The Malta Financial Services Authority (the MFSA), on the 12th July 2010 revoked the authorisation of European Insurance Group Ltd in terms of Article 26 of the Insurance Business Act (Cap 403) (the Act). The company has filed an appeal to the Financial Services Tribunal.

The MFSA, with effect from the 6th August 2010 had, in terms of Article 28(1)(c) and (d) of the Act, appointed Deloitte, Certified Public Accountants, of Deloitte Place, Mriehel Bypass, Mriehel BKR 3000, Malta to take charge of the assets of European Insurance Group Limited for the purposes of safeguarding the interests of the insured persons, policyholders, creditors and shareholders of the Company and to assume control of the business of the Company.

The MFSA has now, with effect from the 29th September 2011 and in terms of Article 28(1)(f) of the Act, appointed Mr Brian Tonna, Certified Public Accountant, of Nexia BT, Ground Floor, Tower Business Centre, Tower Street, Swatar BKR 3013, Malta, to act as liquidator of European Insurance Group Ltd for the purpose of winding up of the business of the Company.

MFSA Ref: 42-2011