KBW Announces Change to KBW Property & Casualty Index (KPXSM)

  KBW Announces Change to KBW Property & Casualty Index (KPXSM)

Business Wire

NEW YORK -- November 29, 2012

Keefe, Bruyette & Woods, Inc., a full-service investment bank that specializes
in the financial services sector, and a wholly owned subsidiary of KBW, Inc.
(NYSE: KBW), announces the following change:

Effective prior to the opening of business on Tuesday, December 4, 2012,
Validus Holdings Ltd. (NYSE: VR), a member of the KBW Property & Casualty
Index (KPX^SM), will undergo an increase in shares due to the completion of
its previously announced acquisition of Flagstone Reinsurance Holdings, SA

The KBW indices have ten tradable exchange-traded funds licensed: KBW Bank
Index (Index Ticker: BKX^SM, ETF Ticker: KBWB^SM); KBW Capital Markets Index
(Index Ticker: KSX^SM, ETF Ticker: KBWC^SM); KBW Insurance Index (Index
Ticker: KIX^SM, ETF Ticker: KBWI^SM); KBW Regional Banking Index (Index
Ticker: KRX^SM, ETF Ticker: KBWR^SM, KRS^SM, KRU^SM); KBW Financial Sector
Dividend Yield Index (Index Ticker: KDX^SM, ETF Ticker: KBWD^SM); KBW Premium
Yield Equity REIT Index (Index Ticker: KYX^SM, ETF Ticker: KBWY^SM); KBW
Property and Casualty Insurance Index (Index Ticker: KPX^SM, ETF Ticker:
KBWP^SM); and KBW Global (Ex. U.S.) Financial Sector Index (Index Ticker:

About KBW

KBW, Inc. operates in the U.S., Europe, and Asia through its broker dealer
subsidiaries, Keefe, Bruyette & Woods, Inc., Keefe, Bruyette & Woods Limited,
and Keefe, Bruyette & Woods Asia Limited. Celebrating its 50th anniversary,
KBW has established itself as a leading independent authority in the banking,
insurance, brokerage, asset management, mortgage banking, real estate, and
specialty finance sectors. Founded in 1962, the firm maintains
industry-leading positions in the areas of research, corporate finance,
mergers and acquisitions as well as sales and trading in equities and debt
securities of financial services companies.


Intermarket Communications
Mike Gelormino, 212-909-4780
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