The Financial Services Compensation Scheme (FSCS) has confirmed that MCE Insurance Company Limited (MICL), a Gibraltar-based insurance company was directed to cease underwriting new business on 5 November 2021.
MCE was then placed into administration on Friday 19 November with the business no longer able to pay claims.
The statement, in full, is available to read here.
FSCS have confirmed that they will be working to protect the majority of policies sold to both individuals and small businesses in the UK.
Andrew Stoneman and Geoff Bouchier of Kroll in Gibraltar have been appointed as joint administrators with the Gibraltar Financial Service Commission and the CHO has contacted both administrators to get hold of direct contact details so that members have a named individual to talk to.
We will continue to explore the impact on our members and the processes which will need to be followed in respect of outstanding claims, and update our members as and when new information is available.
If you have any questions regarding MCE being placed into administration, please contact firstname.lastname@example.org