Some 14,000 policyholders will be compensated by the government guarantee scheme after a plan to replace cover collapsed.
Over the years European Union rules on the free movement of capital have had many beneficial effects for the UK economy. However, according to Ashwin Mistry, chairman of Brokerbility, this has also allowed insurers with lower solvency than would be…
Broker CRL had found a replacement insurer to take on almost 30,000 Alpha policies, but the potential suitor has raised “several last-minute issues” that are holding up a deal.
More than 30,000 property policyholders affected by the collapse of Alpha have been thrown a lifeline in the form of alternative cover arranged by the Financial Services Compensation Scheme.
110 financial services firms will pay 61% of the Financial Service Compensation Scheme’s levy in 2019/20, according to indicative numbers published by the compensation fund.
CRL is making “good progress” in talks to move its Alpha policyholders over to another insurer and has seen its deadline pushed back.
The FSCS was forced to raise a supplementary £14m levy in January to cover the cost of the collapse of Alpha Insurance, according to its annual report.
The Financial Services Compensation Scheme has today made its first payments to policyholders affected by the collapse of Lamp Insurance.
BCR Legal Group appointed representative CRL failed to find an insurer to take on its Alpha policies by the May deadline set by the Financial Services Compensation Scheme, but it has been given more time as the firm has a replacement in its sights.
The Financial Services Compensation Scheme has helped compensate tens of thousands of policyholders following the collapse of five unrated insurers over the past three years. Chief operating officer Jimmy Barber talks to Post on efforts to recover cash…
The Financial Services Compensation Scheme will protect customers of Lamp Insurance following the unrated insurer’s demise.
Creditors of CBL Corporation, the parent company of CBL Insurance, are expected to be owed in excess of £90m.
It might be the name, but this week I’ve spotted some similarities between Gibraltarian unrated insurer-facing-liquidation Lamp Insurance and an angler fish, sparking some strange and slippery debate in the office.
Exclusive: Now 4 Cover is looking to relocate policies of 13,500 of its customers, following Lamp’s descent into insolvency.
The Financial Services Compensation Scheme is the process of paying out £6.9m in premium refunds to 9000 taxi drivers that were covered by collapsed unrated Danish insurer Alpha.
Gibraltarian insurer Lamp is the fifth unrated carrier to fall over in the past three years. The insolvency once again demonstrates the risks brokers take when they use unrated insurers, industry figures have warned.
Gibraltar-based unrated insurer Lamp has submitted an application to place the business into liquidation.
The Financial Services Compensation Scheme has released a list of 21 failed regulated firms that defaulted between February and April this year.
Total claims against failed insurer Gable could add up to £328m, the company's liquidator said.
Financial services regulators have formed a working group to collaborate on tackling ‘phoenixing’ in the sector, whereby companies or individuals avoid liabilities or penalties by shutting down businesses only to re-emerge as new legal entities.
The Financial Services Compensation Scheme has revealed that its levy for 2019/20 will be £532m over a twelve month period, £16m more than planned, with general insurers paying an extra £1m than anticipated.
The Financial Services Compensation Scheme has revealed that it has worked with a number of brokers to transfer around 165,000 Qudos motor and pet insurance policies to new providers.
The Financial Services Compensation Scheme has given CRL Management an extra two weeks to find an alternative insurer for its customers that were insured by collapsed Alpha Insurance.
Exclusive: Gable CEO William Dewsall ignored “numerous requests” from administrators of his underwriting vehicle Hogarth Underwriting.