MCE parent company goes bust.

[Gerontious]

https://www.fca.org.uk/news/news-stories/mce-insurance-company-limited-enters-administration

 

remains to be seen what will happen to MCE UK

Edited November 22, 2021 by Gerontious

[Stu]

I have no sympathy! 

 

except for those insured with them and I hope they don't lose out on anything whether it be money or policy cover 

[Steve_M]

I’m guessing that Solvency II regulations no longer apply after Brexit. 

 

Wikipedia Solvency II Entry

[S-Westerly]

According to their blurb existing policy holders continue to be covered but will not be renewed. Given their crap reputation anyway getting a payout in the event of an incident was always problematic so maybe no real change! Feel sorry for anyone insured by them.

[S-Westerly]

6 minutes ago, Steve_M said:

I’m guessing that Solvency II regulations no longer apply after Brexit. 

 

Wikipedia Solvency II Entry

Gibraltar isn't EU anyway and all laws and regulations still apply unless specifically legislated out.

 

Quote:

While the core of Solvency II looks set to remain in place following the UK's exit from the EU, there's scope for the Prudential Regulation Authority (PRA) to improve competitiveness by bringing capital requirements more into line with the distinctive nature of the UK market.

Unquote 

 

[husoi]

I think anybody insured via MCE should be too worried as their insurance is with the insurance company not the broker.

Check your (if you're affected) insurance certificate for the insurer. You will see that MCE is same as many other brokers, just the middle men.

[Stu]

29 minutes ago, husoi said:

I think anybody insured via MCE should be too worried as their insurance is with the insurance company not the broker.

Check your (if you're affected) insurance certificate for the insurer. You will see that MCE is same as many other brokers, just the middle men.

 

While that may be true

 

Who do you contact in the event of a claim? a lot of underwriters aren't contactable directly and you have to go through your broker 

[husoi]

Believe this answers your question

 

"On 19 November 2021, following an application for administration to the Supreme Court of Gibraltar the company was placed into administration. 

Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar) Limited have been appointed as joint administrators of the company.

The company ceased writing new insurance on 5 November 2021, and predominantly wrote motorbike insurance and car insurance policies, specifically for UK customers. 

Existing insurance policies remain in force and are valid. If you are a policyholder of the company then your policy will continue to be administered by the UK broker MCE UK. "

 

source: https://www.fca.org.uk

 

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Edited November 22, 2021 by husoi