Motor General Insurance Company Limited – Controllership Concludes and Licence Revoked

RE: Motor General Insurance Company Limited - Controllership Concludes and Licence Revoked

The Cayman Monetary Regulatory Authority International (the “Authority”) has received the Final Report from the Controllers, Messrs. Simon Conway and Jess Shakespeare of PwC Corporate Finance Recovery (Cayman) Limited, who were appointed to oversee the operations of the Cayman Branch of Motor General Insurance Company Limited (“MG Cayman” or the “Company”). The report confirms that the Company has ceased all insurance-related activities in the Cayman Islands and is being removed from the Companies Register.

As a result of the Controllers completing their duties, the Authority has, effective 18 February 2021, formally revoked the appointments of Messrs. Conway and Shakespeare, under section 24(5)(a) of the Insurance Act (2010 Revision). Additionally, the Class ‘A’ External Insurer’s Licence of MG Cayman has been revoked in accordance with section 24(5)(d) of the Act.

The Controllers have also confirmed that the Trust account has been closed and all remaining liabilities have been settled.