Dublin-based insurer suspends all payments following decision to dissolve businesss

Up to 75,000 van and car drivers have been advised to urgently seek alternative insurance cover following the collapse of Dublin-basedĀ Setanta Insurance. The insurance firm, which was licensed by the MalteseĀ Financial Services Authority(MFSA), had been in the process of winding down its business here since January. However, at an extraordinary general meeting on Wednesday, shareholders were informed that the proposed solvent run-off of the business was no longer possible, and a decision was made to immediately dissolve the business. As a consequence, the insurer has suspended all payments that were already in the process of being issued. The company, which has offices in Blanchardstown, had been selling mostly commercial motor insurance through a network of brokers in the Republic since 2007. It had been popular with smaller businesses...