property catastrophe reinsurance subsidiary Tempest Re, Donald Kramer, will discuss the evolution of the Bermuda market during an American Conference Institute-sponsored reinsurance conference in New York this April.

The conference is "The Changing Face of Reinsurance: Global Trends, Transitions and Reactions'' and Mr. Kramer will be discussing the Bermuda market's move away from single line catastrophe cover.

During a period when the conference will be focusing on global reinsurance markets and their transitions going into the 21st century, Mr. Kramer will trace the flow of dedicated capital to Bermuda in liability and catastrophe reinsurance, recount how the Bermuda insurance industry was consolidated, and explain the pressure that exists to maintain high return on equity.

He will also talk about the more recent export of capital from Bermuda to worldwide markets and Bermuda's significant participation in Lloyd's.

He will also discuss ownership transformations in the maturing Bermuda market.

The conference will also feature a speech by the CEO of CATEX, Frank Sweeney, explaining how CATEX is enabling risk bearers to spread risk globally and diversify their portfolios on a real time basis.

Mr. Sweeney's presentation will include an update on CATEX Bermuda. CATEX International is a subsidiary of Catastrophe Risk Exchange, Inc. which recently opened a risk exchange in New York.

CATEX is an intranet which allows primary insurers, reinsurers and brokers to anonymously post risk they would like to sell, or swap for other risk or for cash.

CATEX Bermuda is a BSX/CATEX International joint venture being set up through the Bermuda Stock Exchange.

BUSINESS BUC