Gibraltar-Based Enterprise Insurance ‘Hopelessly Insolvent’

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Enterprise Insurance, a Gibraltar-based firm whose collapse last week has hit 14,000 Irish motor customers, has been described in court as “hopelessly insolvent”. It has as an asset shortfall of up to £18 million (€21.5 million), the Irish Times reported. The Gibraltar Financial Services Authority (GFSA) said this week that Frederick David John White of Grant Thornton has been appointed as provisional liquidator of the insurance company. Anthony Dudley, the Chief Justice of the Gibraltar Supreme Court, described an estimated £11 million to £18 million (€13 million to €21.5 million) shortfall between Enterprise’s assets and liabilities as a “a huge deficiency” as he heard the application. Ireland’s Central Bank has reiterated that affected customers should contact their broker as soon as possible to arrange alternative cover, even as the GFSA continues to say that policies remain in place and that “no action is required at this stage”. The GFSA said the provisional liquidator would “focus all efforts into dealing with claims and will work alongside the relevant compensation schemes with the view of achieving the best possible outcome for policy holders.” Read more. (Subscription required.)