FSCS pays out £6.9m to 9,000 Alpha taxi policyholders
The Financial Services Compensation Scheme (FSCS) has issued 9,000 premium refund payments worth £6.9m to commercial taxi policyholders insured by Alpha Insurance and sold through the Alpha broker, Capital Underwriting Agency Ltd.
Since the Danish insurance company was declared bankrupt in 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.
Alpha Insurance provided a range of insurance policies to the UK retail and commercial market, including motor insurance gap insurance, solicitors’ professional indemnity insurance, and latent defects insurance to protect customers from defects in new-build homes.
Jimmy Barber, Chief Operating Officer at FSCS, said: “FSCS is here to protect customers. For most policyholders this involves us making a return of premium payments, and we are ensuring these policyholders receive their compensation as soon as possible.”
Any Alpha commercial taxi policyholders who have not received a cheque payment inside the next 21 days are asked to contact FSCS via www.fscs.org.uk.
Any Alpha commercial taxi policyholders who have received a cheque but think the amount is incorrect will need to contact the Broker from whom they purchased their Alpha policy. These premium refund payments have been based on information provided by Alpha’s brokers and verified by the Alpha Liquidator.
James Tweed, T: 020 7375 8646
Anthony Ozimic, T: 020 7375 8638
Catherine Goodier, T: 020 7375 8631
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.