Alpha Insurance A/S declared bankrupt – have you been affected? 18th May 2018Back
Danish insurance company Alpha Insurance A/S filed a petition for bankruptcy on 8 May 2018, after placing the company into liquidation in March following an order to cease writing any new business.
The company is authorised and regulated by the Danish Financial Supervisory Authority and operates in the UK on a ‘freedom of services’ basis. It’s possible that the Danish Guarantee Fund may cover some existing policies, but this collapse will undoubtedly affect many customers in the UK who have a policy with the firm. The Financial Conduct Authority advises policyholders to find alternative cover as soon as possible.
We’ve been contacted by builders and developers who have been advised that their Alpha Insurance A/S policy may no longer be valid and that completion certificates (which are required by lenders) will be difficult to obtain. You should check your policy to see if you have been affected.
An industry partner you can trust
Our structural warranties are underwritten by Evolution Insurance Company Limited, who are financially strong and Solvency II compliant.
Solvency II is an EU-wide directive which came into effect on 1 January 2016 and is divided into three areas:
Put simply, it requires that insurers set aside enough capital to cover claims and do more to manage risk in their businesses.
Have you been affected?
We understand how devastating this could be for many in the building sector.
If you need to arrange alternative cover, or know someone who has been affected, we’re here to help.
Aedis Warranties Ltd provide technical inspections and insurance protection for structural warranties throughout the UK and cover many types of development, including those already underway or completed. We can offer peace of mind for your project from an industry partner you can trust.
Call us now on 0800 161 5854 to speak to our in-house insurance experts who can discuss your requirements in more detail and advise how we can arrange urgent cover for your project.