CATEX Delivers Facultative Aggregate Reporting System to QBE

Princeton, NJ, June 29, 2004
The Catastrophe Risk Exchange International, Inc. (CATEX) announced today that it has completed delivery of a web based Property Aggregate Monitoring System to facilitate the underwriting of facultative property business by the reinsurer QBE Reinsurance Corporation ( QBE ). The system was delivered earlier this year and has undergone testing and function review by QBE.

The CATEX developed system permits QBE to retire a non-web-based system and increase system performance level to better serve its facultative reinsurance underwriters. The new system permits capture of unlimited individual location data per risk while allowing users to review "real time" information and data modeling exports.

All of the data collected by the CATEX designed system is synchronized with the reinsurer's legacy reinsurance system. All location data resident in the former system was successfully migrated to the new system. This successful data migration and synchronization provides QBE with a seamless interface from the new system to all of its historical risk information.

The new system is 100% web based and may be accessed by QBE underwriters from any location without the need for cumbersome and expensive client based installation software. The web based nature of the system permits QBE underwriters to produce real time analysis of property risk aggregations without waiting for scheduled batch data processing.

The new system is currently in operation and is being populated with all facultative reinsurance underwriting location data submitted to and reinsured by QBE.

The CATEX Pivot Point technology is composed of an extensive range of proprietary applications and has been developed using exclusively Microsoft(R) technology. The technology can provide the full range of transaction components for a reinsurance transaction as managed by an intermediary. The technology may be customized to accommodate specific client requests or may be used in a basic version.

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.

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About QBE
QBE Reinsurance Corporation is a subsidiary of QBE Insurance Group Limited, a leading international insurance and reinsurance group traded on the Australian Stock Exchange, which has worldwide operations in Europe, the Americas, Asia Pacific and Australia.

CATEX Contact
Stephanie Fucetola
+1 609-683-0888