FSCS estimates Lemma collapse could cost £25m
The Financial Services Compensation Scheme (FSCS) estimates that the collapse of Gibraltar-based Lemma Europe Insurance Company will cost £25m.
According to the FSCS' Annual Report 2012/13 there are believed to be some 800 protected claims that arose following the insurer's liquidation, the majority of which are solicitors' professional indemnity (PI).
It stated: "FSCS declared the firm in default in October 2012 and we have been working with the liquidators and their agents to manage the run-off of insurance claims against Lemma."
Lemma is registered in Gibraltar and provided domestic and commercial property and liability insurance in
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