MCE Insurance Limited is authorised and supervised by the Financial Conduct Authority (FCA) to provide insurance brokerage services.
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On 17 July 2023, the directors of MCE Insurance Limited placed it into administration and appointed Mark Holborow, Vincent Green and Steven Edwards, of Crowe U.K. LLP, as Joint Administrators.
Note: MCE Insurance Limited is a separate company from MCE Insurance Company Limited (now Green Realisations 123 Limited), an insurance company based in Gibraltar which entered into Administration on 19 November 2021[1].
What happens to my insurance policy?
If you bought your insurance through MCE Insurance Limited, they acted as your insurance broker and you are insured by Sabre Insurance Company Limited FRN 202795 (‘Sabre Insurance'). Sabre Insurance are not affected by this administration and your policy is still in force.
I need to amend my policy, what do I need to do?
The MCE Insurance Limited contact centre remains operational and will be overseen by the Joint Administrators. If you need to make an urgent change to your policy, you should contact MCE Insurance Limited as usual to confirm what options are available to you and to discuss your needs further.
Can I move to another insurer?
Your insurance policy remains valid, and you continue to have cover. Should you wish to purchase a policy from another insurer you are free to do so, however please be aware that your policy with Sabre Insurance may be subject to cancellation charges and you should check your terms and conditions.
I have a claim, what should I do?
Your policy remains in place and if you have a claim you should continue to follow the standard process as detailed in your policy documents. If you have an existing claim, Sabre Insurance will continue to process your claim as usual.
Is there FSCS coverage?
The Financial Services Compensation Scheme (FSCS) is the compensation scheme for clients of UK authorised financial services firms and protects consumers when those firms are not able to meet protected claims against them. The FSCS has eligibility criteria in respect of the activities and the people who are covered.
FSCS can cover claims against insurance brokers, for example if they failed to properly arrange cover with an insurance provider for you.
We don’t currently expect there will be any need for FSCS to compensate customers who used MCE Insurance Ltd as a broker, but the FSCS will work with the Joint Administrators and provide further updates if this changes.
Why did the directors of MCE Insurance Limited apply to place the firm into Administration?
Having considered the firm’s financial position, its directors made a decision to place it into administration and on 17 July 2023, Mark Holborow, Vincent Green and Steven Edwards, all of Crowe U.K. LLP were appointed as joint administrators.
Where can I find more information on the progress of the Administration?
The Joint Administrators will update customers directly and via the FAQs on the MCE website[2].
If customers have any specific queries in respect of the insolvency, they can email [email protected].
I need to contact MCE Insurance Limited, what do I do?
MCE Insurance Limited can be contacted as usual on:
MCE Website: www.mceinsurance.com
Customer Service: 01933 351361
Report a Claim: 01933 351528
Being alert to scams
All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from MCE Insurance Limited or Crowe U.K. LLP, please end the call and contact MCE Insurance Limited using the numbers noted above.
Is the FCA overseeing the administration?
MCE Insurance Limited is still authorised by the FCA and remains subject to supervisory oversight and the FCA’s rules. The Joint Administrators are officers of the Court and need to comply with relevant insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Insolvency Practitioners Association. We are liaising closely with the Joint Administrators.
Requirements
The firm is subject to requirements, details of which can be found on the FCA Register[3].