Just seen on FB. Wonder what’s going on there then…wonder if it’s a regulatory problem? With effect from 5th November 2021, MCE Insurance Limited will no longer be placing new business and renewals with Gibraltar based MCE Insurance Company Limited. If you are an existing policyholder then your policy will continue to run as normal for the duration of your policy term. Should you need to make a claim, make a change, access your documents or contact us about anything in relation to your policy, you will still be able to do this up until your renewal date. In the meantime, MCE Insurance Ltd is working closely with an alternative provider and it is our intention that we will be able to offer quotations for new business and any expiring renewal policies with the new provider within the coming days. We are sorry for any inconvenience.
No they haven’t. It’s the underwriter. And I posted about it at least a week ago. The energy companies are going bust because they are built to run at a loss in the hope big company buys them. Similar to small underwriters funny enough. And it’s a model designed to make a few people very rich and nothing to do with reducing bills. If they don’t have the cash to survive after years of trading you have to ask why….
Business is brutal and a very different model now to 20-30 years ago. It’s now business practise to pull all profits during hard times, close said company, sod the employees and start up under a different name. Winding up companies should be made a LOT complex, within the UK.
Couldn't agree more. Plus the other wheeze that should be blocked is loading with debt based on future earnings, declaring massive losses and taking tax rebates on top while shafting the staff by reducing benefits, closing pension funds, and generally making employees lives harder.
I rarely get angry at stuff, can be vocal and opinionated but hardly ever angry (heart on sleeve guy). What I do tho at is those we can lower your bills conmen, with their typically middle England accents talking like they are doing you a favour when all they are after is the big pay check by have compare the market or someone buy them. Boils my piss. And I always report stuff like that on FB as a scam..
I'm with these MCE lot for my KTM road bike. I keep getting emails saying 'important announcement' and such like. So what's going on with them? I stopped reading after the 'you're still insured' bit...... Phew!!
an administrator now looks after your policy, so best thing is not to make a claim....!! #biggestthievesofthelot
In theory, all insurance funds sit independently from the core business in some kind of escrow-type arrangement held so claim process and payment should not be affected. But who knows….
@Mary Hinge, when you say, “I’m with these MCE lot.... “, do you mean your insurance policy is underwritten by MCE Ltd, a company incorporated in Gibraltar, or has your policy been brokered by MCE Ltd, UK Insurance brokers with an unrelated motor insurance underwriter ? Andy
From their email:- Has anything changed? Your policy will continue to run as normal for the duration of your policy term. However, as part of the run off, KROLL has instructed that all claims payments should be paid via the Financial Services Compensation Scheme (FSCS) with effect from the 19th November 2021. KROLL are the administrators.
Well that’s different. I bet because it’s Gibraltar based and not U.K. Going to ask at work tm. Been a few years (blimey nearly 10!) since I was coal-face insurance so I’ll check out what the difference in using that scheme makes
Few bits of info https://www.fca.org.uk/news/news-stories/mce-insurance-company-limited-enters-administration Suggests admin is still via MCE https://www.kroll.com/en/mce-insurance-company-limited again deal via MCE but it says claims may be referred via compensation schemes States 3rd party 100% but own insurance cover max 90% if scheme used https://www.fscs.org.uk/making-a-claim/failed-firms/mce-insurance/ Last one, shows it may be months to get a payout…. https://www.fscs.org.uk/making-a-claim/claims-process/timescales/ I bet if I call to cancel the robbing wankers at will try and change a cancellation fee!
I am so pleased to inform that , untrustworthy shiesters MCE have entered into administration. It’s my birthday today, this , along with my dog testing negative for parvovirus has made this the best birthday ever!
