Official Letter Authorizing Berkley International Compañía de Garantías México, S.A. de C.V. to Organize, Operate, and Function as an Insurance Institution

DOF: 29/05/2024

OFFICIAL LETTER granting authorization to Berkley International Compañía de Garantías México, S.A. de C.V. to organize, operate, and function as an insurance institution.

A national seal is placed on the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- File: C00.411.3S.2- F0025"21".- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Official Letter No. 06-C00-41100-01265/2024.

Berkley International Compañía de Garantías México, S.A. de C.V.

Avenida Santa Fe No. 495, Floor 19, Office 1901

Cruz Manca Neighborhood

Cuajimalpa de Morelos Borough

C.P. 05349, Mexico City

SUBJECT:

Authorization to Berkley International Compañía de Garantías México, S.A. de C.V., to organize, operate and function as an insurance institution.

The Federal Government, through the National Insurance and Sureties Commission, prior to the Agreement of its Board of Directors, based on articles 2, fraction I, 17, 26 and 31, fraction VIII, of the Organic Law of the Federal Public Administration; 4, section G, fraction III, 48 and 49 of the Internal Regulations of the Ministry of Finance and Public Credit; 11, 12, 25, fraction III, subsection g), and last paragraph, 26, last paragraph, 36, 41,

fractions II to V, 42, 47, 366, fraction VIII, 367, fractions I and II, 368, fourth paragraph, 369, fraction II, 370,

last paragraph, 372, fraction XLI, and 373 of the Law of Insurance and Surety Institutions; as well as in the

articles 4, fractions I and II, 6 and 9 of the Internal Regulations of the National Insurance and Sureties Commission;

issues these Resolutions in response to the following Background and Considerations:

BACKGROUND

FIRST.- By writings dated October 22, 2021, June 1 and November 3, 2022, as well as February 28 and May 10, 2023, that institution requested the authorization of this Commission to organize, operate and function as an insurance institution in the surety line of business, continuing with the authorization to place surety bonds in terms of article 42 of the Law of Insurance and Surety Institutions, as evidenced in official letter 06-C00-41100/00633 of January 13, 2017, published in the Official Gazette of the Federation on February 8, 2017.

SECOND.- The authorization request was submitted to the consideration of the Board of Directors of this Commission, which, taking into account the favorable opinion of its Authorizations Committee, agreed in its Session 234 of June 29, 2023:

«FIRST. - AUTHORIZATION is granted to Berkley International Fianzas México, S.A. de C.V., to organize and operate as an insurance institution, in the surety line of business that

also includes the practice of lines and sub-lines of sureties, in terms of article 42

of the Law of Insurance and Surety Institutions, ...

« ...

«SECOND. - The authorization granted to "Berkley International Compañía de

Guarantees Mexico, S.A. de C.V.", as established in article 11 of the Law of

Insurance and Surety Institutions, will be subject to:

« ...

«b) Obtain the opinion referred to in article 47 of the Law of Insurance and Surety

Institutions.

« ...

«The authorization granted must be published in the Official Gazette of the Federation in

terms of what is provided in article 11, last paragraph, of the Law of Insurance and

Surety Institutions, at the expense of the interested parties.

«This is based on articles 11, 25, fraction III, subsection g) and last paragraph, 26,

last paragraph, 36, 41, fractions II to V and VIII, 42, 369, fraction II, of the Law of Insurance Institutions

and Sureties and in Provisions 2.1.1 to 2.1.3., in Chapters 39.1. and

39.6. and in Annex 2.1.3-g. of the Single Insurance and Surety Circular.»

THIRD.- By official letters 06-C00-41000-08792/2023 and 06-C00-41000-08775/2023 both dated June 30,

2023, this Commission, among other resolutions, notified that institution of the agreement of the Board of

Directors of this Decentralized Body regarding the request to organize, operate and function

as an insurance institution that will carry out damage operations in the surety line, continuing with the

authorization to place surety bonds, in terms of article 42 of the Law of Insurance Institutions

and Sureties, as well as the approval of the project for the integral modification of its corporate bylaws.

FOURTH.- By official letter 06-C00-41100-25062/2023 of December 8, 2023, this Commission received

public deed 43,113 of November 13, 2023, granted before the notary of Lic. Hernán

Gascón Hernández, Public Notary No. 36 of the city of Guadalajara, Jalisco, an instrument in which

the protocolization of the extraordinary general assembly of shareholders of that institution on October 25

of 2023 is recorded, in which the modification of its corporate bylaws is reflected, in compliance with the

official letters Nos. 06-C00-41000-08775/2023 and 06-C00-41000-08792/2023, both dated June 30, 2023, and

ordering its registration in the Corresponding Public Registry.

CONSIDERATIONS

FIRST.- That once the documentation and information sent by that institution, through the

writings referred to in Background First of this official letter, it was determined that the

requirements established in articles 11, 25, fraction III, subsection g), and last paragraph, 26, last paragraph, 36, 41

and 42 of the Law of Insurance and Surety Institutions; in Provisions 2.1.1. to 2.1.4., in Chapters

39.1. and 39.6., and in Annex 2.1.3-g of the Single Insurance and Surety Circular; applicable regulation for that

a surety institution organizes, operates and functions as a subsidiary insurance institution in the line of

surety, which also includes the practice of lines and sub-lines of sureties in terms of the last paragraph

of article 25 of the aforementioned Law.

SECOND.- That in accordance with articles 11 and 369, fraction II, of the Law of Insurance Institutions

and Sureties, authorizations to organize, operate and function as an insurance institution

must be granted by this Commission prior to the agreement of its Board of Directors, which is why it is taken into

account that the Board of Directors of this Decentralized Body, in its Session 234 of June 29, 2023,

agreed to grant the requested authorization; likewise, it is to be considered that it corresponds to the Head of the

Presidency of this Commission to comply with the agreements of the aforementioned Governing Body, in terms

of what is established in articles 370, last paragraph, and 372, fraction XLI, of the same Law.

THIRD.- That in accordance with what is stated in article 11 of the Law of Insurance Institutions and

Sureties, this National Insurance and Sureties Commission, through official letter 06-C00-41000-08775/2023 of June 30

2023, granted approval to the project of corporate bylaws submitted, and through the different

06-C00- 41000-08792/2023 of that same date notified that institution of the agreement of the Board of Directors

granting the requested authorization.

FOURTH.- That through official letter 06-C00-41100-25062/2023 of December 8, 2023, this Commission

received public deed 43,113 of November 13, 2023, granted before the notary of

Lic.

Hernán Gascón Hernández, Public Notary No. 36 of the city of Guadalajara, Jalisco, where it is recorded the

protocolization of the minutes of the extraordinary general assembly of shareholders of October 25, 2023, in

which the modification of the corporate bylaws of the institution in question is reflected, in compliance with the official letters

06-C00-41000-08775/2023 and 06-C00-41000-08792/2023.

FIFTH.- That in terms of articles 11, third paragraph, 12 and 47 of the Law of Insurance Institutions

and Sureties, the start of operations as a surety insurance institution will be subject to the

obtaining of the favorable opinion issued by this Commission, which must be requested within a period of

one hundred and eighty days counted from the approval of the corporate bylaws of Berkley International

Compañía de Garantías México, S.A. de C.V.

In view of the foregoing, the following are issued:

RESOLUTIONS

FIRST.- The Federal Government through the National Insurance and Sureties Commission and prior agreement

of its Board of Directors, based on articles 2, fraction I, 17, 26 and 31, fraction VIII, of the Law

of the Organic Administration of the Federal Public Administration; 4, section G), fraction III, 48 and 49 of the Internal Regulations of

the Ministry of Finance and Public Credit; 11, 12, 25, fraction III, subsection g), and last paragraph, 26, last

paragraph, 36, 41, fractions II to V, 42, 47, 366, fraction VIII, 367, fractions I and II, 368, fourth paragraph, 369,

fraction II, 370, last paragraph, 372, fraction XLI, and 373 of the Law of Insurance and Surety Institutions; in

Provisions 2.1.1. to 2.1.4., in Chapters 39.1. and 39.6. and Annex 2.1.3-g. of the Single Circular

Insurance and Sureties; as well as in articles 4, fraction I and II,

6 and 9 of the Internal Regulations of the Commission

National Insurance and Sureties, grants authorization to Berkley International Compañía de Garantías

Mexico, S.A. de C.V., to organize, operate and function as a subsidiary insurance institution, for the practice

of the operation of damages in the surety line of business, which also includes the practice of lines and sub-lines of

sureties, in the following terms:

AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO BERKLEY

INTERNATIONAL GUARANTEES COMPANY MEXICO, S.A. DE C.V., TO

ORGANIZE, OPERATE AND FUNCTION AS AN INSURANCE INSTITUTION, SUBSIDIARY

OF BERKLEY INSURANCE COMPANY, OF DELAWARE, UNITED STATES OF

AMERICA, THROUGH THE RELATED COMPANY W.R. BERKLEY MEXICO, S.A.

OF C.V., IN THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the power conferred on the Federal Government by the

articles 11 and 75 of the Law of Insurance and Surety Institutions, the National Commission

of Insurance and Sureties authorizes Berkley International Compañía de Garantías México, S.A.

de C.V., to organize and operate as a subsidiary insurance institution of the institution

foreign financial Berkley Insurance Company, of Delaware, United States of

America, through the Related Company W.R. Berkley Mexico, S.A. de C.V.

ARTICLE SECOND.- The subsidiary insurance institution is authorized to practice in the

Mexican Republic the damage operation in the surety line of business, as well as to grant

sureties for a fee, in the lines of judicial sureties (criminal, non-criminal and judicial

that cover the drivers of motor vehicles), administrative sureties (of work,

of supply, tax, lease and other administrative sureties) and credit

sureties (of supply, sale and purchase and other credit sureties), guarantee trusts,

which may or may not be related to the surety policies it issues, as well as

re-surety operations regarding the lines and sub-lines included in this

authorization, with the exception of those provided for in fraction V of article 36 of the Law of

Insurance and Surety Institutions.

ARTICLE THIRD.- The subsidiary insurance institution that is authorized will be subject to the

Treaty between the United Mexican States, the United States of America and Canada, to the

Law of Insurance and Surety Institutions, as well as to the provisions that derive from

the same, to the General Law of Commercial Companies, to the Rules for the

Establishment of Subsidiaries of Foreign Financial Institutions, and to the other norms

that by their nature are applicable to it, and in particular, to the following bases:

I.- The corporate name will be Berkley International Compañía de Garantías México,

followed by the words "Variable Capital Anonymous Society" or its abbreviations S.A.

de C.V.

II.- Berkley International Compañía de Garantías México, S.A. de C.V., must have the

minimum paid capital that is determined for the year in question, for each operation or

line, and line or sub-line that is authorized to it, expressed in Investment Units and that

must be covered in national currency, as ordered by article 49, first paragraph, of the

Law of Insurance and Surety Institutions.

III.- The corporate domicile of the subsidiary insurance institution is Mexico City.

ARTICLE FOURTH. - By its very nature this authorization is non-transferable.

ARTICLE FIFTH. - The insurance institution will be subject to inspection and supervision by

the National Insurance and Sureties Commission, in accordance with article 382 of the Law of

Insurance and Surety Institutions.

SECOND. - This authorization, as established in articles 11 and 12 of the Law of

Insurance and Surety Institutions, is subject to the aforementioned institution obtaining the favorable

opinion that, if applicable, this Commission issues in accordance with article 47 of the Law of Insurance Institutions

and Sureties.

In the event that the favorable opinion referred to is not obtained, this authorization will not

take effect.

THIRD. - This official letter must be published in the Official Gazette of the Federation and in two newspapers of

wide circulation from the corporate domicile of the institution, within one hundred and twenty days following the date of

its notification to that institution, in terms of what is provided in article 11, fourth paragraph, of the Law of

Insurance and Surety Institutions, at the expense of the interested parties.

This is issued based on the information provided by the petitioner contained in the

writings sent and are limited exclusively to the authorization granted to Berkley International Compañía de

Garantías México, S.A. de C.V., in the terms described which in accordance with the provisions

applicable, it is competent for this Commission to resolve, and does not prejudge any act that said society carries out

and that implies the prior authorization or approval of other financial, administrative,

tax or of any other nature, in terms of current regulations, nor validates the legality or validity

of the same in the event that such authorization or approval is not obtained.

Respectfully,

Mexico City, January 29, 2024. - The President of the National Insurance and Sureties Commission , Ricardo Ernesto Ochoa Rodríguez .- Rubric.

(R.- 553441)

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