The boards of The Britannia Steam Ship Insurance Association Limited and The United Kingdom Mutual

Steam Ship Assurance Association (Europe) Limited and The United Kingdom Mutual Steam Ship Assurance

Association (Bermuda) Limited have terminated merger discussions.

While a number of potential synergies and benefits were recognised, no agreement could be reached on

acceptable terms.

Yours faithfully,

THE MANAGERS

For more information

Members requiring further information should contact their usual Club contact.