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April 4, 2003

RAM Reinsurance Company Ltd. Secures Capital Infusion; Triple-A Rating Affirmed by Standard & Poor's

Bermuda based RAM Reinsurance Company Ltd. (RAM Re) completes third round of funding

Hamilton, Bermuda — RAM Re, a financial guaranty reinsurance company based in Bermuda, announced today that it has completed a third round of capital funding totaling $91.6 million. This additional capital has resulted in Standard & Poor's affirming RAM Re's triple-A rating, and changing the company's outlook to stable from negative.

Participants in the capital funding were The PMI Group, Inc. Transatlantic Reinsurance Company, CIVC Partners, L.P., and MBIA Insurance Corporation ("MBIA").

MBIA, a new shareholder and key customer of RAM Re, is the largest triple-A rated (Moody's, S&P, Fitch) monoline financial guaranty insurance company.

"Now that our rating has been affirmed and we are less capital constrained, we can begin to take advantage of the changes that have taken place in our market and become a more important reinsurer to our customers. We will continue to capitalize on our core strengths, which include excellent customer relationships, a strong financial position, and our Bermuda domicile," said Joy Richardson, President and CEO, RAM Re.

RAM Re's increased capital, and the resolution of its S&P rating outlook, will enable it to focus on providing highly rated financial guaranty reinsurance to its customers.

"With this latest infusion of capital, the company is poised to take advantage of its economies of scale, provide higher returns to investors." said Carolyn Thoms, Chief Financial Officer, RAM Re.

RAM Reinsurance Company Ltd. (RAM Re)

RAM Re was formed in February 1998 to take advantage of an increased emphasis of diversity of reinsurance sources by the "AAA/Aaa" rated financial guaranty primary insurers. The company has strong relationships with each of the four largest primaries and is developing relationships with the newer entrants in this market. Other investors include: Greenwich Street Capital Partners II, L.P., High Ridge Capital Partners L.P., Canaan Equity, L.P., Western General Insurance Company, and the Bank of Bermuda. RAM Re is rated AAA by Standard & Poor's and Aa3 by Moody's Investors Service.

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