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Rod Fox to lead Hannover Re’s US specialty insurance operations as CEO of Clarendon Group


* Former CEO of Benfield U.S. brings 20-year track record of building insurance businesses and deep familiarity with Clarendon’s operations.
* Steven Najjar appointed CEO of Hannover Finance Inc.

Hannover, 1 February 2006, Hannover Re Group today announced that Rodman Fox, a highly experienced and accomplished insurance industry executive, has been appointed Chief Executive Officer of Clarendon Insurance Group, Hannover Re’s wholly owned specialty insurance operation. Steven Najjar, who has served as Clarendon’s Chief Executive Officer for the past 16 months, has been appointed Chief Executive Officer of Hannover Finance Inc.

“Rod is an energetic and dynamic leader with a proven track record of building successful insurance businesses, developing deep customer and industry relationships, and creating meaningful value for shareholders,” said Wilhelm Zeller, Hannover Re Group’s Chief Executive Officer. “Rod has more than 20 years of broad insurance experience, including being a principal architect in building both E.W. Blanch and Benfield’s US business. With a strong reputation for inspiring internal teams and an intimate knowledge of Clarendon, Rod is the ideal person to spearhead Clarendon’s further growth and development.”

Mr. Fox joins Clarendon from Benfield, a leading global reinsurance and risk intermediary, where he served as Chief Executive Officer of the company’s U.S. operations, growing the business from approximately $20 million to $250 million in revenue over a five year tenure. Most recently, Fox helped launch the company’s corporate risk insurance brokerage business. Prior to joining Benfield, Fox served as President and Chief Operating Officer of E.W. Blanch Co., a leading integrated risk management provider.

Zeller continued, “Rod joins Clarendon at a time when the property & casualty markets are very attractive, and we are committed to further refining our Clarendon platform and creating a powerful presence in niche specialty lines, which offer compelling growth opportunities. Steve Najjar has been instrumental in setting that course. We value Steve’s continued insights and are pleased to have Rod on board.”

Rod Fox stated, “Having worked closely with Clarendon for over 15 years, I believe in the immense potential that this organization offers. Today, Clarendon is a $2 billion company with roughly $1 billion of capital, strong parental support in Hannover Re, a market-leading core business of partnering with managing general agents, and clear momentum in its specialty initiatives. I am delighted to lead an organization with such tremendous upside and look forward to leveraging this platform to capitalize on the clear market opportunities that exist today.”

Steve Najjar commented, “Serving as Clarendon’s Chief Executive Officer over the past year and a half during this important transformational period has been very rewarding and I look forward to continuing to be actively involved in the business. That said, the company is now ready for its next phase of development, and I can think of no one better prepared than Rod to lead Clarendon’s continued evolution.”

Mr. Fox has served as a director of Benfield, E.W. Blanch Holdings, International Catastrophe Managers, the Broker Reinsurer Market Association and Catex International. He holds the CPCU designation and is a graduate of Middlebury College and the Executive Risk Management Program at the Wharton School of the University of Pennsylvania.


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