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.
A government scheme due to be set up to pay the personal injury claims of Thomas Cook customers is unlikely to be sufficient to provide claimants with full compensation and may be open to abuse if appropriate safeguards aren’t put in place, lawyers have…
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
Insurers in Gibraltar must be aware of their financial position "well before" a solvency breach occurs, the regulator warned as it revealed a clampdown.
Insurers have responded following the failure of Thomas Cook in the early hours of this morning, which has prompted the largest peacetime repatriation in British history.
Lamp Insurance’s liquidator has disclaimed health and guaranteed asset protection policies supplied through two brokers.
Insurers should take more data into account in order to quote small businesses premiums that properly reflect their risk, Lexis Nexis Risk Solutions has said.
Some 14,000 policyholders will be compensated by the government guarantee scheme after a plan to replace cover collapsed.
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.
CRL is making “good progress” in talks to move its Alpha policyholders over to another insurer and has seen its deadline pushed back.
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.
Quest Group has been appointed to manage claims for policyholders of failed Lamp Insurance.
Exclusive: Danish unrated insurer Gefion took out a further chunk of reinsurance and injected capital, after its solvency ratio plummeted to 72% in 2018.
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.
It’s all change for the country this morning as Prime Minister Theresa May confirmed she would step down from office after failing to unite MPs on the way the UK should leave the European Union.
Hogarth Underwriting is to be wound up and its creditors stand to lose money, according to the final administration report.
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.
The New Zealand high court has placed CBL Corporation into liquidation.
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.