Alpha Insurance A/S declared bankrupt

This page is for Customers of Alpha Insurance A/S an insurance company that was declared in default on 8 May 2018.

Latest update, 20 July 2018 - Customers who wish to make a return of premium claim can now do so by completing and online form on Alpha insurance's website.

Please note that if you have already benefited from replacement policy cover arranged by your broker, you will not be able to apply for a premium refund through the above portal.

We will continue to update this page with the latest developments. You can also get notification of the latest updates by following FSCS on Twitter and Facebook.

Who is Alpha Insurance A/S?

Alpha Insurance A/S (Alpha Insurance), a Danish insurance company, was declared bankrupt on 8 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.

What insurance cover did Alpha Insurance provide in the UK? 

Alpha Insurance provided a range of insurance policies to the UK retail and commercial market. Policy types included solicitors’ professional indemnity insurance, motor insurance gap insurance and latent defects insurance (insuring customers from defects in new build homes).

What do customers of Alpha Insurance need to do? 

If you think you may have a policy with Alpha Insurance contact your insurance broker, or the firm who sold you the policy, to check your position.

If you need to make a claim or check the status of an existing claim you’ve made, you should still contact the claims handling agent detailed in your Alpha Insurance policy documents. 

Find out the latest news on Alpha Insurance claims handling and payments on their website.  

How is the Danish Guarantee Fund helping UK customers of Alpha Insurance?

The Danish Guarantee Fund can protect the claims of UK customers in the following categories:

  • Policyholders with private insurance policies (i.e. non-commercial policy holders)
  • Third-parties protected from personal injuries or property damage according to motor vehicle liability insurance
  • Third-parties protected from personal injuries according to other liability insurance
  • Claims regarding building fire on all types of real estate

Find out more about what's covered by the Danish Guarantee Fund

How is FSCS helping UK customers of Alpha Insurance?

If a UK customer isn’t covered by the Danish Guarantee Fund it is possible they can still benefit from FSCS protection if they are a business with an annual turnover of less than £1m.

We know this will include:

  • Commercial policyholders who need to claim for damage to their own vehicle
  • Solicitors with professional indemnity cover

Find out more about our insurance compensation claim eligibility rules.

How are UK customers of Alpha Insurance protected for premium refunds?

All Alpha Insurance policies will terminate on 11th August 2018.

If your premium refund claim is covered by the Danish Guarantee Fund you will get a premium refund for the unexpired period of your insurance cover subject to a deductible of 1,000 DKK. You may be entitled to a top-up payment from FSCS if, after the application of the 1,000 DKK deductible, you have not received 90% of the unexpired premium amount owed to you. FSCS will work with the Danish Guarantee Fund to ensure the premium refund owed to you is calculated correctly.

For eligible commercial policyholders in the UK, FSCS will protect return of premium claims at 90%, to the extent not met by the Danish Guarantee Fund.

To make a return of premium claim you will need to complete an online form on Alpha Insurance’s website. This form is now live and can be located here: administration.topdanmark.dk/alpha-insurance/return-of-premium/.

Please note that if you have already benefited from replacement policy cover arranged by your broker, you will not be able to apply for a premium refund through the above portal. 

Keep checking this link on Alpha Insurance's website for further updates. 

How does FSCS insurance protection work?

FSCS can compensate for claims against 'European Economic Area' insurers that are authorised in the UK, but only for UK business. 

Find out more about our insurance compensation claim eligibility rules

What other products does FSCS protect?

FSCS protects a range of financial products including, deposits (current & savings accounts), investments, pensions, endowments, PPI, debt management and home finance. Find out more about the products FSCS covers.

 


Jargon Buster

  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • Eligible

    qualifying for compensation under Scheme rules.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.