Context
MCE Insurance Company Limited (MICL), a Gibraltar-based insurance company was directed to cease underwriting new business on 5th November 2021. The policies were sold through its Northamptonshire-based broker, MCE Insurance Ltd (MCE UK). MCE UK is not under administration.
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 of the policies MICL sold to individuals and small businesses in the UK.
Key points to note
- MCE Insurance Company is to cancel all of its 105,000 remaining policies
- Cover for motorbike or scooter insurance will end at midnight on January 31st 2022
- FSCS is working 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
Next actions
None – for information and awareness only