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Statement on Horizon Insurance Company Limited

19 Dec 18

Horizon Insurance Company Limited (Horizon) licensed on 26 October 2009 under the Financial Services (Insurance Companies) Act was authorised to write Class 3 (Land Vehicles) and Class 10 (Motor Vehicle Liability) and to carry out services in the United Kingdom. Horizon provided motor insurance for private individuals in the United Kingdom.

On 31 December 2016 Horizon Insurance Company Limited (Horizon) ceased writing new business and went into run-off. Since then, Horizon has continued to settle claims. All live policies expired on or before 31 December 2017.  In November 2018 Horizon contacted the GFSC and advised that it had been unable to secure sufficient additional funding from shareholders to ensure all liabilities could be met. On 24 November, the Company resolved to apply to be placed into administration, with Frederick David John White being appointed as the administrator. The GFSC did not object to the firm’s application for administration nor to the appointment of Mr White as administrator. 

The administrator was appointed on 19 December 2018 and will coordinate with the Financial Services Compensation Scheme (“FSCS”)in the United Kingdom to ensure that policyholders will continue to have all valid and eligible claims settled. The administrator proposes to settle up to 80% of agreed insurance claims from the assets of the company with the balance protected by the FSCS. The administrator will seek to ensure that there is minimal disruption and inconvenience to policyholders as a result of the company being placed into administration.  

Should you have any queries, please do not hesitate to contact the administrator at horizon@gi.gt.com or the GFSC at media@gfsc.gi