PRESS RELEASE

Tradex Insurance Co. Ltd are pleased to announce the acquisition of the business of Westminster Motor Insurance Association Ltd.

Both Tradex and Westminster have a dominance in the Public and Private Hire market and the merger of these accounts puts them in a lead position of London Black Cab business.

Swiss Re, who are Tradex's Quota Share partners, will continue to provide support for this increased venture.

Stephen Endean, CEO of Tradex said "We are delighted to welcome the experience and dedication of the Westminster team on board. Together, we will now control in excess of £100M in commercial motor, motor trade and motor liability business". Also our thanks go to Swiss Re for their involvement in bringing us together and continued support.