Please read the following it applies to all Enterprise Insurance PLC policyholders placed through Orbit Underwriting Limited.
We have been informed that the Provisional Liquidator will be presenting his report and recommendations to the Supreme Court of Gibraltar at 10:00am on the 26th October 2016. The report will include the assets and liabilities attributable to Enterprise’s general insurance business and will recommend whether a Liquidator should be appointed.
The GFSC appointed Grant Thornton on the basis that the Directors of Enterprise had determined the company was insolvent. Fresh actuarial reviews and work undertaken to date indicate this to be indeed the case. Whilst the report has not been finalised, on the basis that Enterprise’s liabilities attributable to its general insurance business exceed its assets, the appointment of a Liquidator will be recommended. The Supreme Court of Gibraltar will determine whether the appointment coincides with the date of the hearing on the 26th October.
It is the intention of the Provisional Liquidator to disclaim all current and inforce contracts as onerous contracts and files notices of disclaimer with an effective date of the hearing to prevent the continued accrual of liabilities on an insolvent estate. Whilst the decision of the Court cannot be presupposed, a notice of disclaimer and the appointment of a Liquidator is the probable outcome. This means that all current and inforce contracts will immediately be disclaimed from the 26th October 2016 and clients will no longer hold a valid policy of insurance in the absence of arranging alternative cover from that date.
The Financial Services Compensation Scheme (FSCS) have indicated that they will refund premiums to our clients that qualify directly and automatically.
We have been working tirelessly to inform, seek alternative cover and call all of our affected clients. We cannot emphasise how much we regret the unease and inconvenience that this has caused our clients and we are doing our upmost to assist you through this disruption.
Please also see the original notice