Tokio Marine Bluebell Re Limited provides reinsurance coverage for guaranteed payments of death benefits and annuities in connection with variable annuity insurance offered by the Company's subsidiary, Tokio Marine & Nichido Financial Life Co., Ltd. Tokio Marine Bluebell Re Limited will be established in order to control the risks associated with the guaranteed payment obligations of Tokio Marine & Nichido Financial Life Co., Ltd. by utilizing derivatives-based strategies through the integration of advanced financial technologies of JPMorgan Chase and the insurance risk control expertise possessed by the Company. This enables Tokio Marine & Nichido Financial Life Co., Ltd. to enhance its ability to offer variable annuity insurance to its customers.

Additionally, Tokio Marine Bluebell Re Limited intends in the future to offer reinsurance covering underlying variable annuity insurance underwritten by insurance companies outside of the Millea group.

The establishment of Tokio Marine Bluebell Re Limited is subject to the approval by the relevant authorities.


Profile of Tokio Marine Bluebell Re Limited:

(1) Location: The Isle of Man

(2) Date of Establishment: Scheduled for the end of March 2007

(3) Business Operations:
     Offering reinsurance coverage for guaranteed payments in connection
     with variable annuity insurance

(4) Fiscal Year End: December 31

(5) Number of Directors: Seven

(6) Capital Stock: Approximately 10 billion yen at the inception

(7) Major Shareholders and Shareholding Percentages: 
     The Company: 90.1%
     Aldermanbury Investments Limited: 9.9%
     (Wholly-owned subsidiary of JPMorgan Chase & Co.)