Financial Services Compensation Scheme (FSCS)
East West Insurance enters administration as tower block fire safety claims mount
The High Court has put structural defects specialist East West Insurance Company, which purchased a portfolio from Zurich in 2018, into administration and appointed Ernst & Young as administrators.
Enterprise faces £31m claims hit from Icebreaker tax avoidance scheme used by Take That
The liquidators of Gibraltar insurer Enterprise have predicted a £31m claims hit from tax avoidance scheme Icebreaker used by Take That and other wealthy creative industries professionals, Post can reveal.
FSCS appoints three NEDs including former cabinet minister Nicky Morgan
The Financial Services Compensation Scheme has appointed former cabinet minister Baroness Nicky Morgan, former Aviva executive Cathryn Riley, and police and fire services inspector Wendy Williams as non-executive directors.
Decreasing claims from older collapses outweigh costs of recent failures to the FSCS
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme fell 14% to £146.4m in the year to 31 March 2020.
FSCS confirms Fiona Kidy as CFO
The Financial Services Compensation Scheme has appointed Fiona Kidy as chief financial officer having held the role on an interim basis since May last year.
Briefing: Gefion hopes to go out with a whimper as brokers predict a bang
News that Danish unrated insurer Gefion had entered run-off and solvent liquidation left us and others in the industry feeling somewhat underwhelmed.
Editor's comment: Strength in numbers
As Post celebrated its 180th birthday this year we’ve looked back at how the sector and the publication have weathered changes in technology, regulation and not least two world wars.
180 Years of Post: Corporate collapses
As Post celebrates 180 years, we look at the companies that have come and then very quickly gone and ask what today's insurers can learn from them.
FSCS 'working with' Gable liquidators after premium refunds court ruling
Exclusive: The Financial Services Compensation Scheme is working with failed insurer Gable's liquidators to understand the impact of a European Free Trade Association court judgment on recoveries, with some of the insurer's policyholders set to lose out.
Trio of winter firm failures inflate insurer contributions to FSCS levy
General insurers will pay £8m more in Financial Services Compensation Scheme levy contributions than previously anticipated due to the recent failure of three firms.
Insurance Monitor: Brexit: finding corridors of deviation
In this month's column, David Worsfold, a long-running commentator on the insurance market, explores how the insurance industry could find itself rather lonely in its corridors of deviation after Brexit is finalised, the complexities of Covid-19 for the…
Unsecured creditors of Elite face around £70m shortfall
Elite’s administrators expect around £315m in unsecured claims, but have identified under £246m in assets available.
Gibraltar-based Quick-Sure appoints administrators
Gibraltar-based motor insurer Quick-Sure has been placed into administration.
This week: It's all about change
Moving home has to be one of the most annoying and tedious things we have to do. From organising your flat viewings to packing up all your belongings. And honestly who really likes change? It’s much easier to just stay in the place you've grown…
FSCS reveals £12.4m cost of Qudos and Lamp failures
The Financial Services Compensation Scheme has forecast that the failures of Qudos Insurance in December 2018 and Lamp Insurance in May last year will cost £12.4m this financial year.
FSCS set to cut levy for insurers as broker bill rises in 2020/21
The Financial Services Compensation Scheme has proposed a levy on general insurance providers of £118m for 2020/21, down £47m on the budget for the current year.
Elite Insurance goes into administration
Gibraltar-based Elite Insurance has been placed in administration and has ceased playing claims, having initially ceased writing business and entering runoff in July 2017.
FSCS has paid out a total £276m following the collapse of unrated insurers Alpha, Gable and Enterprise
The UK’s Financial Services Compensation Scheme has paid out a total £276m in claims to the policyholders of three overseas unrated insurers that collapsed between 2016 and 2018.
Thousands of Alpha latent defect policyholders yet to submit FSCS claims
The Financial Services Compensation Scheme has called on “thousands” of Alpha Insurance latent defect policyholders to submit their premium refund claims to the portal on the Danish insurer's website.
CBL Corporation delists from New Zealand Stock Exchange
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
Lamp liquidator disclaims further policies
Lamp Insurance’s liquidator has disclaimed health and guaranteed asset protection policies supplied through two brokers.
CRL ceases writing new business following Alpha collapse
CRL, which recently failed to rehome 20,500 Alpha Insurance structural and latent defects policies, is no longer writing new business.
FCA raises alarm over two unauthorised firms using social media
The Financial Conduct Authority has alerted consumers to two unauthorised insurance firms offering car insurance in the UK.
FSCS to compensate 14,000 Alpha policyholders as deal collapses
Some 14,000 policyholders will be compensated by the government guarantee scheme after a plan to replace cover collapsed.