An insurance provider has moved to reassure its customers after the company with which it worked said it was ceasing to write new business.
Insurance intermediary Equicover said all its horse and trailer policies, which are with Elite, would be honoured by the insurer, despite its announcement of last week.
It also said it has “everything in place to provide our customers with alternative insurance quotes”.
Elite announced on 5 July that it would write no more new business, adding: “All policies issued up to date will remain in force and policyholders will not be affected. All claims should continue to be submitted to the company’s claims handling agents as stated on policy documents.
“The company is confident that it will be able to conduct an orderly runoff and is working with its advisors to ensure obligations to policyholders and other creditors will be satisfied.”
Equicover director Penny Reid said the announcement came as a “shock”.
“The Financial Conduct Authority contacted us immediately to request our response to our clients,” she said.
“Equicover took immediate steps to contact all our clients and to find insurance quotes for them with alternative insurers.
“We have everything in place to provide our customers with alternative insurance quotes and are deeply sorry for the inconvenience caused, particularly to our customers who had very little notice.”
Ms Reid said all existing policies remain in force and will be honoured by Elite, adding: “Equicover is processing claims payments in the normal way until expiry.”
Elite is registered in Gibraltar but is a member of the Association of British Insurers, the Financial Ombudsman Service and the Financial Services Compensation Scheme.
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The company told H&H it was “not available for comment at this stage”.
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