Standards Organizations Announce a New Initiative for Globalizing Insurance Standards

Pearl River, NY – August 15, 2002 – ACORD (Association for Cooperative Operations Research and
Development), an insurance standards setting organization with global reach and eEG7, the European standards body
for the insurance industry have announced a common initiative aimed at developing a global basis for interoperable
insurance messages.

Both organizations have agreed to harmonize the results of their respective initiatives: ACORD’s
eMerge project and the eEG7’s SMILe project, allowing insurance and reinsurance companies, solution providers and
intermediaries to work seamlessly with one another across borders.

“This combined effort will result in the creation of a real, global data model and a
repository for the insurance industry,” said Gregory A. Maciag, president and CEO, ACORD. “By working
with eEG7, the idea of a true global standard for the insurance industry can be realized.” Luc Sterck,
chairman of eEG7 added “eEG7 is pleased to make both its material and expertise available in order to produce
global standards. We are convinced that this agreement will give our achievements the visibility they deserve
and will benefit the global insurance industry.”

ACORD has solid foundations in the European insurance market covering reinsurance and large
commercial and in the American insurance market covering life, annuity, property and casualty and reinsurance.
ACORD also supports standards development and implementation in South Africa, Canada, Asia Pacific and Australia.

eEG7 provides standards to the European insurance industry and has an in-depth knowledge of
private insurance and commercial insurance. The common knowledge of the two organizations will further the global
view of the insurance industry.

The collective initiative will be based upon the ebXML specifications and will be developed
according to the UN/CEFACT specifications for international standards.

The initiative will be launched at the upcoming CEFACT Forum in Geneva, September 8-13.
Participation by all nations and standards organizations is welcome.

Note: A photograph of participants is available per your request.
For further information please contact:

eEG7 is the European forum for the development of e-business standards for electronic communication
in the insurance sector. eEG7 was set up in 1988 as part of the UN/CEFACT organisation initiated by the UN/ECE.
All standards developed are available on the eEG7 Web site (www.eeg7.org)

Based in Pearl River, N.Y., ACORD (Association for Cooperative Operations Research and Development)
is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards
for the insurance, reinsurance and related financial services industries. With offices in New York and London,
ACORD accomplishes its mission by remaining an objective, independent advocate for sharing information among
diverse platforms. ACORD Standards and services improve efficiency and expand market reach. Affiliated with ACORD
are thousands of insurance and reinsurance companies, agents and brokers, related financial services organizations,
suppliers, and industry organizations worldwide.