Another one bites the dust in the world of insurance.

Gibraltar-based Horizon Insurance Company Ltd, which also operated in the UK, has been declared in default by British compensation fund FSCS or the Financial Services Compensation Scheme.

Grant Thornton’s Freddie White was previously appointed by the Supreme Court of Gibraltar as administrator for the motor insurer.

“We estimate that 1,700 UK customers may be affected by the failure of Horizon,” noted FSCS chief operating officer Jimmy Barber. “We are working closely with the administrator to ensure all outstanding claims are paid in full.”

According to the Financial Conduct Authority, Horizon stopped taking new business at the end of 2016 while all live policies expired on or before December 31 last year.

Meanwhile those with outstanding claims are advised to continue dealing with the existing claims handlers, Catalyst Consulting Solutions.