David Pye, Chairman of IBS said “I am delighted to receive the approval from Lloyd’s. This will enable us to expand our network of Appointed Representatives, whereby IBS assists non-Lloyd’s brokers both in the UK and from overseas who wish to place business in Lloyd’s and the  London Market. We are also interested in attracting individuals or small teams of London brokers who want greater autonomy for themselves and their clients.”

Nick Readings, Chief Executive of ISG said “I congratulate David and the Executive team for all their hard work. Receiving Lloyd’s approval enhances further ISG’s worldwide position as a provider of high quality (re)insurance services. ”

ISG is an Independent service provider and acquirer in the (re)insurance sector. With offices in London and the USA, ISG offers broking, underwriting support, exit solutions, information technology and consultancy services to both the live and discontinued markets.  Since the beginning of 2008 ISG has acquired interest in five companies, primarily in the United States of America Additional information about ISG can be found at our website – www.isgrp.co.uk

Contact information:

Mark Taylor

T: 020 7954 4319
F: 020 7702 9011

Mark.taylor@isgrp.co.uk

Independent Services Group
9 St Clare Street,
London,
EC3N 1LQ

Stephanie Mocatta said “This is our fifth acquisition in the USA and we are pleased to have been able to work with the Commonwealth of Pennsylvania Insurance Department on this transaction.  We will work professionally and efficiently to complete the run-off of this company.  We look forward to further US acquisitions in the near future”

ISG is an Independent Service Provider and Acquirer in the (re)insurance sector. With offices in London and the USA, ISG offers Broking, Run-off, IT and Consultancy services to both the Live and Discontinued markets.  Since the beginning of 2008 ISG has acquired four companies, Americas Insurance Company, Paladin Reinsurance Corporation, Syndicate and Corporate Management Services Inc. and Syndicate and Corporate Management Services Limited (Bermuda).  Additional information about ISG can be found at our website – www.isgrp.co.uk

Contact information:

Mark Taylor

T: 020 7954 4319
F: 020 7702 9011

Mark.taylor@isgrp.co.uk

Independent Services Group
9 St Clare Street,
London,
EC3N 1LQ

Stephanie Mocatta said “This acquisition of both Syncorp and Syncorp Bermuda, following our previous purchases in Louisiana and New York, significantly reinforces our base in the USA and also provides us a platform for growth in Bermuda.”

ISG is a London based independent consulting and services provider to the insurance and reinsurance sector.  ISG’s offerings include strategic reviews and implementation, balance sheet and process re-engineering, capital and solvency management, change and operational management spanning financial, technical, underwriting, claims and IT services for all businesses from new start ups through to established businesses and run-off portfolios or companies.

Stephanie Mocatta said “We are extremely pleased to make this step forward in our plans for growth in the USA.  We have worked closely with the previous shareholders of Paladin Re and the New York Insurance Department on this transaction and would like to thank them for their help and co-operation.  Following on from our acquisition in August 2008 of Americas Insurance Company, based in Louisiana, this significantly strengthens our position in the US.”

ISG is a London based independent consulting and services provider to the insurance and reinsurance sector.  ISG’s offerings include strategic reviews and implementation, balance sheet and process re-engineering, capital and solvency management, change and operational management spanning financial, technical, underwriting, claims and IT services for all businesses from new start ups through to established businesses and run-off portfolios or companies.

David Pye has agreed to join the ISG Board as a non-executive director. He brings with him 40 years experience in the London Insurance market both as an underwriter and a director of various insurance entities in both the Company and Lloyd’s market. Currently David is Chairman of Creechurch Underwriting Ltd and director of various companies under the ownership of Canopius Group Limited . He is also the Chairman of Equity Syndicate Management Ltd, the managing agency responsible for the Equity Red Star Syndicate 218, the largest Lloyd’s Motor Syndicate.

Mark Taylor has joined the ISG Board with specific responsibilities for the Group’s marketing activity formalising a role he has performed for ISG in recent years. Mark has worked in the London Market for 20 years, largely in the claims area,  working extensively with the US, Japanese and European markets. He trained at a large multi national broker handling worldwide reinsurance Catastrophe and US Casualty claims. He then switched to Claims Adjusting and Management in the London office of a large Japanese insurer concentrating on commutations, arbitrations and exit solutions. Since 1999, he has been running the inwards and outwards claims activities in the London office of a major US corporate client of Independent Services Group, predominantly in the Personal Accident and Life reinsurance markets.

Nick Readings, Chief Executive of ISG said “We welcome them both and their joining the Board gives us additional skills at what is an interesting time for the industry.”

ISG is a London based independent consulting and services provider to the insurance and reinsurance sector.  ISG’s offerings include strategic reviews and implementation, balance sheet and process re-engineering, capital and solvency management, change and operational management spanning financial, technical, underwriting, claims and IT services for all businesses from new start ups through to established businesses and run-off portfolios or companies.

Completion of the sale, which is subject to regulatory approval, will see Whittington exit the US market in order to enable it to continue to focus on investment opportunities in Europe and in emerging markets in Asia, together with its Lloyd’s managing agency and Lloyd’s syndicate investments.

Whittington purchased Americas Insurance Company, which wrote marine, liability and aviation business, in July 2001 and has successfully consolidated the run-off to the extent that Americas Insurance Company is now a suitable platform to recommence live underwriting.  The employees in New Orleans, Louisiana will remain with the business.

The acquisition by ISG will see the insurance services business purchase the run-off portfolio, including licences to write business in 30 US states. Once regulatory approval is received, ISG intends to utilise Americas Insurance Company to begin writing Homeowners business in Louisiana with immediate effect.

Tony Hobrow, Whittington Group Chief Executive, said:

“The sale of Americas Insurance Company to ISG is a significant step for Whittington Group as it marks our planned exit from the US domiciled run-off market.  Our focus is now firmly on pursuing the many insurance investment opportunities in Europe and in the emerging markets of Asia.”

Nick Readings, Chief Executive of ISG said:

“We are pleased to make this acquisition as it consolidates our strategy for growth in the USA. We look forward to ISG managing the run-off portion of the portfolio from the UK.”

Stephanie Mocatta, Senior Vice President designate of Americas Insurance Company said:

“The purchase of Americas Insurance Company by ISG provides us with a platform to launch a live underwriting operation in Louisiana.  We are very excited by the prospect of providing homeowners property cover in Louisiana and believe that this will be a great success.”

ISG’s project leaders are Stephanie Mocatta and Richard Whatton, who will be working alongside other members of the ISG team.  Richard Whatton said “We are extremely pleased to have won this high profile assignment to help IMEDI L in Georgia.  We look forward to working in the Georgian insurance market and utilising our skills and experience to assist IMEDI L in developing their market position.”

ISG’s CEO Nick Readings added “I am extremely delighted that our team has extended ISG’s offering to this dynamic territory and look forward to building on this platform in the future.”

IMEDI L is the fourth largest insurance company in Georgia. The EBRD recently purchased a 34% stake in IMEDI L, the remaining shareholders are Georgian.

Richard Whatton and Stephanie Mocatta joined ISG in June 2007 both to develop further the high level consulting practice and also to acquire distressed insurance entities in the USA and Bermuda.

ISG is a London based independent consulting and services provider to the insurance and reinsurance sector.  ISG’s offerings include strategic reviews and implementation, balance sheet and process re-engineering, capital and solvency management, change and operational management spanning financial, technical, underwriting, claims and IT services for all businesses from new start ups through to established businesses and run-off portfolios or companies.

Nick Readings of ISG said “Richard and Stephanie bring unparalleled experience of the acquisition of insurance entities and have an excellent track record in closing deals and turning around distressed entities.  We are extremely pleased to have them on board and believe that they, together with Jason, can build a significant base for ISG in the US and Bermuda.”

Richard Whatton said “ISG have provided support and encouragement for the development of our acquisition plans in the US and Bermuda. We believe that the US, as the world’s largest insurance market, is under-supplied with exit solutions and that this is a large and relatively untapped marketplace. It has been refreshing to work with such a forward thinking and dynamic group and we look forward to helping to build a professional and profitable operation.”

Jason Tuckley has 14 years in the insurance industry, the first 5 years being spent auditing Lloyd’s and London Company Market operations for a Big 4 accountancy firm.

More recently Jason has been specialising in the delivery and enhancement of client underwriting support activities, including systems implementation and process development as well as continuing to manage a $500m U.S. Workers Compensation Portfolio for a major US reinsurance client.

Nick Readings of ISG said “We have been looking to operate in the US Market for the last five years and with Jason Tuckley’s relocation this objective can now be met. The opportunities in the US for a specialist consultancy are significant and we look forward to delivering solutions for current and new clients via the new operation.”

Jason Tuckley said “There are many opportunities to replicate our successful UK business in the US and I look forward to the challenge in building this new operation with the support of the UK.”

Steve Bond, managing director of TurnStone Group, says that the benefit of the joint venture is to offer the industry and their clients a wider range of services whilst each company still maintains its independence. Nick Readings, chief executive of ISG (the umbrella of the trading companies Independent Market Solutions Ltd. Independent Broking Solutions Ltd and Independent London Market Services Ltd), says he believes this joint venture will add to the quality of the resources both organisations provide and is a strengthening of both. He looks forward to growth in this area and a broadening of client services internationally.

TISG will be the vehicle utilised to market both organisations, providing a unified direction for both groups. To facilitate the operation of the joint venture TurnStone Group will be relocating its offices to 9 St Clare Street London EC3N 1LQ, the present location of ISG.