30 June 2008

Charles Scott, MD of ARM explained, "We have been steadily expanding our business in recent years, and this acquisition represents a significant step forward for us, as it brings into ARM an experienced team and a number of high quality clients. We are also particularly pleased that, as part of the arrangements, Thomas Miller will continue to use the company to provide services for its Bermuda captive operations. This paves the way for longer term cooperation between our two companies."

Peter Donnellan, Chairman of Thomas Miller Holdings Ltd, welcomed the sale. "It is increasingly important for captive management operations to have both scale and professional depth as the increasing regulatory burden and client expectations require larger teams. The sale positions our Guernsey business and its staff in a new organisation where services can be maintained efficiently and cost-effectively. We chose ARM as our preferred buyer for the Guernsey business, recognising that they had a similar customer focus and service ethos to that of our own group. We also believe that the sale will give our Guernsey staff significantly better opportunity for career development and growth. We look forward to working closely with ARM in the future as our partner in Guernsey, which will provide services to our clients who wish to establish or maintain captives on the island," concluded Donnellan.

Background Information for Editors:

Alternative Risk Management Limited (ARM) www.arm.co.gg is the leading independent Insurance Manager in the Channel Islands. In recent years, they have grown substantially in Guernsey, and also expanded into Malta, Bermuda and Jersey. Our head office is in Guernsey which is one of the world's foremost captive insurance domiciles and the largest in Europe. We have over 100 clients as either captive owners or protected cell owners including both publicly quoted entities and small and medium sized companies with annual gross written premiums in excess of £200 million. Our ethos is to develop long term relationships with our clients and at all times provide a responsive and first class service whilst regularly reviewing the strategies being utilised and resulting benefits obtained.

Thomas Miller www.thomasmiller.com is a boutique insurance services business managing some of the biggest and most important insurance mutuals in the marine and logistics sector, including the UK P&I Club and the TT Club. It also manages a number of professional indemnity insurance mutuals and other specialist insurance captive and agency businesses. Founded in 1884, Thomas Miller has a long tradition and reputation for service. It employs over 580 people worldwide and has offices on four continents.

Note to Editors:

The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. Established in 1968, the Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

For further information please contact:

Ian Lush, Marketing Director, TT Club

Tel: +44 (0)20 7204 2642

E-mail: ian.lush@thomasmiller.com

www.ttclub.com

Media contact:

Peter Owen, ISIS Communications

Tel: +44 (0)1737 248300

E-mail: info@isiscomms.com

www.isiscomms.com

A full archive of all TT Club news releases and photographs is available from the ISIS Communications Press Room at www.isiscomms.com