Millburn Insurance Company Ltd has failed
12th December 2013
FSCS is stepping in to protect customers of Millburn Insurance as the company is now in administration. FSCS has declared the firm in default.
We are working closely with the administrators, Neil Mather and Christopher Morris of Begbies Traynor, to protect Millburn’s UK customers and to determine the extent of our involvement.
We will provide updates when more information becomes available.
The Prudential Regulation Authority (“PRA”) authorised Millburn. FSCS may protect policyholders’ claims against the company. In certain circumstances we may also protect non-UK policyholders where Millburn issued their policy in the UK.
FSCS covers compulsory insurance (i.e., employer’s liability insurance and third-party motor cover) in full with no upper limit subject to policy terms. It covers 90% of non-compulsory classes of insurance with no upper limit subject to policy terms.
FSCS will work with Begbies Traynor to ensure that outstanding claims are processed as quickly as possible.
In certain circumstances, we may also be able to assist with the loss of any premium you may have paid. We recommend, however, that you take expert advice before making any decision to cancel a policy.
We will publish updates as more information becomes available.