Thousands set to get refunds after collapse of Enterprise Insurance
Wrightway Underwriting said it would repay premiums as Gibraltar-based insurer closes
An Irish insurance underwriting agency that wrote business on behalf of Enterprise Insurance, the Gibraltar-based insurer that ceased trading on Friday, said it would refund outstanding premiums as 14,000 Irish motorists were hit by the collapse.
Wexford-based Wrightway Underwriting entered into an agreement with Enterprise Insurance in 2014 to offer motor insurance in Ireland through the Irish company’s broker network. Wrightway is ultimately owned by Zurich Insurance.
“Wrightway has committed to helping its broker clients deal with affected policy-holders and, with this in mind, Wrightway has decided to make an ex gracia payment to its brokers to pass onto their policy holders which is equal to the value of the premiums from now until the...
We will be in contact with any Wrightway Smart policyholders affected by this development on Monday when we have an update.
Wrightway Underwriting Ltd have a number of different policies, the vast majority of which are underwritten by Zurich Insurance, which are not affected by this news
Irish Brokers Association statement:
The Irish Brokers Association has just been informed by the Central Bank of Ireland, that today Friday 22nd July 2016 the Gibraltar Financial Services Commission (the Commission) has issued directions under Section 105 of the Financial Services (Insurance Companies) Act (the Act), directing Enterprise Insurance Company PLC (Enterprise or the Company) to immediately cease effecting new contracts of insurance. This means that the Company is not authorised to issue any new insurance policies.
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