MCE Insurance Limited, an Northamptonshire based insurance broker has been placed into administration by its directors as of 17th July, 2023. This is due to its floundering financial situation. This company is different from what was formerly known as MCE Insurance Company Limited. MCE Insurance Company Limited (now Green Realisations 123 Limited) was an insurance company based in Gibraltar, that had entered administration in November 2021.

Joint administrators have been appointed to oversee the motorbike and car insurance broker. Despite being in administration, the business remains authorised by the Financial Conduct Authority (FCA) along with being subject to regulatory oversight.

The FCA is collaborating closely with these joint administrators through their contact office. These administrators are authorised as licensed insolvency practitioners by the Insolvency Practitioners Association.

In a recent statement, MCE Insurance Limited clarified that they will not be issuing any new policies. However, existing policyholders need not worry as their current policies will remain in effect. The company assured its current policy holders that they will remain covered as per their existing policies.

This is because MCE only acted as the insurance broker for their customers, and the actual policies were purchased from Sabre Insurance Company Limited. This administration has not affected the operations or the functioning of Sabre in any capacity. It continues to run as per usual.

The appointed administrators are working in collaboration with underwriter Sabre to finalise a comprehensive resolution plan with minimal disruption. While existing policies remain intact, the company has also asked its customers to continue paying regular premium to avoid potential cancellations. Any plans about the company’s future restructuring are uncertain as of now.

To get more information about the administrators or and learn more about similar businesses in insolvency, visit Administration List today.