Update on Enterprise Insurance Company plc

19 Apr 2017 Press Release

Insurance

Update 19 April 2017

The Gibraltar Financial Services Commission announced the appointment of independent inspectors to investigate the insolvency of Enterprise Insurance Company plc (Enterprise) and the conduct of its directors and auditors. Read the update.

Update 4 November 2016

The Gibraltar Financial Services Commission has today published the report of the Provisional Liquidator on Enterprise Insurance Company plc.  Read the full report.

Update 26 October 2016

On 26 October, the Gibraltar Financial Services Commission (GFSC) announced an investigation into Enterprise Insurance Company plc (Enterprise) and its board of directors. The GFSC has stated that it has reason to believe that it may have been significantly and consistently misled about Enterprise’s true financial position. Click here to read the full announcement.

Additionally, the Supreme Court in Gibraltar (the Court) today appointed Mr Freddie White of Grant Thornton as Liquidator to Enterprise Insurance. The full statement from the GFSC can be read here.

The Court also confirmed that Enterprise motor insurance policies are no longer valid as and from the appointment of the Liquidator on 26 October 2016.

The Central Bank strongly recommends that affected consumers (i.e. those who held an Enterprise Policy up to 26 October and have not arranged alternative motor insurance) immediately contact their insurance broker or an insurer directly to seek an alternative insurance cover.

These Policyholders can no longer rely on their Enterprise motor insurance policies and will be considered as driving without insurance from midnight tonight.

Q & A update for consumers

Update 30 September 2016

The Provisional Liquidator for Enterprise Insurance Company plc (Enterprise) has today notified all brokers that he will present his report to the Supreme Court in Gibraltar on 26 October 2016, when he will recommend that a liquidator be appointed to Enterprise.  The full statement can be accessed here.

The Provisional Liquidator has also indicated that all motor insurance policies will no longer be valid as and from 26 October 2016.  While policies will remain in effect until that date, the Central Bank strongly recommends that Enterprise policyholders immediately contact their insurance broker or an insurer directly to seek alternative insurance cover.

Update 12 August 2016

The Gibraltar Financial Services Commission (the GFSC) has issued a  warning to the public regarding the website “enterpriseinsuranceclaim.com”.  The full warning statement may be viewed here.

Additional information and contact details are available from the Gibraltar Financial Services Commission.

Update 27 July 2016

The Central Bank has today contacted 323 insurance brokers who have sold Enterprise products to consumers requiring them to immediately contact any policyholder who holds a current Enterprise motor insurance policy and inform them of the urgency to make alternative motor insurance arrangements. This urgency stems from the fact that any claim made by policyholders who hold active policies with Enterprise, may not be fully covered irrespective of the policy remaining in force. It is noted by the Central Bank that Wrightway Underwriting Limited has agreed to make an ex gratia payment equal to the value of the premiums from now until the end of the contract term, in respect of any policyholder who holds a current Enterprise motor insurance policy. Policyholders and brokers can now access further information and contact details through the Enterprise website. You can contact Enterprise Insurance at info@eigplc.com or at 00350 200 50150.

Update 25 July 2016

The Supreme Court of Gibraltar has today appointed Mr. Frederick David John White of Grant Thornton (Gibraltar) Limited as Provisional Liquidator of Enterprise Insurance Company Plc.

The Central Bank is continuing to engage with the regulator in Gibraltar regarding the interests of Irish consumers.  If you are a customer of Enterprise you should contact, as soon as possible, the broker from whom you bought the policy regarding arranging alternative cover.

22 July 2016

Enterprise Insurance Company plc (Enterprise) is a Gibraltar incorporated company subject to prudential supervision in Gibraltar by the Gibraltar Financial Services Commission (the GFSC). Enterprise was selling motor insurance in a number of European countries including Ireland on a freedom of services basis. Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard.

The Central Bank was notified by the GFSC today (22 July) that it is now taking steps, 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. 

The GFSC is notifying the European Insurance and Occupational Pensions Authority (EIOPA), and the relevant financial services regulators and compensation schemes in France, Greece, Italy, Norway, Ireland and the UK, where Enterprise has written business.

The Central Bank will work closely with the GFSC to ensure all Irish motor policyholders are identified and are communicated with directly. 

Motor insurance policyholders in Ireland, who bought insurance through the broker network, may be affected.  Any policy holder who has concerns about their policy should contact their broker in the first instance.

The following contact information has been provided by Enterprise for policy holders

  1. If you are a policy holder and you have any questions, you can contact the GFSC on 00 350 200 40284 or email enterprisepolicyholders@fsc.gi.
  2. You can also contact Enterprise on telephone number 00 350 200 50150.
  3. For urgent press enquiries please call 00 350 200 43502.

Further information is available from the Gibraltar Financial Services Commission.