ENNIA, the largest insurance group in the Dutch Caribbean with insurance companies located in Curaçao, Sint Maarten, Aruba and Bonaire, and business in the other islands as well as Suriname, received a large bailout from the governments of Curacao, Sint Maarten and the Central Bank. ENNIA has been in severe financial difficulties due to mismanagement and fraudulent behaviour of its owner Parman International B.V., led by Iranian-American Hushang Ansary. De Brauw has successfully assisted the Central Bank of Curaçao and Sint Maarten (CBCS) in litigation proceedings against Ansary and former directors of ENNIA, which resulted in a number of positive judgements ordering Ansary and the former directors to repay ENNIA hundreds of millions of Netherlands Antillean guilders in damages. The group requires alternative funding solutions at least until those funds come in.

De Brauw held the pen on the outline agreement (hoofdlijnenakkoord) between CBCS, Curaçao and Sint Maarten. The agreement has been approved by the parliaments of Curaçao and Sint Maarten and was signed on 11 April 2024. Under the outline agreement, a partial restart of ENNIA Caribe Leven N.V. will take place. CBCS, Curaçao and Sint Maarten will contribute funding for the next 30-50 years to ensure that ENNIA's policyholders keep receiving payments. This solution will ensure the continuity of the ENNIA Group's services, including its life insurance division.

De Brauw advised CBCS in this transaction and will continue to assist CBCS with the implementation of ENNIA's restructuring. The De Brauw team for the bail out consists of Ferdinand Hengst, Charissa Veldman, Pepijn van der Veen, Daan Hereijgers and Walter Nijnens.