French compensation update

Elite Insurance Company Limited (In Administration) ( "Elite") has not renewed or concluded new insurance contracts in France after 1 July 2018. Consequently, pursuant to articles L.421-2 and L.421-9 of the French insurance code in the wording in force at the time of conclusion or renewal of the aforementioned insurance contracts, the policyholders and beneficiaries of insurance contracts written by Elite in France will not receive compensation from the French compensation scheme for compulsory damage insurance (Fonds de garantie des assurances obligatoires de dommages - FGAO).

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