MCE Insurance Company Ltd

Failed 19 November 2021

FRN: 611321

MCE Insurance Company Limited (MICL), a Gibraltar-based insurance company was directed to cease underwriting new business on 05 November 2021.

On 19 November 2021, the company was placed into administration, being no longer able to pay claims. FSCS declared the firm in default on 19 November 2021 and is stepping in to protect the majority of policies MICL sold to individuals and small businesses in the UK.

FSCS is working closely with the appointed Joint Administrators, Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar), and the Gibraltar Financial Service Commission to understand the impact of the insurance firm’s failure. We will continue to update this page with the latest developments.  

  • 19 Jan, 2022

    Car and van policies that were disclaimed/ended on 14th January 2022 - please note we've received the first batch of data and are now working on it. Those eligible who paid their premium upfront in full will be sent their return of premium first. We will then work through the remainder. We're working with the joint administrators to make return of premium payments as close to the date your policy ended as possible.

  • 14 Jan, 2022

    To further support you through this process, in addition to the information on this page, please note we have also added more information on the Q&A section (click the Q&A tab/drop-down menu above).

  • 12 Jan, 2022

    All motorbike and scooter policyholders if you’ve had notice that your insurance policy will end, you will need to have alternative insurance in place before that date. Motor insurance is compulsory – it’s an offence to use your vehicle without it. 

    You may wish to contact your broker MCE UK on info@mceinsurance.com or 01933 351361 to arrange alternative cover. If you’re unsure, talk to an insurance broker who specialises in motor insurance policies about replacement cover. You can find one via the British Insurance Brokers’ Association’s Find Insurance’ service, or call them on 0370 950 1790.

    This site also contains useful information on insurance cover: www.moneyhelper.org.uk/en/everyday-money/insurance 

    Read the letter (pdf 0.1MB) the Joint Administrators sent to all motorbike policyholders on 11 Jan 2022.

    Return of premium payment 

    If you are eligible, you will receive a cheque from FSCS, or we will contact you for more information as close to the policy cease date as possible.  

    For claims relating to return of premium, the level of our protection is 90%. 

    • This is calculated by the administrator when your policy cover ceases. 
    • The refund is pro-rated, so the value will depend on how much time was left on the policy when your policy cover ceases. 

    Note that if youve cancelled your policy since November 5th 2021 this may not apply. If youre unsure, please contact your broker MCE UK. 

    Please do not use the British Insurance Brokers’ Association’s service to ask about return of premium. 

    For the latest information on the failure of MCE Insurance Company Ltd, sign up above for email updates. 

     

  • 22 Dec, 2021

    All car and van policyholders – if you’ve had notice that your insurance policy will end, you will need to have alternative insurance in place before that date. Motor insurance is compulsory – it’s an offence to use your vehicle without it. 

    You may wish to contact your broker MCE UK to arrange alternative cover. If you’re unsure, talk to an insurance broker who specialises in motor insurance policies about replacement cover. You can find one via the British Insurance Brokers’ Association’s 'Find Insurance’ service, or call them on 0370 950 1790.

    You can see the original Joint Administrators’ notification on the MCE website

    Read the letter (pdf 0.1MB) the Joint Administrators sent to all car and van policyholders on 20 Dec 2021.

    This site also contains useful information on insurance cover www.moneyhelper.org.uk/en/everyday-money/insurance 

     

    Return of premium payment 

    If you are eligible, you will receive a cheque from FSCS, or we will contact you for more information as close to the policy cease date as possible.  

    For claims relating to return of premium, the level of our protection is 90%. 

    • This is calculated by the administrator when your policy cover ceases. 
    • The refund is pro-rated, so the value will depend on how much time was left on the policy when your policy cover ceases. 

     Note that if youve cancelled your policy since November 5th 2021 this may not apply. If youre unsure, please contact your broker MCE UK. 

    Please do not use the British Insurance Brokers’ Association’s service to ask about return of premium. 

    For the latest information on the failure of MCE Insurance Company Ltd, sign up above for email updates. 

     

  • 17 Dec, 2021

    Please note that MCE Insurance Company Ltd is now known as Green Realisations 123 Limited, (in Administration).

    For more information on failed insurance companies and what happens visit our Failed Insurance Companies - what happens next? page.

    To understand more about the different parties involved visit our Who's involved? page.

    FSCS and the Joint Administrators will keep policyholders up to date at each stage, most likely by email.

MCE Insurance Company Limited entered administration on 19 November 2021.

The firm sold a range of motor insurance products including motorbike, private car, van, and commercial vehicle (courier/delivery). Policies were sold in the UK through their UK based broker, MCE Insurance Ltd. If you are unclear about whether your insurance policy was backed by MICL, please contact the insurance broker who sold you the insurance policy for confirmation.

The broker MCE Insurance Ltd (MCE UK) based in Northamptonshire provides various administration services including claims management, to the Company under a Service Agreement. MCE UK is not part of the Administration process.

Further information can be found here:

E: info@mceinsurance.com
T: +44 1933 351361