In a statement, MCE Insurance Limited said: “The company will not be writing any new policies. The joint administrators are working closely with [underwriter] Sabre to find a resolution that minimises any disruption to existing policyholders and ensures they are treated fairly.
“All customers’ existing policies remain in place; they will continue to have cover and are not impacted by the appointment of the joint administrators. There is, therefore, no action customers need to take. Sabre is not affected by this administration and will continue to meet valid claims made under existing policies.”
The motorbike and car insurance broker, meanwhile, highlighted that failure to keep up payments for insurance may result in policies being cancelled, reminding customers to continue to pay their premiums.
“Customers and creditors of the company will be contacted by the joint administrators with further information as and when it becomes relevant,” added MCE Insurance Limited.
“Correspondence in relation to the administration and for the attention of the joint administrators should be sent to the administration email address at [email protected] or, alternatively, by post to Crowe U.K. LLP, 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE.
“For the avoidance of doubt, the company is a separate entity to MCE Insurance Company Limited (now Green Realisations 123 Limited), a Gibraltar-based insurance company which entered administration in November 2021.”
According to the Financial Conduct Authority (FCA), MCE Insurance Limited remains authorised by the regulator and, therefore, continues to be subject to supervisory oversight.
“The joint administrators are officers of the court and need to comply with relevant insolvency law,” the FCA said. “The individuals appointed are authorised to act as licensed insolvency practitioners by the Insolvency Practitioners Association. We are liaising closely with the joint administrators.”
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