London-based insurance provider Humn has entered administration as a final resort due to financial woes. Its joint administrators are PwC’s Adam Seres, David Baxendale, and James Cameron.
Lifting the lid on the move, PwC said: “The directors of Humn.ai Limited had been exploring strategic options to address the medium-term funding requirements of the company. Despite extensive efforts and having exhausted all options, the difficult decision was taken by the directors to place the company into administration.”
The name behind the RideShur platform, Humn was incorporated in 2017 and produced real-time data-driven fleet insurance. In 2021, the FCA-regulated (Financial Conduct Authority) business acquired managing general agent Walsingham Motor Insurance Limited (WMIL). A document seen by Insurance Business notes that WMIL has remained a profitable insurance distribution business.
“On appointment, the joint administrators completed a sale of the shares of a subsidiary business, Walsingham Motor Insurance Limited, which has maintained the employment of the 11 employees who were employed by WMIL,” PwC said.
Humn’s financial circumstances, meanwhile, meant that the administrators had to make the majority of the Humn roster redundant, with all employees provided with both verbal and written communication regarding their employment status.
PwC said: “A few roles remain employed for a period of time to support the administrators with their duties to explore a sale of the platform asset RideShur and wind down the operations of the business.”
According to Humn’s statement of affairs, its biggest creditors include Marbruck Investments and HM Revenue and Customs.
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