LONDON: Towers Perrin Creates Wholly Owned Capital Markets Venture, Towers Perrin Capital Markets Ltd.

LONDON,  July 22, 2008 -- Towers Perrin, a global professional services firm, has created Towers Perrin Capital Markets (TPCM) Ltd., a wholly owned subsidiary that will advise clients in the areas of risk-linked securities, retirement risk transfer transactions and asset risk management services throughout Europe, including evaluating and facilitating risk management solutions involving securities and other capital markets instruments.

Gavin Palmer, a Towers Perrin principal, will manage the operations of TPCM Ltd., based in London, as its chief executive officer.  TPCM Ltd. will offer a wide range of consulting and facilitation services to insurance companies and corporate clients that sponsor retirement plans. 

"Over the past decade, the risk management market has evolved, and the techniques for managing risks have grown beyond traditional insurance and reinsurance markets to include the capital markets," said Gavin Palmer. "We are finding increasingly that our clients are looking to us to advise and provide additional services above and beyond the traditional insurance and reinsurance markets."

"We are extremely excited about what this new opportunity presents for our clients across Europe," said John Manion, Towers Perrin principal and director of TPCM Ltd. "The new company will allow us to extend the range of solutions that we can offer to our corporate pension clients, enabling them to take advantage of new financial and risk management solutions developed and delivered through the capital markets."

Note to Editors:

With the formation of TPCM, Towers Perrin extends the scope of its risk and financial services solutions in response to the increasing importance of the capital markets in risk financing.  The firm supports businesses with conventional and alternative risk management solutions that range from risk identification and assessment through to the execution and implementation of a chosen approach in the insurance or capital markets

TPCM Ltd.'s address is 71 High Holborn, London, WC1V 6TP.  Additional information is also available on the TPCM Web site at www.tpcapitalmarkets.com.

About Towers Perrin

Towers Perrin is a global professional services firm that helps organisations improve performance through effective people, risk and financial management.  The firm provides innovative solutions in the areas of human capital strategy, program design and management, and in the areas of risk and capital management, insurance and reinsurance intermediary services, and actuarial consulting.  Towers Perrin has offices and alliance partners in the United States, Canada, Europe, Asia, Latin America, South Africa, Australia and New Zealand.  More information about Towers Perrin is available at www.towersperrin.com.