FOR IMMEDIATE RELEASE

BAF Insurance Company (Cayman) Limited takes overBAICO (Cayman)

GRAND CAYMAN, November 4, 2009 - BAF Insurance Company (Cayman) Limited (“BAF”)has completed an agreement with the Controllers of British American Insurance Company Limited (Cayman) (“BAICO Cayman”), Simon Whicker and Kris Beighton of KPMG, to acquirethebusiness assets and liabilities of BAICO Cayman for an undisclosed sum. The purchase will protect the interests of BAICO Cayman’s thousands of policyholders from the threat of losing their current coverage and services.

“This really is a great result for Cayman” said Beighton “The interests of the policyholders and pension plan members will be safeguarded by this deal and the opportunity exists for a notable local business to survive and prosper and thus continue to provide employment.

This has been an intense six weeks and this result would not have been possible without the sound commercial approach taken by BAF and the close coordination and support of the Cayman Islands Monetary Authority (“CIMA”), the National Pensions Board, the Health Insurance Commission, the Insurance Commission of the Bahamas and the Judicial Manager of BAICO in the Bahamas and, of course, the staff and agents of BAICO Cayman who, despite the uncertainty surrounding the business, have diligently continued to service the customers of BAICO Cayman over the past few months.”

BAF’s acquisition of BAICO Caymanhas been formally approved by CIMA, the National Pensions Office, the Grand Court of Cayman and the Supreme Court of the Bahamas and will take immediate effect. Steps will be taken over the next few days to enact an orderly transfer of BAICO Cayman’s business operations to BAF. Policyholdersand pension plan members will be receiving formal written notification of the change of ownership in the course of the coming days.

CIMA’s Managing Director, Mrs. Cindy Scotland, stated: “This sale is a welcome development that meets the objectives that CIMA had in placing BAICO into controllership. It will safeguard the investments of policyholders and creditors, ensure the institution has a firm financial base with sound management and control, and preserve jobs. This is the best possible outcome and we look forward to a continuing proactive relationship with the new owners, in the public interest.”

On behalf of the National Pensions Office, the Acting Superintendent of Pensions, Amy Wolliston stated, “The National Pensions Office welcomes BAF Insurance Company (Cayman) Limited to the Cayman Islands as the new Administrator of the British American Guaranteed Pension Plan. We assure all pension members that we have worked closely with BAF over the past weeks to ensure that members’ pension benefits are fully protected. The NPO looks forward to an ongoing collaborative working relationship with BAF.”

Mr. Mervyn Conolly, Superintendent of Health Insurance said “I look forward to working with BAF Insurance Company (Cayman) Limited to ensure that there is a smooth transition for the current BAICO health insurance policy holders and I am optimistic that this is an opportunity for BAF Insurance Company (Cayman) Limited to establish an excellent working relationship with the other stakeholders in the health insurance industry.”

BAF Insurance Company (Cayman) Limited is owned by BAF (Holdings) Cayman, a local company and a member of the BAF Global Group Ltd, a Bahamian company with a reputation for being client-responsive, community-minded and a provider of quality financial products and services. BAF Global has a track record foracquiring and re-energizing financial & insurance companies. In 2007, BAF Global Group acquired British American Financial Limited in the Bahamas, rebranded it and within a two-year period, transitioned it from an insurance company to a full-services financial firm.

Newly appointed Chairman, Mr. Harvey Stephenson JP, is Caymanian and a40-year insurance & bankingindustry veteran. He retired several years ago as Head of BAICO (Cayman), and has consented to return to assist in ensuring a smooth transition. He serves on various Government & Private sector Boards, including the Cayman Islands Development Bank and the Water Authority Board.

“We are extremely pleased to announce that all the rights and entitlements of all existing insurance and pension clients will be protected. I find it particularly gratifying that this acquisition by BAF has protected the lives, investments and assets of our10,000insurance & pensions clients” said Mr. Stephenson.

Mr Jason Borrino, who has been appointed to the Board and will directly oversee the company in the Cayman Islands, has a wealth of international experience directly managing the Caribbean branches of a Top 5 global insurance company. Mr Borrino has also worked in Europe, Asia and across the Caribbean in the Employee Benefits arena. Additionally, he has experience in Captive management, Third Party Administration and International brokerage and has worked as a consultant to several insurance and brokerage companies in Europe, USA and the Caribbean.

Indicating the direction of the new company, Mr. Borrino said, “Life insurance, health insurance and pension plans will continue to be our core business. In time, backed by the extensive experience and resources of the BAF Global Group, we will introduce many more exciting products and services”

BAF Insurance Company (Cayman) Limitedhas expressed its commitment to making the transition a seamless one in keeping with their philosophy of providing excellent customer service and “financial solutions for life”.

Any enquiries regarding this announcement may be directed to:

Jason Borrino

BAF Insurance Company (Cayman) Limited

Tel:345 814 2522

Email:

The Controllers

Dedicated phoneline: 1 (345) 914 4402

Email: