princeton, November 8, 2007
The Catastrophe Risk Exchange, Inc. (CATEX) announced today that Kunal R. Patel, currently serving as the company’s Chief Technology Officer, has been appointed Corporate Executive Vice President. Mr. Patel will retain his responsibilities as Chief Technology Officer.

CATEX CEO Frank Fortunato said, ‘Kunal has been instrumental in our success to date. As we move into this next critical stage of our growth, that of integrating the functions of the web based Pivot Point Transaction System onto the web based CATEX Global Exchange, he will need to be able to call upon all the resources of our company”.

Richard Trebble, CIO, Oxygen Insurance, a Pivot Point licensee said, “We are delighted to hear of Kunal’s deserved promotion. He is a pivotal contact, and is vital to the ongoing development of our Management Information suite. He has been key to our success with CATEX”.

“I am extremely gratified by the confidence CATEX and our clients have shown in me”, said Mr. Patel, “and I look forward to revitalizing the Global Exchange in this challenging market by integrating it with the Pivot Point web based back office system ”.

Mr. Patel has been with CATEX since 2000 and has served as CTO since May, 2000.

The Catastrophe Risk Exchange, Inc. (CATEX) is a leading developer of web based insurance and reinsurance software. CATEX provides software as a service to brokers, agencies and reinsurers to manage all of their Treaty, facultative and commercial insurance needs. CATEX’s flagship products, CATEX Pivot Point and Data Vera, are Microsoft .NET based solutions that provide placement, contract management, fiduciary accounting, ledger control, claims management, multi-currency settlements, bordereau processing, document management, data conversion, and comprehensive MI reporting functionalities. CATEX has been operating since 1994 and is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity.

For more information visit us www.catex.com

CATEX Contact
Stephanie Fucetola
+1 609-683-0888