MCE Insurance in Administration

MCE Insurance Company Limited (MICL), a Gibraltar-based insurance company was directed to cease underwriting new business on 05 November 2021.


On 19 November 2021, the company was placed into administration, being no longer able to pay claims. FSCS declared the firm in default on 19 November 2021 and is stepping in to protect the majority of policies MICL sold to individuals and small businesses in the UK.


FSCS is working closely with the appointed Joint Administrators, Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar), and the Gibraltar Financial Service Commission to understand the impact of the insurance firm’s failure. We will continue to update this page with the latest developments.


The Financial Services Compensation Scheme (“FCSC”) has update their website in relation to MCE Insurance in Administration (https://www.fscs.org.uk/making-a-claim/failed-firms/mce-insurance/). There is a link on this page through which members with outstanding claims can input their email address to receive updates.


In terms of the key points of advice:


“FSCS is assisting eligible customers by paying claims made against protected policies which are validated by the appointed Insolvency Practitioner.


For compulsory insurance claims (i.e. third-party motor claims), the level of our protection is 100%. For other types of claims, our protection is 90%.You can find more information on FSCS protection rules and limits on our website.


FSCS will protect most customers of MCE Insurance Company Limited who are individuals or small businesses with an annual turnover of less than £1m. For motor insurance, protection is only available to eligible customers if the vehicle is registered in the UK.”