MCE Insurance
FSCS details £23m MCE Insurance Company recovery from £90m hit
The Financial Services Compensation Scheme has secured £23m from the estate of Gibraltar-based Green Realisations 123, formerly known as MCE Insurance Company, after paying out approximately £90m in compensation to the firm’s customers.
MCE has £9.1m surplus to pay creditors, according to former CEO
One of the two shareholders and former CEO of failed specialist motorcycle broker MCE, Julian Edwards, has informed the administrators that he understands there to be a surplus of £9.1m that could be used to pay creditors.
MCE had £5.2m loss before collapse and HMRC now one of biggest creditors
Broker MCE was carrying a £5.2m Ebitda loss before its collapse, leaving HM Revenue & Customs with an estimated £828,844 claim, according to the administrator’s report.
Motorbike market is stable despite MCE downfall – brokers
Motorbike brokers believe the market is stable despite MCE’s broking business entering administration on Monday.
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
FCA names MCE administrators
The Financial Conduct Authority has confirmed that Mark Holborow, Vincent Green and Steven Edwards of Crowe UK are the joint administrators of MCE Insurance, as appointed by the company’s directors.
Motorbike broker MCE enters into administration
Motorbike broking specialist MCE Insurance Limited entered into administration last night, it has been confirmed.
Profits down two-thirds at Sabre in 2022
Sabre Insurance has reported a 66.5% drop in profit after tax to £10.1m for 2022, as the combined operating ratio deteriorated to 96% from 79.4% in 2021.
Market Moves - November 2022
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Alan Atkins new CEO at MCE Insurance
MCE Insurance has a new CEO, with Alan Atkins taking up the mantle and former CEO Julian Edwards stepping into role of executive chair.
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Sabre reveals Bennetts partnership and promises flexi insurance broker push
Insurer reported £169.3m of gross written premium and a combined operating ratio of 79.4% for 2021.
Sabre reports dip in profit for 2021
Provider delivers a combined operating ratio of 79.4%.
News analysis: Regulation and Gibraltar - is it The Rock of vanities?
David Worsfold investigates how insurer regulation in Gibraltar has changed following ten years of insurer failures.
Meet Young Broker of the Year, Abigail Griffiths of MCE Insurance
In an interview with Insurance Age, the head of claims and UKBA winner tells us how she switched from fashion to insurance, her proudest achievement, and her plans for the future.
Kroll reverses “reckless” MCE MTA decision
The administrator will now allow the provider to process mid-term adjustments.