Monday 20 November 2017

Blow as Setanta Insurance winding up business here

Charlie Weston

Charlie Weston

THOUSANDS of motorists and small firms that have vans will be forced to find a new insurer after Dublin-based Setanta Insurance said it was winding up its business here.

Close to 100,000 people are insured with the company, mainly small firms that have vans. But there are also a number of consumers who have private motor insurance.

The company said all policies that are currently in place would be fully covered and it would honour legitimate claims. But it will not be renewing any existing policies.

The insurer is not taking on any new business from this Friday.

The company said it had sought additional funding to run its business and when this was not available it agreed with its regulator, the Malta Financial Services Authority, to cease operations here.

The Irish Central Bank has no role in regulating the insurer.

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