MCE cites Solvency II as reason for run-off of Gibraltar-based insurance arm
MCE boss Julian Edwards says Solvency II favours larger insurers as he discusses the broker's capacity deal with Sabre.
MCE Insurance has put its Gibraltar-based insurance arm into run-off following difficulties complying with Solvency II requirements, according to chief executive officer Julian Edwards.
Edwards told Insurance Age that the specialist motorbike broker had been looking to restructure the business and transfer its portfolio to an onshore capacity provider for a period of time.
“The Solvency II regime is incredibly onerous for a small insurer and our Gibraltar business falls into that category,”
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