Prometheus Insurance Company Ltd, formerly Tradewise Insurance Company Ltd
Failed 27 January 2021
Prometheus Insurance Company Ltd (PICL) is now in administration, as it can no longer meet its liabilities and pay claims. The Gibraltar-based company previously traded as Tradewise Insurance Company Ltd.
FSCS declared the firm in default on 28 January 2021. It is stepping in to protect the majority of PICL policies sold to UK individuals and small businesses.
These include liability, bicycle and motor insurance policies, including motor trade, haulage, private and commercial vehicle (taxi, black cab, and fleet) policies. The firm used its UK-based intermediary, Tradewise Insurance Services Ltd (TWIS), and a network of brokers to sell policies. If you're not sure whether your insurance policy is backed by PICL, the insurance broker who sold you the policy can tell you.
FSCS is working with the Administrator, Frederick (‘Freddie’) White of Grant Thornton and the Gibraltar Financial Services Commission to understand the impact of TWIS's administration. We will continue to update this page with the latest news.
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FSCS will protect most UK-based customers of Prometheus who are individuals or small businesses with an annual turnover of less than £1m. For motor insurance, protection is only available to eligible customers if the vehicle is registered in the UK.
FSCS is assisting eligible customers by paying claims made against protected policies which are validated by the appointed Insolvency Practitioner.
For claims about compulsory insurance (i.e. third-party motor claims), the level of our protection is 100%. For other types of claims, our protection is 90%. You can find more information on FSCS protection rules and limits on our website.
If you need to make a claim, follow the instructions set out in your policy documentation.
If you need to check on the status of an existing claim, liaise with the claims handler who was previously dealing with your claim.
Prometheus stopped writing new business on 31 December 2019 so the firm has no unexpired policies.
FSCS will protect UK-based customers of Prometheus who are individuals or small businesses with an annual turnover of less than £1m.
For motor insurance, the vehicle must be registered in the UK. More information on FSCS protection rules and limits on our website.