Prometheus Insurance Company Ltd, formerly Tradewise Insurance Company Ltd
Failed 27 January 2021
FRN: 207638
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.
Read how we protect insurance customers.
Latest updates
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17 Sep, 2021
Frederick (‘Freddie’) White of Grant Thornton has been appointed as Administrator of Prometheus Insurance Company Ltd (PICL).
Tradewise Insurance Services Ltd has stopped handling claims on behalf PICL. As of 16th September 2021, all claims will be handled by Quest Consulting (London) Ltd (“Quest”) on behalf of the Administrator.
This change does not affect policies sold via By Miles Ltd, The Plan Group Ltd/Yellow Jersey or Prestige Underwriting Services Ltd.
How is FSCS helping UK customers of Prometheus?
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.
What if I need to make a claim or check the status of an existing claim on my Prometheus policy?
For policies sold via By Miles Ltd, The Plan Group Ltd/Yellow Jersey or Prestige Underwriting Services Ltd: Please follow the instructions set out in your policy documentation and/or liaise with the claims handler who was previously dealing with your claim.
For any other policy, please note:
As of 16th September 2021, all claims will be handled by Quest Consulting (London) Ltd (“Quest”) on behalf of the Administrator of Prometheus.
Please direct all new claim enquiries to PrometheusNewClaims@quest-group.co.uk. For enquiries on an existing claim, please contact Prometheus@quest-group.co.uk.
How are UK customers of Prometheus protected for premium refunds on their policies?
Prometheus stopped writing new business on 31 December 2019 so the firm has no unexpired policies.
What do you mean by an eligible customer?
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.