Munich Re America Corporation Waives Minimum Tender Condition of Tender Offer and Consent Solicitation and Extends Consent Date for Its 7.45% Senior Notes Due 2026 Until August 15, 2008

PRINCETON, N.J., Aug. 4 Munich Re America Corporation, aDelaware corporation (the "Company"), which was formerly known as American ReCorporation, today announced that it has not received the Requisite Consentsto the proposed amendment to the indenture governing its 7.45% Senior Notesdue 2026 (CUSIP No. 029163AD4) (the "Notes") and has decided to waive theMinimum Tender Condition with respect to its previously announced cash tenderoffer (the "Tender Offer") for its outstanding Notes and the relatedsolicitation of Consents (the "Consent Solicitation" and together with theTender Offer, the "Offer"). Under the original terms of the Offer, the Offerwas conditioned on the valid tender of Notes and related Consents representingat least a majority in aggregate principal amount of the Notes. Under theamended Offer, upon the terms and subject to the conditions of the Offer, theCompany will accept for payment any and all Notes that Holders validly tenderat or prior to the expiration of the Offer and do not validly withdrawpursuant to the Offer. The scheduled Expiration Date is midnight New YorkCity time on August 15, 2008 (the "Expiration Date").

In connection with the waiver of the Minimum Tender Condition, the Companyhas extended the consent date of the Offer to midnight, New York City time, onAugust 15, 2008 (the "Amended Consent Date"). Accordingly, withdrawal rightshave been extended until the Amended Consent Date. Holders who tender theirNotes at or prior to the Expiration Date will be eligible to receive the TotalConsideration. Holders who have previously tendered their Notes need not takeany further action to receive the Total Consideration.

Except as described in this press release, the other terms and conditionsof the Offer remain unchanged.

This announcement is not an offer to purchase, nor a solicitation of anoffer to purchase, or a solicitation of tenders or Consents with respect to,any Notes and no recommendation is made as to whether or not holders of Notesshould tender their Notes pursuant to the Offer. The Offer is being madesolely pursuant to the Offer to Purchase and Consent Solicitation Statement,dated July 21, 2008, which more fully sets forth and governs the terms andconditions of the Offer, as well as sets forth additional information aboutthe terms of the Offer, how to tender Notes and deliver Consents andconditions to the Offer. The Statement contains important information thatshould be read carefully before any decision is made with respect to theOffer. In deciding whether to participate in the Offer, each holder shouldcarefully consider the factors set forth under "Certain SignificantConsiderations" in the Statement.

This Announcement includes forward-looking statements. Theseforward-looking statements include all matters that are not historical facts.Actual events or results may differ materially from those made in, orsuggested by, the forward-looking statements contained in this Announcement.The Company assumes no liability to update these forward-looking statements orto conform them to future events or developments.

Deutsche Bank Securities Inc. is acting as sole Dealer Manager and ConsentSolicitation Agent for this Tender Offer and Consent Solicitation. Furtherdetails on the Offer and a copy of the Statement can be obtained from:Dealer Manager and Consent Solicitation Agent: Deutsche Bank Securities Inc. Attn: Liability Management Group US Toll free: 1 866 627 0391 US Tel: 1 212 250 2955 UK Tel: +44 (0) 20 7545 8011 email: [email protected] Depositary Agent and Information Agent: Global Bondholder Services Corporation Attn: Corporate Actions US Toll Free: (866) 470 3700 Banks and Brokers Call: (212) 430 3774

SOURCE Munich Re America Corporation

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