The Gibraltar Financial Services Commission has announced that MCE Insurance Company Limited has entered into administration.
MCE Insurance Company Limited is an insurance firm authorised and regulated by the Gibraltar Financial Services Commission (GFSC).
The UK's Financial Conduct Authority also issued a statement on 22 November that it operated in the UK on a freedom of services basis which means customers based in the UK may hold policies with the firm.
Policies were sold in the UK through their UK based broker, MCE Insurance Ltd.
On 19 November 2021, following an application for administration to the Supreme Court of Gibraltar the company was placed into administration.
Andrew Stoneman and Geoff Bouchier of Kroll (Gibraltar) Limited have been appointed as joint administrators of the company.
The company ceased writing new insurance on 5 November 2021, and predominantly wrote motorbike insurance and car insurance policies, specifically for UK customers.
Existing insurance policies remain in force and are valid.
Gibraltar Financial Services Commission said MCE Insurance Company was licensed on 25 November 2013 under the Financial Services (Insurance Companies) Act 1987 and latterly the Financial Services Act 2019.
The company was authorised to carry out services in the United Kingdom and the Republic of Ireland.
In a separate statement by MCE Insurance chief executive Julian Edwards, he said: "The Gibraltar Financial Services Commission (GFSC) has applied Capital Add Ons to Green Realisations No. 123 Ltd. (GR, formally MCE Insurance company Ltd.) which has in turn led to an orderly and solvent filing for Administration.
"MCE UK business had already made the decision to re-structure and transfer our portfolio to a UK insurer, the GFSC had been made aware of this. The GFSC actions are the latest in what appears to be a vendetta against MCE Uk-co and an act to sabotage a successful portfolio transfer.
"We have taken advice and believe the GFSC have acted negligently and in bad faith which could result in the loss of jobs and potentially the insolvency of GR. This position manufactured by the GFSC is not in the best interests of policyholders or claimants."