WILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS), in collaboration with the governments of both countries, has taken steps to continue the restructuring of the ENNIA Group. This process, known as the ENNIA Resolution, is designed to fully protect policyholders' rights and ensure the continuity of insurance coverage. Under this restructuring plan, there will be no reduction in the value of the policies. 

The restructuring plan includes the creation of a new ENNIA insurance group, led by a new entity, ENNIA Holding N.V. This new group will take over the insurance obligations accrued since the emergency regulation was implemented in 2018. The original insurer, ENNIA Caribe Leven N.V., will retain the obligations accumulated before that date. This arrangement prevents policyholders from incurring losses, but it may result in some policies being split into two parts to separate the old and new insurance structures. 

To facilitate a smooth transition, some operational resources, such as information systems, will be transferred to the new entity. Employees of the current ENNIA Group will have the opportunity to apply for positions within the new structure, and the original names of ENNIA entities will be adjusted to avoid confusion. Additionally, the CBCS continues to explore strategic options for further actions regarding ENNIA's branches in Aruba and the Mullet Bay property in Sint Maarten. 

Finally, the CBCS confirms that the restructuring will not affect the ongoing legal proceedings it has initiated against ENNIA's former shareholder, Parman International, and Hushang Ansary. The Central Bank remains committed to seeking compensation for any damages suffered by policyholders or the insurance group.