G.T.L. Bullmore and S.L.C. Whicker, partners of KPMG in the Cayman Islands were appointed as Joint Official Liquidators ("JOLs") of National Warranty Insurance Risk Retention Group ("NWIG") on August 1, 2003 by Order of the Grand Court of the Cayman Islands ("the Court")

The Order was made after hearing a winding up petition presented to the Court by NWIG on June 4, 2003, which was supported by the Cayman Islands Monetary Authority.

NWIG was placed into Provisional Liquidation by order of the Court on June 6, 2003. Based on the work undertaken by them since that date, the Joint Provisional Liquidators formed the view that NWIG is insolvent and that there was no viable alternative to the appointment of JOLs. For that reason they also supported NWIG's petition.

In short, the objectives of the JOLs are to achieve the maximum possible return to the creditors of NWIG as expeditiously as possible, as well as to effect an orderly wind down of NWIG's affairs. The JOLs will now progress these matters by forming a Creditors Committee and initiating a Proof of Debt process.

The latest Order of the Court, and periodic updates as to the progress of the liquidation will be posted by the JOLs onto NWIG's website, the address of which is www.NWIG.com.