World Leader in Life Insurance Signs for Kamakura Enterprise Risk Management Package One of World Top 10 Integrates Credit Risk, Market Risk and ALM

HONOLULU, February 19, 2004: Kamakura Corporation reported today that one of the ten largest life insurance companies in the world has successfully completed a pilot of the Kamakura risk management software suite Kamakura Risk Manager (KRM) and exercised its option to purchase Kamakura's fully integrated credit risk, market risk and asset and liability management solution. The company will initially roll-out the KRM solution in its investment department.

"Kamakura and our lead clients have long believed that the barriers between pension funds, insurance companies, banks and securities firms are tumbling down," said Warren Sherman, Kamakura President and Chief Executive Officer. "Within the insurance business, the roles of the investment department and the actuarial side of the organization are merging as well. KRM has the power to bring an integrated view of credit risk, market risk, and asset and liability management to executives on both sides of the balance sheet and in the office of the CEO. We believe that the actuarial community in particular appreciates how macro-economic factors drive both investment returns and the pay-offs on insurance policies. Thanks to the research of Kamakura Managing Director Robert Jarrow, KRM has the ability to model this correlated impact of macro-economic factors."

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