Prometheus Insurance falls into administration
The Gibraltar-based insurer, also known as Tradewise Insurance Company, which went into run-off last year, cannot meet claims in full.
The Financial Services Compensation Scheme (FSCS) has declared that Prometheus Insurance Company (PICL) failed on 27 January 2021.
The company was previously trading as Tradewise Insurance Company.
A statement on the company website confirmed that the insurer was unable to meet its claims obligations.
It stated: “The available assets of the Company are insufficient to meet insurance claims in full. The Administrator proposes, subject to the approval of creditors, to settle insurance creditor
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