The Gibraltar Financial Services Commission has announced that MCE Insurance Company Limited has entered into administration.
MCE Insurance Company Limited is an insurance firm authorised and regulated by the Gibraltar Financial Services Commission (GFSC). It operated in the UK on a freedom of services basis which means customers based in the UK may hold policies with the firm. Policies were sold in the UK through their UK based broker, MCE Insurance Ltd.
On 19 November 2021, following an application for administration to the Supreme Court of Gibraltar the company was placed into administration.
Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar) Limited have been appointed as joint administrators of the company.
The company ceased writing new insurance on 5 November 2021, and predominantly wrote motorbike insurance and car insurance policies, specifically for UK customers.
Existing insurance policies remain in force and are valid. If you are a policyholder of the company then your policy will continue to be administered by the UK broker MCE UK.
More details can be found on GFSC’s website, Kroll’s website and from the FSCS.