The Fotherington Insurance Group and Grant Development Bond Reach Agreement

From SL-Newspaper.com

Yesterday The Fotherington Insurance Group (TFIG : ISE) and Andy Grant, CEO of the Grant Development Bond (GDB : ISE) have entered into an insurance agreement which allows shareholders of GDB(ISE) to buy insurance on their holdings of GDB(ISE) from TFIG(ISE) at a 50% discount, up to L$10,000.

Founded in October 2007, TFIG(ISE) aims to be Second Life's leading insurer and reinsurer. Their Strategy is to achieve an underwriting capacity of L$1,000,000 while writing profitable business across the insurance cycle. TFIG(ISE) holds sufficient security in the form of L$ carried on avatars to cover the four largest insurance exposures. TFIG(ISE)'s core purpose in writting insurance and reinsurance is to provide "continuity in an uncertain world" to clients. The insured can be confident in having selected a leading provider of insurance who understands their business and will always respond quickly to their needs - especially the settlement of claims. The Fotherington Insurance Group is committed to playing a key role in raising financial standards, transparency and governance within Second Life.

TFIG(ISE) announced it's intention to IPO on the ISE earlier this month, and the deal with GDB(ISE) saw 10,000 shares exchange between the two POS's in one fell swoop.

In RL, Percy Fotherington works in the Asset Management industry in the UK and through his work analyzes, meets the management of and holds investments in insurance and reinsurance companies.

According to it's most recent financial statement, TFIG(ISE) has a Net Asset Value of L$4.39 per share, meaning that it's IPO price of L$1.00 should be considered a great premium and outstanding investment.

The four types of insurance provided by TFIG(ISE) include the insurance of investments made by residents against fraud or bankruptsy for listed companies on various Exchanges, other types of insurance for residents, such as ISE deposit insurance, bespoke insurance contracts direct with Second Life companies, and re-insure the insurance written by other Second Life Companies.