Advisen Press Release: RIMS Benchmark Survey Delivers Real-Time Results

	Contacts:
	Sarah Hemingway
	Risk and Insurance Management Society, Inc.
	212-655-6059
	Patrick Ward
	Advisen Ltd.
	303-262-6078
	RIMS BENCHMARK SURVEY DELIVERS REAL TIME RESULTS
	Survey Offers Current Market Snapshot Through New Dynamic Data Capabilities
	CHICAGO, APRIL 7, 2003 - Unlike the anecdotal evidence of the recent past by trade reports and other sources of market data, preliminary results from the newly empowered RIMS Benchmark Survey, released today at the Risk and Insurance Management Society's annual conference and powered by Advisen, validate changes in the price of different insurance coverages. Furthermore, the results confirm the difficulty of the coverages' procurement, which previously had been hard to confirm. Early indications from first quarter 2003 data strongly suggest that D&O and fiduciary insurance continues to be difficult and expensive to procure, while property and excess casualty coverage prices appear to be softening.
	"We're seeing real verified evidence of the hard market risk managers have been encountering for the past few years, and the emergence of an apparently moderating price environment for some lines," said Christopher Mandel, president of RIMS. "For the first time in the history of the Benchmark Survey, we can see nearly real-time indications of the size and make-up of insurance programs and therefore a virtual snapshot of the market dynamics currently affecting buying decisions."
	The Survey also confirmed that even as risk managers continue to pay more for similar policies, those policies are often harder to place, requiring more insurers to secure the needed program limits. In addition, it is likely taking considerably more risk manager's time to negotiate terms and conditions. For the past two years, retentions have also been rising as risk managers sought to mitigate the impact of double-digit rate increases and insurers attempted to reduce losses arising from property catastrophes, increased tort activity and corporate governance scandals. Yet, as some coverage becomes more expensive, harder to place and requires higher retentions, the average limits remains virtually flat, according to the preliminary results. This suggests a continuing need for substantial risk transfer despite the rapidly rising cost.
	These Survey results are the first ever to be offered online. The online capability, powered by Advisen, Ltd., a provider of specialized information, analytic and benchmarking tools exclusively for insurance professionals, offers a dynamic and virtually real-time window into the current purchase patterns in corporate insurance markets.
	"Because the Survey is online this year, there is more data, it's more timely, more reflective of market trends, and therefore much more valuable," said Tom Ruggieri, CEO of Advisen and a 20-year veteran of the insurance industry. "Not only are we getting dynamic insight into pricing and limit trends, we are also getting a broader view of the market across various types of insurance. For instance, D&O insurance by all indications remains the most difficult environment for both pricing and overall contract conditions."
	Participants who contribute data to the Survey can create charts and schedules of insurance programs and interactively compare their data with prior years' Survey data. Additionally, participants can use interactive benchmarking tools to compare costs and programs against continuously updated marketplace data.
	Through RIMS' partnership with Advisen, contributing to the Survey is easier than ever before. RIMS members and other risk management and financial professionals can contribute their data by simply emailing current and two prior year policy schedules to Benchmark@RIMS.org or fax that data to 212.937.5272 and Advisen will input the data, making it available for on-line review and comparison within days. Contributors can also download the Survey from the Survey site at http://rims.advisen.com/, complete it and fax it to 212.937.5272 or visit http://rims.advisen.com/ and complete the Survey online. Participant support is available by calling 1-800-655-6590.
	The Risk and Insurance Management Society, Inc. (RIMS) is a not-for-profit organization dedicated to advancing the practice of risk management, a professional discipline that protects physical, financial and human resources. Founded in 1950, RIMS represents nearly 4,000 industrial, service, nonprofit, charitable, and governmental entities. The Society serves 8,000 risk management professionals around the world.
	Advisen Ltd. is the leader in strategic information services for the commercial insurance industry, combining comprehensive market data with proprietary analytic and benchmark modeling software. Advisen is the only provider to offer insurance companies, brokers and risk managers a systematic perspective on writing, marketing and buying lines of commercial insurance. Based in New York City with offices in Chicago and London, Advisen was founded in 1999 by a team of seasoned insurance and technology executives, including senior managers from Marsh Inc., Bloomberg, L.P. and Swiss Re America. For additional information, visit www.advisen.com.