Important notice in relation to Elite's Italian Business

THE IMPACT OF BREXIT AND THE OPERATIVITY OF ELITE INSURANCE COMPANY LIMITED IN ITALY

The Joint Administrators of ELITE INSURANCE COMPANY LIMITED, insurance undertaking based in Gibraltar, already operating in Italy mainly in the surety bonds sector on an establishment basis (the "Company"), inform the clients, policyholders and any other persons entitled to insurance benefits about the effects of the expiry of the transitional period provided for in the agreement on the withdrawal of the United Kingdom from the EU as of 31 December 2020.

In particular, in the light of the provision set out by Law Decree no. 183 of 31 December 2020 (the so-called “Decreto Milleproroghe”), the Joint Administrators are required to give notice of the conditions relating to the temporary continuation of the transitional activities in Italy of the Company after 31 December 2020.

It should be noted that the Company had already ceased the underwriting of new contracts and renewals from midnight on July 4, 2017 and was continuing, as authorized in accordance with the applicable provisions, to manage and settle claims related to contracts already underwritten. Since the Company ceased underwriting new contracts and renewals, key further developments have been: (i) the withdrawal of the authorization on February 1, 2019 ordered by the Gibraltar Supervisory Authority, Gibraltar Financial Services Commission (GFSC) and (ii) the opening of the administration procedure ordered on December 11, 2019 by the Supreme Court of Gibraltar.

Pursuant to paragraph 6 of article 22 of the so-called "Decreto Milleproroghe", the Company has been cancelled, as of January 1, 2021, from the Register of companies having registered offices in another Member State managed by IVASS.

As a consequence, from January 1, 2021 and without interruption with respect to what was carried out until December 31, 2020, the Company shall continue to manage and settle claims relating to contracts already underwritten until the completion of the administration procedure, without prejudice to the impossibility of allowing the underwriting of new contracts or renewals of those previously stipulated, by which is meant also renewals envisaged by tacit renewal clauses, extensions of the duration of the cover or extensions of the scope of the coverage as any other change or modification to the current coverage involving an accounting match, and any premium collections on behalf of ELITE INSURANCE COMPANY LIMITED with respect to the transactions described above.

For any other matters not expressly provided for in this press release and about any additional rights exercisable by interested parties, please refer to the Decreto Milleproroghe.

This press release is following previous press releases regarding the Company’s administration proceeding, with particular reference to the one dated 20 March 2020 on the IVASS website, and anything not expressly modified by this press release continues to remain valid for all purposes in the absence of further written communications from us. Further information can be found on the website of the Gibraltar Financial Services Commission, www.fsc.gi, and on the website used by the Joint Administrators www.pwc.co.uk/elite-insurance.

For further assistance please contact Quest Consulting (London) Limited by email at Elite-insurance.it@quest-group.co.uk or by telephone on +44 (0)207 129 8663.