SIMIA is a private limited company. It has no external shareholders and no financial links with other organisations. In the event of a wind-up of SIMIA’s business any surplus would be paid to its Members.

SIMIA’s investments are managed by Thomas Miller Investments Limited (the “Investment Managers”), another subsidiary of Thomas Miller Holdings Limited, pursuant to an Investment Management Agreement. The investment manager attends meetings of the Audit & Investment Committee, and occasionally meetings of the full board.

Pursuant to the terms of a deed of appointment between SIMIA and the managers, the managers have been appointed as the company’s sole representative to carry out activities falling within the scope of the Insurance Mediation Directive, as implemented in the UK on 14 January 2005.