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Sir Laurie Magnus to join Redbox Systems as Non-Exec Chairman, 26th March 2001

Redbox Systems, the company behind CoverMaker.net - the leading edge commercial insurance placing system - has today announced that Sir Laurie Magnus will be joining the team as non-executive Chairman in April.

Sir Laurie, an investment banker, has been the driving force behind many major deals within the London Market, most notably in the establishment of Limit, the largest corporate capital vehicle at Lloyd's. He has also advised on transactions involving; Amlin, Cox, Kiln, Ace, Wellington, BRIT Insurance, Ockham, Jardine Lloyd Thompson, Heath Lambert Fenchurch, Marsh McLennan and HSBC Group. Most recently, Sir Laurie has been heavily involved in the LPSO/LPC merger discussions.

Educated at Eton and Oxford, Sir Laurie spent 18 years in HSBC Samuel Montague's corporate finance division before joining Phoenix Securities in 1995. Phoenix was acquired by Donaldson, Lufkin & Jenrette, the US investment bank, in 1997, where Sir Laurie was a Managing Director in the Financial Institutions Group, which in turn merged with Credit Suisse First Boston in 2000. In May this year, Sir Laurie will join Lexicon Partners, a privately owned corporate finance advisory business, as Vice Chairman.

Sir Laurie commented: "I am very excited to be joining Liz Latter and her team in developing CoverMaker.net. It offers an effective customer responsive platform between brokers and insurers which can add real value to the delivery of insurance services".

Commenting on the move, Liz Latter, MD of Redbox Systems said: "I am delighted that Sir Laurie has agreed to join us. He brings an extremely astute financial and strategic perspective which will be so important to Redbox as we develop and grow the business."

MD of The Broker Network, Grant Ellis, one of the founders of Redbox commented: "Having seen Redbox take CoverMaker.net from concept to a launch, it is encouraging that someone of Sir Laurie's blue-chip credentials also recognises the market opportunity in this sector and believes in Redbox's ability to deliver."

Redbox was established in July 2000 with the backing of three main shareholders - The Broker Network, Sysao plc and Capricorn Ventures International. Its aim is to provide insurance solutions for risk carriers by capitalising on the potential costs savings offered by the internet. CoverMaker.net - its first commercial product has already attracted interest from leading commercial insurers and brokers across the UK.