Bollington Underwriting Limited, the wholesale arm of The Bollington Group, is finalising an agreement with the Financial Services Compensation Scheme (FSCS) to block transfer eligible Enterprise Insurance Company (EIC) policies into a new and equivalent product.
The negotiations with the FSCS have been designed to make the transfer of policies from EIC to a new provider as seamless as possible for both policyholders and sub-brokers of Bollington.
The motor insurance market has been struggling in recent weeks with the collapse of Enterprise Insurance Company and the anticipated disclaimed policy situation expected today. The latest news should provide comfort and reassurance for those affected.
Chris Patterson, Group Managing Director, said, “We have been in negotiations with the FSCS and the Provisional Liquidator for a number of weeks, trying to find a suitable solution that will not only look after policyholders but also protect the interests of our brokers.
“The deal will see 3,500 customers who have placed their insurances with us will have full continuity of cover without needing to take any further action, or being asked to contribute to any additional premium.
We have been working closely with our sub-brokers providing assistance with their policyholder communication. We have received overwhelming, positive feedback from the broker community with regards to the solution.”
The latest announcement follows the previous news that Bollington have launched a number of new commercial motor products including taxi, fleet, courier and self-drive hire.