Insolvency
Thomas Cook collapse drives bad debt claims to record levels
Trade credit insurers received a record £271m in claims during the third quarter of 2019, driven by the demise of Thomas Cook, according to the Association of British Insurers
Government to plough on with Thomas Cook Compensation Bill
The government has outlined plans for a capped compensation scheme for Thomas Cook customers suffering “the most serious hardship” from injuries or illness.
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.
Thomas Cook personal injury fund unlikely to provide full compensation, lawyers warn
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 delists from New Zealand Stock Exchange
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
Insurers warned on solvency and run-off as Gibraltar regulator airs 'reputational damage’ fears
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 respond following Thomas Cook collapse
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 liquidator disclaims further policies
Lamp Insurance’s liquidator has disclaimed health and guaranteed asset protection policies supplied through two brokers.
Insurers 'should use data to accurately price small business risks'
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.
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.
30,000 Alpha policyholders to be moved to new insurer
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 deadline to transfer Alpha policies pushed back again as talks continue
CRL is making “good progress” in talks to move its Alpha policyholders over to another insurer and has seen its deadline pushed back.
CRL identifes potential alternative insurer to take on Alpha policyholders after missed deadline
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.
Claims manager appointed to handle Lamp Insurance claims
Quest Group has been appointed to manage claims for policyholders of failed Lamp Insurance.
Revealed: Unrated Gefion claws back solvency ratio after year of losses
Exclusive: Danish unrated insurer Gefion took out a further chunk of reinsurance and injected capital, after its solvency ratio plummeted to 72% in 2018.
This week in Post: Big fish, little fish, cardboard box?
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.
MGA looks to relocate 13,500 customers following Lamp collapse
Exclusive: Now 4 Cover is looking to relocate policies of 13,500 of its customers, following Lamp’s descent into insolvency.
FSCS to pay out £6.9m to taxi drivers insured by collapsed Alpha
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.
This week: All change
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.
Dewsall-owned MGA Hogarth enters liquidation
Hogarth Underwriting is to be wound up and its creditors stand to lose money, according to the final administration report.
Analysis: Collapse of Lamp highlights lessons still to be learned
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 legal expenses insurer declares insolvency
Gibraltar-based unrated insurer Lamp has submitted an application to place the business into liquidation.
Insurance companies among FSCS list of defaulted firms
The Financial Services Compensation Scheme has released a list of 21 failed regulated firms that defaulted between February and April this year.