Insolvency
Interview: John O’Roarke and Ronan McCann, HF (formerly Horwich Farrelly)
Having overseen a name change from Horwich Farrelly, CEO Ronan McCann and chairman John O’Roarke explain how the rebranded HF is shaping up for a future of diversification, M&A and staff ownership as it looks to become the Admiral of the legal sector.
Q&A: Sarah Murrow, Allianz Trade
Allianz Trade UK & Ireland CEO Sarah Murrow speaks to Post about her first year at the helm, dropping the Euler Hermes name, and the role that credit insurance can play as a post-Covid-19 growth tool.
Spotlight: Surety Bonds - The importance of bonds and guarantees and their effect on the UK construction market
Uncertainty is difficult to navigate for many companies and, in the face of several ongoing and escalating challenges, Edward Murray finds the construction sector is leaning more on the use of surety bonds to create certainty in turbulent times.
Cost of Gable collapse to FSCS hits £78m
The cost of the 2016 collapse of unrated insurer Gable to the UK’s Financial Services Compensation Scheme surpassed £78m at the end of last year, a liquidators’ report has revealed.
Analysis: Unstable firms are falling off the Rock
Post looks at a series of insurer failures in Gibraltar – and asks what the future will look like for existing and new entrants.
Tokio Marine voids 'fraudulently obtained' Greensill policies
Tokio Marine has accused Greensill of fraudulently obtaining insurance policies and said it will “vigorously defend any claims against it” under the policies it has now voided.
Inspire liquidators allege bounce back loan and record keeping issues
Andrew Fender, partner at Sanderlings, acting as liquidator of Inspire Insurance Service, has flagged concerns around cash, bounce back loans and record keeping in its first annual report on the insolvent business.
MCE CEO Edwards pledges legal action against Gibraltar regulator
MCE Insurance CEO Julian Edwards has pledged legal action against the Gibraltar Financial Services Commission following the appointment of administrators at MCE’s Gibraltar-based insurer.
Gibraltar regulator denies accusations made against it by MCE
The Gibraltar Financial Services Commission has denied accusations made against it by MCE Insurance earlier this week in the wake of MCE’s Gibraltar-based insurer being put into administration.
Zurich to make up to £25m voluntary contribution in East West administration
Zurich will pay up to £25m to help policyholders of structural defects specialist East West Insurance Company, the insurer and administrators Ernst & Young have confirmed.
Gefion administrators seek appeal in €26m Charterline case
Gefion's administrators are looking to appeal against a German ruling that it is bound by an insurance framework agreement with Charterline.
FSCS general insurance compensation falls as shadow of Enterprise's collapse recedes
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme has fallen for a second year running, with both the scheme’s GI provision and distribution classes seeing reduced payouts year-on…
Analysis: The insurance domino that toppled Greensill
The founder of Greensill Capital pinned the blame for the finance firm's collapse on its insurers when addressing politicians last week.
Contractors call for Artemis directors to be 'struck off' from insurer networks
Contractors and suppliers of failed Artemis Recoveries have called for its directors to be “struck off” from insurer repair networks after the company entered liquidation owing more than £553,644 to unsecured creditors.
Contractor payouts 'uncertain' in liquidation of ex-SSL directors' firm Artemis Recoveries
Claims business Artemis Recoveries, which entered liquidation in 2019 and had the same director team as failed SSL Claims, is likely to owe more than £527,000 to creditors and £145,000 to HMRC with the recovery prospects "uncertain", its liquidators have…
Former Alpha directors sued as liquidators allege unrated insurer was insolvent a year before collapse
Two former directors of failed Danish insurer Alpha are facing a DKr200m (£22.9m) lawsuit brought by the firm’s liquidators for allegedly misrepresenting the financial condition of the company a year before its collapse in 2018.
Insurers could face higher BI claims payouts as businesses look to Enterprise Act
Some business interruption policyholders are looking to claim damages under the Enterprise Act (2006) for late payouts, following the Supreme Court's verdict in the regulator's test case.
FCA reports 30% drop in broker liquidity and warns 4000 financial firms are at risk of failure
The Financial Conduct Authority’s coronavirus financial resilience survey has revealed that insurance broker liquidity fell by 30% due to the pandemic, the largest drop measured in any sector.
Policyholders told to check cover as FCA imposes restrictions on insolvent construction broker
The Financial Conduct Authority has told customers who purchased cover through insolvent South West-based Professional Construction Risks Limited to contact their insurers directly to confirm the status of their policies.
Failed Elite ATE policies disclaimed
The administrators of Elite Insurance have disclaimed all but two after the event insurance policies underwritten by the insurer.
East West administrators reveal 194 open claims and £165m shortfall
East West Insurance had 194 open insurance claims as of 12 October, administrator EY has confirmed.
Failed Danish insurer and UK agent in legal battle over taxi driver policy premiums
The administrators of bankrupt Danish insurer Alpha are embroiled in a legal battle with UK-based J&M Insurance Services over £3.9m in premiums collected by the UK firm in the months leading up to unrated carrier’s collapse in May 2018.
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.