Black Sea and Baltic General Insurance Company Ltd
JANUARY 29, 2003

The Malta Financial Services Authority (“the MFSA”) refers to its Notice, published on the 6th September 1998 in the local press, with regard to Black Sea and Baltic General Insurance Company Ltd (“the Company ”) which is in provisional liquidation.

The MFSA informs all ex-policyholders and claimants of the Company that:

(a) As previously advised, on the 24th August 1998 Mr. Dan Yoram Schwarzmann and Mr. Colin Bird Douglas both of PricewaterhouseCoopers, Plumtree Court, London EC4A 4HT were appointed as Joint Provisional Liquidators of the Company by the High Court of Justice Chancery Division Company Court London, England. Mr. Nigel Rackham replaced Mr. Colin Bird as Joint Provisional Liquidator on 31st August 2001.

(b) Cordina Insurance Agency Ltd (“Cordina”) of Kingsway Palace 55 Republic Street Valletta, Malta VLT 04 has been appointed to run-off the Malta operations of the Company and is in the process of determining all liabilities, including claims and return premium, which the Company hasincurred in Malta. Cordina, which is currently determining claims and
return premiums, will then proceed to agree payment of claims with the prior approval of the Joint Provisional Liquidators.

(c) The MFSA confirms that it will eventually release funds of the Company maintained in Malta and which are held by the Authority in terms of law towards the payment of approved fees, claims, return premiums and other liabilities in respect of the Company’s business in Malta. Payment of these liabilities will be made once all claims have been agreed to ensure that the funds available are distributed equitably among all bona fide creditors.

(d) If the funds of the Company held in Malta are insufficient to meet all payments due to policyholders and claimants, pro-rata payments will be made.


For further information, policyholders and other interested persons may wish to contact Cordina on telephone number 21 224702 or the MFSA on 21 441155.