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UPDATE - ENTERPRISE INSURANCE (5 AUGUST 2016)

05 August 2016

The Financial Services Compensation Scheme (FSCS), the Gibraltar financial regulator and the liquidator of Enterprise Insurance PLC as you may be aware are working on the process of dealing with the Enterprise claims handling and claims payments. In the meantime, Midas Underwriting is working on solutions to assist you and your clients with the insolvency of Enterprise.

NEW UNDERWRITING CAPACITY

Midas Underwriting is in discussions with insurers to secure new capacity for continued placement of business on the Performance and Classic car schemes.  We anticipate our official confirmation of the new capacity by 12 August 2016. At that moment we will be able to provide further information about the products, pricing and options to place existing and new business.

 

SUPPORT FOR EXISTING BROKERS & POLICYHOLDERS:

To assist Midas Underwriting customers who hold an Enterprise underwritten policy, we will open a helpline to assist any affected policyholders. This will help with:

  • Information in relation to the most recent developments with Enterprise;
  • For any Midas product we will provide advice and assistance with filing and processing existing and new Enterprise underwritten motor insurance claims with the FSCS.  Under this helpline service Midas Underwriting offers to file the claims on behalf of the policyholders and assist in reclaiming monies from the FSCS. This service can be performed via the broker, or directly from the policyholder, Midas Underwriting will obtain all relevant information to file the claim.  A consistent approach is therefore expected to help a smoother FSCS process.
  •  Any advice for policyholders who elect to cancel their insurance policies on how to submit a claim to the FSCS for return premiums.

The helpline will be operational from 9am Monday 8th August via the following telephone number:

0330 123 5745 and select option 5

The helpline will operate from 9am to 5pm Monday to Friday.

 

CURRENT REGULATORY POSITION:

The position regarding new and existing policies remains unchanged The position regarding new and existing policies remains unchanged

  • All policies in force and paid up remain valid. Enterprise motor insurance policyholders can still legally drive and be protected under these policies.
  • All claims will be met and Midas will, via its helpline, work with the FSCS to ensure that eligible claims are recovered for policy holders by the FSCS.  The FSCS has declared Enterprise in default. This means that eligible claims will be covered by the FSCS.  The FSCS expects that a full claims acceptance and handling process will be in place by 12 August 2016.
  • Whilst Midas Underwriting can no longer accept any new business and we are unable to make any alterations to or renew existing policies on the Performance and Classic Car schemes, we suggest that brokers continue with their policies which remain in force until our new solution is provided shortly.
  • If you do not wish to use the Midas helpline we are informed from our conversations with the FSCS that Enterprise will continue to process claims. Current claims are to be notified as follows:

Claims Consulting Solutions Limited

http://www.claims-consulting.co.uk/

tel 0330 102 7048

 

UPDATES BY THE LIQUIDATOR AND FSCS

 

We would like to thank you for your patience and continued support.