Alpha Insurance A/S, a Danish insurance company has been declared bankrupt, the Danish Financial Supervisory Authority (Danish FSA) announced on 8th May 2018.
UK customers may need to find alternative insurance cover with immediate effect. Contact your insurance broker or the firm who sold your policy to seek new cover immediately.
We expect most UK customers who held policies with Alpha Insurance A/S would be covered under the Financial Services Compensation Scheme (FSCS) if they had an insurance claim or if they are entitled to a return of part of the premium that they paid for their policy.
FSCS is working closely with the Danish Insurance Guarantee Fund to agree how claims can be processed quickly. Our priority is to get UK customers with claims that are protected by FSCS back on track as quickly as possible.
Customers should check with their insurance provider if they think they may be at risk.
FSCS is aware that Alpha Insurance appear to have provided a range of insurances to the UK retail and commercial market, such as professional indemnity, motor and gap insurance, and home insurance. We are investigating the status of that insurance and whether and to what extent Alpha Insurance policyholders are protected by the Danish Fund and/or FSCS. We will provide a further update shortly.
Residents of other countries outside the UK would need to contact their local Guarantee Funds or Compensation Schemes.
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.
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.