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K. Yeng Chau To Head U.S. RE Asia

K. Yeng Chau has been named Managing director and Chief Executive Officer of U.S. RE (Asia) Ltd., the newly formed unit of U.S. RE Companies operating from offices in Shanghai and Hong Kong.

"Yeng Chau has been a leader in Asian insurance and reinsurance circles for more than 20 years," Tal Piccione said. "We are fortunate, indeed, to have Mr. Chau at the helm of U.S. RE (Asia) Ltd. as we expand our operations in China and other parts of the Far East," he added.

Mr. Chau has held senior positions in both property/ casualty and life insurance, as well as reinsurance. As General Manager for Asia/Pacific at Guy Carpenter, he was instrumental in creating the company's Far Eastern network. He has broad experience in underwriting, claims, and marketing for companies and international brokers. A native of China, Mr. Chau was educated in the United States. He holds a Master of Business Administration in Risk Management from the University of Wisconsin.

"Initially our team will operate primarily from U.S. RE's office in Shanghai," Mr. Chau said. "U.S. RE (Asia) will serve clients in China and throughout the Pacific.

"We'll bring the U.S. RE Group's fire power to our clients. In addition to traditional reinsurance, we'll offer expert services in the area of risk financing through such devices as captives and rent-a-captives. We expect to be involved in wholesale broking and risk securitization as well," Mr. Chau commented.

"I'm especially pleased to join U.S. RE because I've watched the Company grow over the last 10 years into one of the most respected firms in the business. This has come about through product innovation and an international strategy. In the vibrant economy which is developing in China today, there is a critical need for the broad range of products and services available through U.S. RE," Mr. Chau stated.

Mr. Chau will operate from his office in Shanghai which is located at 3E Dong Yi Building, 88 Chang Shu Road, Shanghai 200040, China. Tel: 86 21 6249 2809; Fax: 86 21 6249 3029.