London taxi cab

AXA has replaced failed Gibraltar insurer Enterprise as capacity provider for certain commercial motor products offered by Bollington Underwriting, Insurance Times understands.

Bollington Underwriting, an underwriting agency, is part of Macclesfield-based broking group Bollington.

Bollington said in a statement that it had launched new single vehicle taxi, taxi fleet, courier and self drive hire products with “an A+ rated insurer”, which it did not name.

It also did not name the previous underwriter of the products.

Bollington group managing director Chris Patterson said in the statement: “At a time of uncertainty and change in the commercial motor market, we are excited at being able to launch this new range of products and the ability to offer flexible insurance solutions including short period policies.”

He added: “I am confident these will be welcomed by our broker partners.”

The company added that it expected to announce further product launches in the next few days.

Enterprise collapsed last Friday after becoming insolvent and failing to raise additional funds.

The company’s provisional liquidator said yesterday that the company is currently not paying claims and policyholders should seek alternative cover.  The UK Financial Services Compensation Scheme said yesterday that Enterprise is in default and that the scheme would pay any UK claims that the insurer itself is unable to.

Some insurers have already stepped in to offer alternative cover, such as Lloyd’s motor insurer ERS.

 

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