Sale completion and directorate changes

Pro Global Insurance Solutions plc (the "Company")

Sale completion and directorate changes

On 22 December 2016, the Company announced the sale of its outsourcing and consulting businesses, subject to shareholder, regulatory, and other approvals (the "Announcement").

The Company is pleased to announce that the sale has now completed. As stated in the Announcement, the cash consideration of the sale is £8.3m subject to adjustment for movement in working capital based on the balance sheet as at 30 September 2016. The adjustment has been calculated and the final cash consideration is £6,963,126.36.

Board changes

As described in the circular sent to the Company's shareholders dated 20 January 2017, the Company announces the following board changes:

Mr Artur Niemczewski and Mr Andrew Donnelly, respectively the Company's Chief Executive and Finance Director, have resigned from the board of the Company, effective today. Mike Dalzell has resigned from his role as company secretary.

Stephen Baxter (age 54) has been appointed to the board of the Company as Chief Finance Officer and Marvin Mohn (age 52) has been appointed to the board of the Company as Director. Gilles Erulin, non-executive director of the Company, will become chief executive of the Company. Martha Bruce has been appointed as company secretary. Tim Carroll will continue as chairman and Loic Brivezac will continue to be a director.

Going forward, the Company's only business will be its 30% investment in Asta Capital Ltd which owns a number of companies including Asta Managing Agency Limited, the leading third party managing agent at Lloyd's.

Enquires

The following details in relation to the appointment of Stephen Baxter are disclosed in accordance with Schedule 2(g) of the AIM Rules:

Current directorships:

Amberley Alternative Assets Limited

The Brighton Beele Train Limited

The following details in relation to the appointment of Marvin Mohn are disclosed in accordance with Schedule 2(g) of the AIM Rules:

Current directorships:

Tawa Management Ltd

CX Reinsurance Company Ltd

WT Holdings Inc

Island Capital Limited

ICL Holdings Incorporated

Pro Insurance Solutions Limited

Pocono Holdings Limited

Tawa Management (Bermuda) Ltd

Asta Managing Agency Limited

Asta Capital Limited

Q360 Limited

Q360, Inc.

Walshire Assurance Company

Past directorships:

Tawa Consulting Ltd

KX Re Holdings Ltd

PXRE Reinsurance Company

Pro IS, Inc

Past directorships where company was placed into liquidation as part of a solvent winding up under normal course of business within twelve months of Marvin Mohn being a director:

Island Capital (Europe) Limited

KX Re Holdings Limited

QX Reinsurance Company

Past directorships where company was placed into an insolvent liquidation proceeding within twelve months of Marvin Mohn being a director:

Lincoln General Insurance Company