COO Jimmy Barber discusses Gefion's solvent run-off, previous insurer failures including Alpha and Enterprise, and why he believes brokers are integral to the Scheme.
The legal framework previously in place needs to be changed due to Brexit, with firms having until 11 May to respond.
The failed firms are JB Wilcock Insurance, Benson McGarvey Murdoch, Elite Insurance Company, and Quick-Sure Insurance.
The GFSC has also restructured its management team to be “flatter, wider and more inclusive”.
Having stopped writing new business in 2017, the regulator estimates that only 117 claims are left to be settled.
Group commercial director Gary Humphreys says MGA is in talks with two potential providers after it was asked by backer QIC to find alternative capacity for its commercial SME book.
New capacity deal will see UK partner Tradewise Insurance Services write motor business into 2020.
The Gibraltar-based insurer closed to new business in July 2017.
The top stories in May were dominated by insolvencies, run-offs, liquidations, and redundancies.
The recent run of Gibraltar-based insurer insolvencies has made the headlines, but the low tax and light-touch regulations in the jurisdiction attract UK businesses and insurtech start-ups. Martin Friel investigates why brokers are still dealing with…
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Unrated Gibraltarian insurer went into liquidation in May.
Gibraltarian insurer went into liquidation at the end of May.
Now4Cover has moved the customers to Gibraltar-based provider Red Sands.
Gibraltarian insurer warns liquidation would be costly for creditors and could delay claims payments.
The FSCS is still in the process of identifying how many UK policyholders are affected by the failure of Lamp as Now4Cover seeks replacement provider.
The Official Receiver has appointed Grant Thornton's Gibraltar office to manage the liquidation.
Members of the legal expenses market believe that brokers should look at more than just a firm’s rating when trying to find insurance, referencing location, stability and capital adequacy ratio.
The liquidator’s report has shown that bust Gibraltar insurer Enterprise must pay out £101.4m extra in claims partly due to changes to the Ogden rate.
Several sources have indicated that the business is on the market.
Aviva's mid-market push comes under the microscope along with Brexit.
Claim relates to comments made by the Gibraltar Financial Services Commission following the collapse of Enterprise Insurance in 2016.
Company closed to new business at the end of 2016 but 1,700 UK customers may still be affected.
Van MGA Pukka Insure has added private car to its offering with capacity provided by QIC Europe.