FSCS confirms MCE Insurance Company has failed
The Gibraltar-based business went into run-off on 5 November, citing difficulties with Solvency II, while the UK-headquartered division of the company has signed a fresh capacity deal with Sabre.
The Financial Services Compensation Scheme (FSCS) has declared that MCE Insurance Company Limited has failed.
The Gibraltar-based company sold motorbike, private car, van and commercial vehicle insurance products in the UK through broker MCE Insurance.
FSCS confirmed that the broker is not part of the administration process.
Solvency
MCE’s chief executive officer Julian Edwards told Insurance Age last week that the company’s insurance arm had been put into run-off following difficulties
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