Lamp’s proposed liquidation sparks debate on insurer stability and ratings
Members of the legal expenses market believe that brokers should look at more than just a firm’s rating when trying to find insurance, referencing location, stability and capital adequacy ratio.
Lamp is the latest Gibraltarian insurer to file for liquidation and the announcement has re-ignited debated around unrated and non-domiciled providers.
The insurer has been declared insolvent and unable to pay claims and its liquidation hearing will be heard at the end of this month (31 May) in Gibraltar.
This announcement comes months after the Financial Services Compensation Scheme (FSCS) found 165,000 motor and/or pet insurance policies to replace policies for those left without cover by
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