ING sells Fatum Operations to Guardian Holdings Limited

December 16, 2002

The Netherlands ING Group announced that it has reached an agreement with Guardian Holdings Limited (GHL) of Trinidad and Tobago to sell its Fatum operations, a group that handles life, non- life and health insurance in the Netherlands Antilles and Aruba, by the end of the year.

Fred Hubbell, Executive Board member of ING Group, explained that “A key consideration for ING was to ensure Fatum is positioned for long-term growth and that it can enter markets outside the Netherlands Antilles and Aruba, form strategic alliances and grow as a regional insurer. Considering the interests of its policyholders, agents and employees, ING concluded that Fatum would be better positioned as a part of Guardian Holding Limited. This transaction should have no implications for Fatum’s present employees. The policyholders of Fatum can continue to rely on the security that their current insurance offers.”

ING’s announcement described Fatum as “a dominant player in the insurance market in the Netherlands Antilles and Aruba since 1904.” Its head office is located on Curaçao. The company employs 190 people, and operates through a network of independent brokers.

Guardian Holdings Limited is a major Caribbean publicly owned financial services company with assets in excess of $1 billion. It is engaged in all classes of long term, accident & health and general insurance business, employee benefits and asset management.

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