Nicholas M. Brown, Jr. To Become Chief Executive Officer of NAC Re Corp.

Nicholas M. Brown, Jr. has been named chief executive officer of NAC Re Corp., effective January 1, 1999, succeeding Ronald L. Bornhuetter, the company's CEO since December 1987. Bornhuetter will continue in his role as chairman of the board of NAC Re Corp. and will continue to serve the company pursuant to his employment contract, which runs through June 2000.

Brown joined NAC Re in October 1996 as president and chief operating officer of its wholly owned subsidiary, NAC Reinsurance Corp. Prior to joining NAC Re, he was executive vice president and chief operating officer of St. Paul Fire and Marine Insurance Co. He began his career and held a variety of positions at Aetna.

Commenting on the announcement, Bornhuetter said, "Since joining NAC Re in 1996, Nick has shown the vision, leadership and skill we were seeking for the Company's next era. I am delighted that the first phase of our succession plan has proven successful and that Nick will assume the role of CEO. I look forward to working with him closely over the upcoming years as we complete our transition."

Brown said, "NAC Re's spirit, professionalism, and culture has exceeded my expectations. I am proud to be a part of such a successful franchise and look forward to continuing to work with its management team and employees as we face the challenges and opportunities in the reinsurance marketplace. I am particularly grateful to Ron Bornhuetter for his professional and personal guidance and for this tremendous opportunity in the Company he has been so instrumental in building."