Grace, Kennedy – Agreement with Dyoll

Grace, Kennedy would like to clarify that the agreement entered into by Jamaica International Insurance Co. (JIIC) with Dyoll’s temporary manager relates only to its Jamaican policy portfolio and not the Cayman portfolio. The agreement does not involve an “acquisition” of the portfolio and no policy liabilities are therefore being assigned to JIIC. The agreement does not involve the assumption by JIIC of liabilities in relation to the policies which may have arisen in respect of incidents occurring prior to the Effective Date of the agreement. What the agreement contemplates is the issue by JIIC of new JIIC policies to the holders of Dyoll policies in its Jamaican portfolio and will run from the Effective date of the agreement. Dyoll remains liable to the policyholders in relation to the policy and the policy liabilities for the period up to the Effective date.