MARC’s Annual Board and Shareholder Meetings Held on May 2, 2002

Dr. phil. Detlef Schneidawind

ATLANTA, May 22, 2002—Munich American Reassurance Company (MARC), a wholly owned subsidiary of the Munich Re Group, held its annual Board and Shareholder meetings on May 2, 2002 in Munich, Germany. The following persons were elected Directors of MARC: Dr. Detlef Schneidawind, Member of the Board of Management of Munich Reinsurance Company, Munich (Munich Re), Erwin Schnauder of Munich Re’s Life Department, David M. Holland, President and Chief Executive Officer of MARC, James L. Sweeney, Executive Vice President and Chief Operating Officer of MARC, and Michael R. Slater, Senior Vice President of MARC. Dr. Detlef Schneidawind was elected Chairman of the Board and David Holland was reelected Vice Chairman.

Messrs. D. Raymond Riddle and James L. Smith III retired from MARC’s Board of Directors as of May 2, 2002. Mr. Riddle, who had previously retired as President of First National Bank of Atlanta (Wachovia) and of National Service Industries, had served as a Director since 1979 and Chairman of the Board of Directors since 1997. Mr. Smith, a Partner with Troutman Sanders LLP, had served as a Director since 1996.

Munich American Reassurance Company (MARC)