Dear Valued Policyholder,

We are pleased to announce that New Providence Life Insurance Company Limited ("NPL") has entered into an agreement under which 100% of the issued and outstanding common shares of NPL will be acquired by BAF Financial & Insurance (Bahamas) Ltd. ("BAF"), subject to final regulatory approval.

BAF is a licensed Bahamian long-term insurer regulated by the Commission. This acquisition forms part of BAF's strategic expansion of its life and health business and will strengthen the combined entity's financial and administrative capacity. The proposed acquisition was supported by an actuarial due diligence report and other internal financial and operational reviews.

In terms of continuity, your policy will remain active and in force. All policy terms, benefits and obligations will continue without interruption. No action is required from you as a result of the transaction. As we work towards finalizing this acquisition, NPL will continue to operate as usual, communicate and provide you with updates as necessary.

We are confident that this transition will enhance your overall client experience such as a larger administration and claims service team, additional overseas network access, and extended service capabilities across the Bahamas. Additionally, once the integration is complete, you will have access to expanded insurance and financial products.

We are committed to transparency and continuity throughout this process. If you have any questions, please do not hesitate to contact us at our usual numbers and email addresses.

We thank you for your continued trust. NPL and BAF are committed to ensuring a seamless transition and continued high-quality service.

Sincerely,

Annice Tucker
General Manager