On December 17, 1998, the company concluded an arrangement with FINSAC to take over the life and health insurance portfolios of Dyoll Life and wind up its other operations. This divestment will help to rehabilitate the Group and move it back towards sustainable profitability.
To effect the removal of Dyoll Life from the Group and to allow Dyoll Insurance to maintain their statutory capital requirement, FINSAC is lending Dyoll Insurance $135 million secured by a debenture from Dyoll Insurance. This indebtedness will have to be repaid to FINSAC over a ten year period at a fixed rate of interest. This injection will help to create a more positive financial environment within which the general insurance company is expected to operate.