25 March 2015 Insurance

Gibraltar insurer ceases writing new business

Gibraltar-based motor insurer Service Insurance Company has shut its doors to new business.

A notice on the Gibraltar Financial Services Commission’s website said that as of March 23, 2015, Service is “no longer authorised to enter into new contracts of insurance or renew existing contracts of insurance.”

Service said it has decided to cease to write new business as “the first step of a planned reorganisation involving a number of linked businesses.”

It added that arrangements have been made to ensure that existing policyholders’ interests remain fully protected and all rights policyholders have under existing policies will remain unchanged and valid claims will continue to be handled and paid.

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