Thu, 12 Dec 2013 | ADMINISTRATION
Millburn Insurance Company has entered administration, appointing administrators from Begbies Traynor to handle the situation. Neil Mather and Christopher Morris are the joint administrators of the business.
The company is the first insurer to fail since April this year when the Bank of England became the regulator of insurance companies through the Prudential Regulatory Authority (PRA).
Reports from the administrators state that the business voluntarily ceased trading earlier this year following a review by the PRA regulator that took place in August and September. The firm has now been placed into administration while Begbies Traynor assess the financial position of the business.
Mather, partner with the administrators, commented: “Over the coming weeks we will be working hard to assess the Company’s financial position and agree the best course of action. It is a highly unusual event for an insurance company to find itself in administration; this is the first we have seen for almost five years.”
He added that the team is now focused on delivering “the best outcome for Millburn's stakeholders”.
Millburn's business focuses on specialist underwriting for both companies and individuals in sectors including property, motor sport and education. It has around 19,000 policyholders in the UK, which will remain valid but while the administrators work on assessing the company's situation no claims will be paid out.
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