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Service Insurance Company Ceases Trading

Motor insurer Service Insurance Company has announced that it will no longer write new business.

Fortunately, GM Insurance Brokers Ltd does not have any policyholders with Service Insurance Company.

Chairman Ipe Jacob told leading insurance press: "We have put the service into run-off. The reason for choosing to accept no new business is that it had had a difficult time in the recent past."

"The market is pretty difficult and we have Solvency II looming."

Service, which deals with around £100m premium each year and mostly offers its commercial and personal lines products through UK brokers, pledged to support its intermediaries and policyholders.

Ipe insisted: "Policyholders will be protected and looked after."

He added: "What we will do is try to help brokers as best we can. Some of our brokers will have alternate books but there might be others that need help to move their book on."

According to its website Service was original a Lloyd's underwriting agency before being set up as an underwriter.

The Gibraltar-based company said in a statement: "Service Insurance Company Limited has decided to cease to write new business as the first step of a planned reorganisation involving a number of linked businesses.

"Arrangements have been made to ensure that existing policyholders' interests remain fully protected.

"All rights policyholders have under existing policies will remain unchanged and valid claims will continue to be handled and paid, without any change to the level of service to policyholders."

The statement continued: "Additional announcements will be made as and when further stages of the restructuring are completed, as each stage will require the appropriate notification of customers, employees, regulators and business partners."

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