FORWARD LOOKING INFORMATION

Certain statements in this communication may be considered to be "forward looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 such as statements that include words or phrases "will result", "is expected to", "will continue", "is anticipated", or similar expressions. Such statements are subject to certain risks, uncertainties and assumptions about our business. The factors which could cause actual results to differ materially from those suggested by any such statements include but are not limited to those discussed or identified from time to time in the Corporation's public filings with the Securities and Exchange Commission and specifically to risks or uncertainties associated with:

• the availability of primary and reinsurance coverage, including the implications relating to the absence of terrorism legislation;
• global political conditions and the occurrence of any terrorist attacks, including any nuclear, biological or chemical events;
• premium price increases and profitability or growth estimates overall or by line of business, and related expectations with respect to:

• our expectations relating to insurance losses from the September 11 attack and related reinsurance recoverables;
• the effects of the Enron bankruptcy on the energy markets and the companies that participate in them, the effects on liability under primary coverage and surety obligations of related judicial decisions and risks or uncertainties with respect to related reinsurance recoverables;
• the effects on the capital markets and the markets for D&O and E&O insurance arising out of the ongoing investigation of Enron, related accounting disclosures by other companies and any legislative or regulatory proposals resulting from those events;
• general economic conditions including

The Corporation assumes no obligation to update any forward looking information set forth in this communication which speaks as of the first date of issuance hereof.