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Sorema N.A.

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   * In 1998, Sorema N.A. Re and its Excess & Surplus subsidiary, Fulcrum Insurance Company, have shown strong growth in premium volume from their Facultative and special risk insurance operations, while premium volume from their reinsurance treaty operations remained stable or declined, depending on the different lines of business written. This trend resulted from our decision to control our underwriting results now that the insurance and reinsurance markets are at their most competitive. The opening of a new branch office of Fulcrum Insurance Company in Scottsdale (Arizona), as well as the addition of personnel in our Atlanta and Houston u n d e rwriting offices, illustrate the fact that our underwriting policy has become more focused on individual risks.

   * Sorema N.A.’s consolidated gross premium volume for 1998 amounted to $ 230,561,000, an increase of 8.7 % on 1997. Our net combined ratio of 108.5% shows an increase of 2.41 points from 1997, reflecting the impact of a series of natural catastrophes on our portfolio: the Canadian ice storm in January 1998, tornadoes in the Midwest during the second quarter, and Hurricanes Georges and Mitch in September and October, affecting the Caribbean, Central America and the southern United States.

   * Due to our favorable relationships with U.S. and Canadian reinsurance brokers, as well as additional investments during 1998 in our branch offices writing Facultative business and direct insurance, we are confident that Sorema N.A. will continue to experience steady growth in its premium volume and income in 1999.

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