CAPITAL ACCESS RANKS TOP HOLDERS of CATASTROPHE BONDS

October 25, 2002, Morristown, NJ – Capital Access International today announced its ranking of the top holders of a basket of approximately 20 risk-linked securities as reported in the company’s flagship browser-based market analysis service, eMAXX SM . Data is based on holdings information from U.S. and European mutual funds, U.S. insurance companies as well as U.S. public pension funds.

Catastrophe bonds, also known as risk-linked securities, are securitized instruments issued by insurance and reinsurance companies to transfer to the capital markets the risks associated with natural disasters and other catastrophic events.

Following are the top five holders of catastrophe bonds as reported in eMAXX as of October 15. 2002.

Institutional Investor Par Amount ($000)

Pacific Investment Management Co. (PIMCO) $148,950
Teachers Insurance & Annuity Association $120,000
Midland Advisors Company $58,455
Aon Advisors, Inc. $30,000
Metropolitan Life Insurance Company $21,310

Issuers of the most widely held catastrophe bonds include Swiss Re, SCOR and USAA. Most of these issues are rated sub-investment grade by the major rating agencies.

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