FFI Holdings PLC Subsidiary Successfully Creates Captive Insurer
And Provides Trading Update
FFI Holdings PLC ("FFI" or "the Company"), the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product, announces today that its subsidiary, FFI Insurance Company ("FFI Insurance", or "Captive") has been approved as a Class 3 Bermuda based Insurer.
Simultaneously, FFI has entered into new agreements with MS Amlin Underwriting Limited ("MS Amlin"), a long-term insurer and shareholder of FFI that will support the Captive. In addition, FFI will continue its long-term insurance arrangements with its primary and long-term supporters at Lloyd's of London and Allianz Global Corporate and Specialty.
The Captive will provide insurance coverage for FFI's costs associated with its core Completion Contract business. The Captive is expected to create greater efficiencies for both the Company and its customers whilst offering the same level of security FFI's counterparties currently enjoy.
Additionally, the Company announced today that current trading is in line with management expectations.
Steven Ransohoff, CEO of FFI, commented: "Following our successful IPO, FFI has been working diligently on improving costs associated with our Completion Contract business. To that end, I am excited to announce the formation of our captive insurer, FFI Insurance, together with our long-time partner, MS Amlin."
About FFI Holdings PLC
FFI Holdings PLC (AIM: FFI) is the holding company of Film Finances Inc., the world's leading provider of completion contracts to the entertainment industry, which offer assurance to the financiers of film, TV, mini-series and online media content that productions will be completed on time and on budget. These contracts serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships.
Since its founding in the 1950s, FFI has issued contracts on approximately 1,700 productions with gross budgets in excess of US$17 billion. These include many of the film industry's best known-titles, ranging from the first Bond movie (Dr. No, 1962) to The Hunger Games (2012) and Oscar winning films such as 12 Years a Slave (2013) and La-La Land (2016).
Over successive decades FFI has grown globally to become a trusted, iconic brand at the centre of the film industry. Headquartered in Los Angeles, USA, it has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
Hawthorn Advisors (Public Relations) FFI Holdings PLC
Andrew Orchard David Sasso, Head of Investor Relations
+44 (0) 20 3745 4960 +1 310 275 7323
Email: [email protected]
+44 (0) 20 3745 3815
This information is provided by RNS