Insolvency
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.
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.
Gable liquidator warns of ‘everlasting’ bankruptcy proceedings as it writes off £72m
The liquidator of unrated insurer Gable has found ‘trapped funds’ in the company originally valued at CHF 85m (£71.8m) are not recoverable.
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.
Global recession 'like a car crash without an airbag', says Swiss Re
The global recession triggered by Covid-19 is “like a crash without an airbag” according to Jérôme Jean Haegeli, group chief economist at Swiss Re.
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.
Analysis: Breaking bust - insolvencies in the age of coronavirus
Insurers are adapting to deal with coronavirus-related insolvencies, as brokers call for compassion and support for businesses at a difficult time.
MP calls on government to force insurers to use dividends to pay coronavirus claims
Plaid Cymru MP Jonathan Edwards has tabled an Early Day Motion calling on the government to instruct insurers to put their dividends towards settling insurance claims resulting from the Covid-19 pandemic.
FSCS pays £5.6m to cover first 100 Elite claims
Following insurer Elite entering administration the Financial Services Compensation Scheme has paid out £5.6m towards claims.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
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.