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Interruption of CBL IE DAC underwriting activity

Rome, 19 February 2018 - Unfortunately we learned today from IVASS that the Central Bank of Ireland has decided to block the activity of CBL Insurance Europe DAC with immediate effect throughout Europe. This decision is a consequence of the recapitalization that was required a few days ago in order to cope with some investments made by the Company in the French market.
We believe that this sudden decision has also been caused by untruthful informations circulated in this days through the market and obviously we trust that the problem will be resolved as soon as possible.

We want to confirm you that all existing contracts remain valid and effective, but about the new issues we have to comply with the Irish Authority decision. We are in contact with the Board of Directors and in particular with Peter Harris, Director of the Company, in order to provide as soon as possible a quick solution to our reference market.

Olimpia Agency is available to clarify any doubt about a very delicate and complex situation, which has been created in spite of ourselves. We hope to give as soon as possible positive news about the progress of this affair.

As requested by the supervisory authority, for information contact infocblie@olimpiaagency.it or call +39 328 1889260.

tel. 06 94443175

mob. 328 1889260

fax. 06 87690827