It has been reported in Insurance Age that Alpha Insurance A/S has gone into solvent liquidation.
A statement on the Alpha Insurance website states that, “Effective immediately, Alpha Insurance A/S has ceased all underwriting, including renewals.”
In effect, Alpha Insurance will continue to operate as existing policies are run-off. The company intends to honour all current and future obligations, including payment of claims, with policies in force until their contractual expiry.
What does this mean?
Bollington has been informed that Lima Agency – with products underwritten by Alpha Insurance – has been unable to find alternative capacity and is now unable to bind business.
As stated above, the current position is that existing policies with Alpha will remain in force and obligations in relation to those policies will be met.
However, this does mean that if you have clients whose policies are underwritten by Alpha, you will need to look for an alternative provider at renewal. Likewise, if you are looking to place new business with Alpha, this will no longer be possible.
Bollington Underwriting could help
If you have clients where renewal is imminent, Bollington Underwriting can look to find an alternative insurer. With years of experience in motor fleet markets, we would welcome enquiries from those who currently place business with Lima.
What to do next
Contact our team on 01625 348040 to discuss your requirements, or email by return, and we can work with you to ensure that your clients maintain cover on an ongoing basis.