Sapiens INSIGHT™ For Reinsurance Launched In the U.S.

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Research Triangle Park, NC � APRIL 19, 2005 – Sapiens International Corporation N.V., a leading global provider of insurance business solutions, announced today, at the 2005 Risk and Insurance Management Society (RIMS) conference being held in Philadelphia, the U.S. release of Sapiens INSIGHT™ for Reinsurance, a new component of the Sapiens INSIGHT™ suite of insurance solutions.

Sapiens INSIGHT™ for Reinsurance supports carriers and reinsurers in the management of ceded and assumed reinsurance including proportional and non-proportional treaties, facultative contracts, and finite risk agreements. Leveraging Sapiens� pioneering eMerge™ Business Rules Technology, Sapiens INSIGHT™ for Reinsurance is based on ACORD standards and XML technology. It is designed to support both multi-currency and multi-lingual processing, and accommodates multi-company corporate structures. The solution currently supports commercial and personal lines. Life product support is planned to be available in a year-end 2005 release.

Already implemented in its first production client, this state-of-the-art, web-enabled solution streamlines and reduces the cost of handling reinsurance business functions through automation and integration of business rules. In addition, business users may dynamically alter the behavior of the solution in response to market changes, corporate and stakeholder needs.

�We are pleased to introduce this unique offering to the insurance marketplace. Our solution provides the power and flexibility of business rules technology tightly integrated with a core Reinsurance application� said Steven Bessellieu, President of Sapiens Americas. �This innovative reinsurance solution offers firms a solid business platform for managing the risks inherent in today�s fast-paced, ever changing, tightly regulated marketplace�.

About Sapiens International

Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens’ innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific and has partnerships with market leaders such as IBM and EDS. Sapiens’ clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial, Abbey National, ING, and Occidental Fire & Casualty among others. For more information, please visit