On 1 April Middlesea Insurance plc announced that on 30 March 2010 the Italian Insurance Regulator (ISVAP) placed Progress Assicurazioni SpA in Compulsory Administrative Liquidation following the statutory 60 days of provisional administration as declared on 11 February 2010. Furthermore ISVAP nominated Prof. Avv. Andrea Gemma to act as Liquidator for a period of three years. ISVAP also appointed three other members to the Supervisory Comittee for the liquidation for the same period.

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