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.
The Gibraltar-based Enterprise Insurance, which has around 14,000 private motor customers in Ireland, has ceased trading.
It is understood the insurer had become insolvent and was unable to secure additional funding.
Motor insurance policyholders here, who bought insurance through the broker network, may be affected.
Any policyholder who has concerns about their policy is advised to contact their broker in the first instance.
The Gibraltar Financial Services Commission (GFSC) – which regulates the company – announced it is seeking to appoint a liquidator to the insurer.
The Central Bank said it was notified by the GFSC today that it is taking steps to wind up Enterprise.
The Central Bank added it will “work closely with the GFSC to ensure all Irish motor policyholders are identified and are communicated with directly”.
Enterprise had been selling motor insurance in a number of European countries including Ireland, France, Italy, and the UK.
Irish Times link
Enterprise Insurance closes
Enterprise Insurance closes, affecting 14,000 Irish motorists
Motor insurer sold through brokers in Ireland and is incorporated in Gibraltar
Motor insurer Enterprise Insurance Company has closed, affecting 14,000 Irish motorists.
The Gibraltar incorporated firm, which sold insurance here through brokers to a largely older customer base, started writing Irish policies in February 2015.
The Central Bank in Ireland was only informed of the insolvency on Friday.
Enterprise is subject to supervision in Gibraltar by the Gibraltar Financial Services Commission (GFSC). In a statement, the Central Bank said the GFSC “is now taking steps to issue winding up proceedings with the cooperation of Enterprise to petition for the winding up of the Company. The GFSC is taking this action as Enterprise has told the GFSC the company is insolvent and has not been able to secure additional funding.”
Most of its Irish business was done through the Wrightway Underwriting Ltd, a chain of insurance brokers.
The future cover for the 14,000 Irish motorists and the company’s ability to meet any outstanding claims are now uncertain.