It’s a new and developing story, but a recent press release from the FCA has announced that MCE, a well-known UK motorcycle insurance company, has entered administration.
On the 19th of November 2021, it appears that MCE Insurance Company filed an application for administration to the Supreme Court of Gibraltar, where they are authorised and regulated by the Gibraltar Financial Services Commission (GFSC) to operate in the UK.
There are two ‘MCE’ companies here: ‘MCE Insurance Ltd’, who are the UK-based broker responsible for setting up insurance policies on a ‘freedom of service basis’, and ‘MCE Insurance Company Limited’, who is the insurance firm located in Gibraltar who underwrites the policies.
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The FCA release notes that the company ceased underwriting new business policies on the 5th of November 2021, where they were predominantly writing motorcycle and car policies for a UK client base.
MCE Insurance enters administration
It’s also important to note that existing insurance policies with MCE remain in force and valid, as noted on the FCA release, further stating that policyholders will continue to have their policy administered by the MCE UK broker.
Two administrators from Gibraltar firm Kroll, Andrew Stoneman and Geoff Bouchier, were appointed as joint administrators of the company.
It’s a developing situation, and as more facts emerge we’ll try to keep up to date with the latest information on behalf of policyholders with their motorcycles insured with MCE UK.
It does appear that all MCE customers will have received an email with more information, so if you’re a policyholder we strongly recommend you check your inbox for more information.
Source: FCA release
