Prometheus Insurance Company Ltd has failed
The Financial Services Compensation Scheme (FSCS) declared that Prometheus Insurance Company Ltd (PICL) failed on 27 January 2021. The company was previously trading as Tradewise Insurance Company Ltd.
FSCS is working closely with the Administrator, Frederick (‘Freddie’) White of Grant Thornton, and the Gibraltar Financial Services Commission to understand the impact of PICL going into administration.
PICL sold liability, bicycle and a range of motor insurance products including motor trade, haulage, private and commercial vehicle (taxi, black cab, and fleet). Policies were sold in the UK through their UK-based intermediary, Tradewise Insurance Services Ltd (TWIS), and a network of brokers. If you are unclear about whether your insurance policy was backed by PICL, contact the insurance broker who sold you the insurance policy for confirmation.
FSCS is stepping in to protect most of the motor insurance policies that Prometheus sold to individuals and small businesses in the UK, subject to our protection to protection rules and limits.
Jimmy Barber, Chief Operating Officer at FSCS, said:
“We are in the process of identifying how many UK customers are affected by the failure of Prometheus Insurance. We are working closely with the Administrator to make sure that all eligible policyholders affected by the failure of Prometheus are protected.
“FSCS will protect the majority of UK-based customers of Prometheus who are individuals or small businesses with an annual turnover of less than £1m. We want to reassure Prometheus’s UK customers that their insurance remains in force, and we also want them to be aware that we will pay claims in the three months before their policies are cancelled.”
Policyholders should check the FSCS website for updates at www.fscs.org.uk/prometheus.
James Tweed T: 020 7375 8646
Anthony Ozimic T: 020 7375 8638
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.