On June 9th 2006, Mr Justice Warren gave leave to convene creditors’ meetings for the 16 proposed schemes of arrangement which together make up the “WFUM Pools Scheme”.

In relation to the WFUM Pools Scheme, based on the evidence presented at the hearing, the Court granted the Scheme Administrators of the insolvent pool participant, Sovereign Marine and General Insurance Company Limited (“Sovereign”) leave to convene the policyholder meetings for Sovereign and its solvent subsidiaries, Sovereign Insurance (UK) Ltd and Greyfriars UK Ltd, on the basis of one class of policyholders.

In respect of the other 13 solvent scheme companies the court granted leave to convene the creditors meetings on the basis of two meetings of Scheme Creditors: i) a class of Scheme Creditors in respect of their unpaid agreed claims, other claims not requiring estimation and outstanding claims; and ii) a class of Scheme Creditors in respect of their IBNR claims.

On June 30th 2006 the Court granted leave to convene the necessary meetings of Scheme Creditors to vote on the proposed WFUM Pools Scheme. These meetings will take place in late October 2006.