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.
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.
Trade credit insurer Atradius has forecast that global insolvencies are set to rise for the first time in 10 years, with the UK facing the highest increase of all advanced markets.
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.
Enterprise could pay out £101.4m more in UK claims than its administrators had predicted, largely owing to the Ogden rate hit on its motor book.
Exclusive: Gable CEO William Dewsall ignored “numerous requests” from administrators of his underwriting vehicle Hogarth Underwriting.
A hearing over the future of beleaguered insurer CBL has been postponed again in order for creditors to explore a rescue plan.