Context
MCE Insurance Company Limited was directed to cease underwriting new business on 5th November 2021. On 19th November 2021, the company was placed into administration, being no longer able to pay claims. FSCS declared the firm in default on 19th November 2021 and is stepping in to protect most policies MICL sold to individuals and small businesses in the UK. FSCS continues to work closely with the appointed Joint Administrators, Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar), and the Gibraltar Financial Service Commission to understand the impact of the insurance firm’s failure. It will continue to update this page with the latest developments, the most recent of which was on 5th January (one of the Q&As).
Key points to note
- The update is aimed at all MCE car and van policyholders advising that, if they have had notice that their insurance policy will end, they will need to have alternative insurance in place before that date.
- FSCS suggests that policyholders may wish to contact the broker MCE UK to arrange alternative cover and, if they are unsure, talk to an insurance broker who specialises in motor insurance policies about replacement cover.
- The original Joint Administrators’ notification can be seen on the MCE website, along with the letter the Joint Administrators sent to all car and van policyholders on 20th Dec 2021.
Next actions
None – for information and awareness