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Middlesea – Winding up of Progress Assicurazioni Spa

The board of directors of Middleseea Insurance pls refers to the Company Annoucement of the 11th January 2010, in which it was stated that preliminary unaudied data for the fourth quarter of 2009 relating to the Italian subsidiary Progress Assicurazioni SpA indicated a marked deterioration in claims experience during the period.

A further examination of the unaudited data as the 31st December 2009 indicated that it would not be possible for Progress Assicurazioni SpA to continue in business in conformity with Italian regulations without the injection of material further capital support.

The board of Directors of Middlesea Insurance plc has concluded that it is not feasible at this time for Middlesea Insurance pls to provide further capital to Progress Assicurazioni over and above the Eur45mln that has been injected over the past year.

Accordingly, Progress Assicurazioni has informed the Italian Insurance Regulators (ISVAP) of the situation, and that it wished to take the necessary measures to cease writing business in Italy and to wind up the company in accordance with procedures to be agreed with ISVAP.

On the 10th February 2010, ISVAP informed the company that it has appointed Professor Avv. Andrea Gemma as Provisional Administrator (‘Commissario’) of Progess Assicurazioni SpA with immediate effect.


By order of the board

Carlo Farrugia

Company Secretary