NEW YORK: Towers Perrin Creates Wholly Owned Capital Markets Subsidiary, Towers Perrin Capital Markets Inc.

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

Prakash Shimpi, a Towers Perrin principal and head of its Enterprise Risk Management (ERM) practice, and a pioneer in the development of alternative risk transfer products such as contingent capital and insurance-linked securities, has been appointed chief executive officer of TPCM Inc.

"Through TPCM we can now help clients tap into the potential value of employing the capital markets as part of an integrated risk management strategy," said Mr. Shimpi, who since 2004 has led Towers Perrin’s market-leading ERM practice, covering both financial and nonfinancial institutions.

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 Inc.'s address is 335 Madison Ave., 21^st Floor, New York, NY 10017.  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 organizations 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.