Insurer IGA enters administration

Insurer Indemnity Guarantee Assurance (IGA) has been placed into administration after the directors concluded that it was insolvent.

IGA originally wrote all types of insurance business, including direct motor, life assurance, marine and aviation, proportional treaty and reinsurance business. Since February 1976, the company has been in ‘run-off’ and has not accepted any new business.

Nigel Rackham and Dan Schwarzmann of PwC were appointed as administrators to IGA.

As of December 31, 2013, the date of its last audited balance sheet, IGA had gross technical insurance liabilities of approximately £0.73 million.

Rackham said: “Based on our analysis of the current position, we believe that an administration represents the most appropriate option to bring the run-off to a conclusion.”