Alpha Insurance A/S

Failed 08 May, 2018

Alpha Insurance A/S (Alpha Insurance), a Danish insurance company, was declared bankrupt on 8 May 2018. FSCS has been working closely with Alpha’s liquidator, the Danish Guarantee Fund and the Danish Financial Supervisory Authority (Danish FSA) to understand the impact of Alpha’s bankruptcy.

Click the 'Latest updates' tab below for the most recent news on this firm.

Alpha Insurance website

Commonly asked questions

Broadspire & Crawford UK

Alpha motor claim queries

processing@broadspiretpa.co.uk

Phone 01908 302 030

Pen Underwriting

Alpha solicitor’s professional indemnity claims

matt_driscoll@penunderwriting.com

Phone 0207 220 5212

CRL Management

Alpha structural damage / latent defect insurance

policyupdates@bcr.co.uk

0208 343 3242

Phone 0800 772 3200

  • 19 Jul, 2019

    FSCS is able to confirm that a deal to secure replacement cover for Alpha Insurance’s Latent Defect policyholders has now been agreed (subject to contract) with a new, solvent insurer.

    All parties involved in the arrangement intend to provide final sign-off on Wednesday 24 July.

    FSCS will continue to provide updates on the closing stages of this process over the coming days.

     

  • 12 Jul, 2019

    Since May 2018, FSCS has been working with CRL Management (an appointed representative of BCR Legal Group Ltd), BCR Legal Group Ltd and the Alpha Liquidator to try and secure replacement cover for Alpha’s 10-year latent defect/structural damage insurance policies, which lapsed on 11 August 2018 in accordance with Danish law.

    We appreciate the difficult position that many CRL Management/Alpha Insurance customers currently find themselves in, in light of the continued uncertainty surrounding replacement cover being secured.

    By far the best outcome here is for BCR/CRL to be successful in arranging replacement cover with a new, solvent insurer.

    FSCS is aware that, should a new insurer not be found, it will be difficult for affected policyholders to find replacement cover themselves. Furthermore, the cost of that replacement cover is likely to exceed the amount the policyholders receive in premium refund compensation from FSCS.

    For this reason we have granted BCR/CRL a number of deadline extensions in the hope that a new insurance provider can be found.

    BCR/CRL have assured FSCS that good progress has been made in recent days and it is likely a deal to secure replacement cover with a new, solvent insurer will be finalised shortly. We will provide a further update by the end of next week (Friday 19 July).

     

  • 08 Jul, 2019

    Although we’d hoped to make a more comprehensive announcement today, work to finalise the agreement for the latent defect policy transfer to the new insurer is still ongoing, although extremely close to a conclusion. We’ll provide a further update later this week.

     

  • 02 Jul, 2019

    FSCS, CRL and BCR are continuing to work on a successful transfer of Alpha’s latent defect policies to a new insurer, and good progress has been made in recent days. Discussions with the new insurer are at an advanced stage, however, the timetable has been pushed back slightly while the terms of the transfer are reviewed. We’ll provide a further update on Monday, 8 July.

     

  • 10 Jun, 2019

    Following our update on 23 May, CRL Management has recently identified a new alternative insurer to FSCS. CRL has also provided FSCS with a comprehensive timetable outlining key steps and milestones that will ensure a successful transfer of Alpha’s latent defect policies to that new insurer by 2 July. If the stated milestones are not met as scheduled, the 2 July extension will be cancelled and FSCS will proceed to pay premium refund compensation directly to affected policyholders.

     

  • 28 May, 2019

    FSCS is in the process of issuing premium refund payments totalling £6.9m to 9,000 commercial taxi policyholders insured by Alpha Insurance and sold through the Alpha MGA broker, Capital Underwriting Agency Ltd (CUAL).

    If you were an Alpha commercial taxi policyholder and haven't received a cheque payment, please contact your broker to check if you're entitled to a refund. If so, please ask your broker to contact FSCS with your details.

    If you've received a cheque but you think the amount is incorrect, you'll need to contact the broker from whom you purchased your Alpha policy. These premium refund payments have been based on information provided by Alpha’s brokers and verified by the Alpha liquidator. Any issues concerning the premium refund payment you've received will need to be raised with your broker in the first instance.

    We've put together a Q&A that should answer most of your questions here (pdf download).

     

  • 23 May, 2019

    The deadline has passed and we're reviewing the latest submission from BCR regarding their progress with securing a new insurer. We’ll provide a fuller update towards the end of next week.

     

  • 30 Apr, 2019

    The Financial Services Compensation Scheme (FSCS) has further extended the deadline for CRL Management to find an alternative insurer to provide replacement cover for Alpha latent defect and structural damage insurance policyholders whose policies terminated last August.

    FSCS has given CRL Management (an appointed representative of BCR Legal Group) until 22 May to secure alternative cover with a suitable insurer. FSCS together with our colleagues at the FCA and PRA hope that a further deadline extension will allow CRL to provide all the information that is required for a suitable alternative insurer to commit to a deal.

     

  • 15 Apr, 2019

    The Financial Services Compensation Scheme (FSCS) has further extended the deadline for CRL Management to find an alternative insurer to provide replacement cover for Alpha latent defect and structural damage insurance policyholders whose policies terminated last August.

    FSCS has given CRL Management (an appointed representative of BCR Legal Group) until 30 April to secure alternative cover, following the granting of a two-week extension on 29 March 2019. CRL Management continues to make good progress in arranging such cover, and FSCS is hopeful that the further deadline extension could lead to a deal being agreed that would provide the best-possible outcome for these policyholders.

    FSCS continues to work closely with CRL Management and the Alpha liquidator.

     

  • 01 Apr, 2019

    The Financial Services Compensation Scheme (FSCS) has given CRL Management a further two weeks to find an alternative insurer to provide replacement cover for Alpha latent defect and structural damage insurance policyholders whose policies terminated last August.

    FSCS had previously given CRL Management (an appointed representative of BCR Legal Group) until 29 March 2019 to secure alternative cover. CRL Management has shown that it is making progress in arranging such cover, and FSCS is hopeful that an extension of the deadline could lead to a deal being agreed that would provide the best-possible outcome for these policyholders.

    FSCS will continue to work closely with CRL Management and the Alpha Liquidator, and will provide a further update on the position in two weeks.
    7 March 2019

    FSCS is still working with CRL Management towards finding a new provider for Alpha latent defect/structural damage policies that terminated on 11 August 2018. A challenging marketplace and poor-quality policy holder data are complicating this process. CRL Management had previously identified a possible replacement provider. It is now unlikely that this insurer will take on the policies. If no new provider can be found by 29 March 2019, FSCS will start to build a process to return the unused part of the premium to policy holders.

     

  • 30 Jan, 2019

    Following our update on 21 November, CRL Management has recently identified a potential replacement insurer. FSCS is continuing to work with CRL Management, the Alpha Liquidator and the Danish Guarantee Fund to secure replacement cover for Alpha latent defect/structural damage insurance policies that terminated on 11 August 2018.

     

  • 21 Nov, 2018

    FSCS is working with CRL Management, the Alpha Liquidator and the Danish Guarantee Fund to replace cover for Alpha policies that terminated on 11 August 2018 because of the Alpha bankruptcy. We may be able to pay compensation to secure replacement cover for policies in relation to properties located in the United Kingdom where a post-completion certificate was issued by 11 August 2018. The replacement cover will be backdated and begin from when the Alpha policies terminated.

    We are unable to compensate or provide replacement cover for Alpha policies taken out by developers, where protection was not activated by a homeowner purchasing the property before 11 August 2018.

    Policies in relation to foreign properties will not be included under our rules. FSCS can’t provide compensation for risks insured by Alpha that are located outside of the UK.

     

  • 20 Nov, 2018

    The Alpha Liquidator has recently sent out letters to all UK customers of Alpha insurance who submitted a premium refund claim via the Alpha online portal before 11 September. These letters acknowledge that the Alpha Liquidator has received their details and is working on verifying their premium refund claim.

    The letters also offer advice on whether customers might be eligible for protection from FSCS and the Danish Guarantee Fund (DGF). Please note that if customers aren’t eligible for protection from DGF, they may still be eligible for protection from us.

    Customers do not need to do anything further at this stage. Their details will be passed to FSCS and the DGF by the Alpha Liquidator when they have finished verifying their premium refund claim.

    The Alpha Liquidator is currently reviewing premium refund claims submitted after 11 September and will be in contact with those policyholders shortly.

     

  • 25 Oct, 2018

    Please note that customers must notify Alpha of any claim by 8 November, 2018 for these to be covered by the Danish Guarantee Feed (“DGF”). Any UK customers with Alpha claims after this date, could still benefit from FSCS protection if they’re a private individual or a business with an annual turnover of less than £1m.

    For further information please visit the Danish Guarantee Fund’s information on the Alpha site.