A Chronology of Custodian Life and its dealings with the BMA

Early Years

2011 - Custodian Life Limited registered in Bermuda, Joakim Samuelsson CEO and major UBO

2013 - Custodian Life Limited awarded an insurance licence by the BMA, under the Insurance Act 1978.

31/5/17 - 2016 Financial Statements signed off by KPMG Audit Limited, Bermuda

29/5/18 - 2017 Financial Statements signed off by KPMG Audit Limited, Bermuda, Statutory Declaration of Compliance, signed and filed with the BMA

25/7/19 - 2018 Financial Statements signed off by KPMG Audit Limited, Bermuda, Statutory Declaration of Compliance, signed and filed with the BMA

29/7/20 - 2019 Financial Statements signed off by KPMG Audit Limited, Bermuda, Statutory Declaration of Compliance, signed and filed with the BMA

27/7/21 - 2020 Financial Statements signed off by KPMG Audit Limited, Bermuda, Statutory Declaration of Compliance, signed and filed with the BMA

BMA Involvement & CL Appeal

15/10/21 - BMA issues directions to CL re Cessation of Shorting Practice,
unaware of normal financial markets practices and that policyholders actively manage their portfolios, not CL which acts with oversight.
KPMG resigns as auditor shortly thereafter, ahead of completeing the 2021 audit.

24/2/22 - Bermuda grey-listed by the EU as a non-cooperative jurisdiction for tax purposes.

22/4/22 - "BMA DECISION NOTICE DIRECTIONS IN CASE OF URGENCY", alleged several serious breaches of the Insurance Act 1978, set out several "Directions in case of urgency" to the Company
key reason stated as "failure to file audited financial statements for 2021"
The deadline for filing 2021 audited financial statements was actually 31 July 2022, so BMA notice was premature and damaging.

2/6/22 - "BMA DECISION NOTICE" signed by Susan Davis-Crockwell, with 2 key statements
- 5(a) business of the CL is being so conducted that there is a significant risk of the insurer becoming insolvent;
- 5 (aa) is expressing: the business the CL is being so conducted that there is a significant risk that the insurer will be unable to meet its obligations to policyholders;

30/6/22 - CL Appeals against BMA Decision Notice

14/7/22 - CL Grounds for Appeal served on BMA

23/7/22 - Susan-Davis Crockwell admits to Deputy CEO Shanna Lespere thatCL is fundamentally sound, despite her damaging Decision Notice of 2nd June.

9/8/22 - Susan-Davis Crockwell again states that "CL is fundamentally sound with a strong balance sheet" to Deputy CEO Shanna Lespere.

12/8/22 - Statutory deadline for BMA to respond to CL Appeal - no BMA response at this time.

30/11/22 - Susan Davis Crockwell says "I need to reread the custodian letter and speak with Gerald and Vette" and "Phrased that way we could look bad."

December 22 - Meeting, CL owners, directors & management, BMA, Susan Davis-Crockwell, Maringi

17/1/23 - Susan Davis-Crockwell says to Dina Wilson "I'm not sure what a tribunal process for this would look like neither is Jeferino (Jeferino dos Santos, Chief Actuary, Bermuda Monetary Authority). I have heard him say it."

10/2/23 - Susan Davis-Crockwell says "yes exactly awful imagine losing."

May 2023 - CL's grounds for appeal left unanswered by BMA

21/6/23 - Letter from Carey Olsen to BMA, citing deadline for CL filing audited accounts was 31 July 2022

29/6/23 - Carey Olsen email consent to BMA re Rod Attride-Stirling to preside over Appeal Tribunal

Kroll Investigation

4/7/23 - BMA appoints Kroll Bermuda Limited, under s.30 Insurance Act 1978, to investigate CL.

6/7/23 - Appeal Tribunal notice - preliminary hearing Custodian Life v BMA set down for 12 July.

11/7/23 - BMA adjourn for 60 days, with CL consent, pending Kroll report.

20/7/23 - Carey Olsen letter to BMA, noting the BMA's Urgent Directions issued before financial year-end filing deadline.

21/7/23 - Gerald Gakundinotes that Ben Adamson, the BMA's lawyer, "Ben is nervous I can tell or at least cautious on this point."

3/10/23 - Kroll investigation concluded, report circulated.

October 2023 - BMA director ?? agrees to meet CL, second week of November.

31/10/23 - CL response to Kroll ivestigation report, countering adversarial posture of Kroll

BMA Supreme Court petition for Provisional Liquidation of CL

3/11/23 - BMA files a petition at the Supreme Court to appoint Joint Provisional Liquidators, before meeting CL management.

November 2023 - Henry Tucker resigns as Partner from Carey Olsen, becomes Managing Partner of Harneys, Head of Litigation, Insolvency and Restructuring

24/11/23 - Supreme Court of Bermuda appoints JPL's John Johnson and Edward Wilmott of Deloites, citing the BMA's statements of alleged several serious breaches of the Insurance Act 1978, as well as their previous stated Directions.

JPL interaction with management of CL.