CBL Insurance Europe DAC has failed
The Financial Services Compensation Scheme (FSCS) has declared CBL Insurance Europe DAC in default on 24 February 2020.
CBL Insurance Europe DAC, an insurance company based in the Republic of Ireland has been under administration since 12 March 2018 and ceased paying claims on 9 December 2019.
On 20 February 2020 the Central Bank of Ireland lodged a petition with the Irish High Court to seek a winding-up order and to have a liquidator appointed.
FSCS is now stepping in to protect the majority of policies that CBL sold in the UK to individuals and small businesses.
Jimmy Barber, Chief Operating Officer at FSCS, said:
“FSCS is working closely with the administrator and the Central Bank of Ireland to make sure that any eligible policyholders are protected. FSCS will protect most UK-based customers of CBL who are either individuals or small businesses with an annual turnover of less than £1m."
CBL Insurance Europe is authorised and regulated by the Central Bank of Ireland. The firm provided a range of non-life insurance products in Ireland and within the European Union, such as construction-related credit and financial surety insurance, professional indemnity insurance, property insurance and travel bonding.
CBL Insurance Europe’s products were distributed on a freedom of services cross-border basis within the European Economic Area (EEA) through channels including managing general agents (MGAs) and insurance brokers. This meant the contracts were underwritten in an EEA member state that was different from the member state where the risk is located.
Further information from the administrators is on the CBL Insurance Europe DAC website at http://cblinsuranceeurope.com
T: 020 7375 8631
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.