Revealed: the remarkable story of the first insurer to fall under the watch of the PRA
An Insurance Times investigation can today reveal the background and aftermath of the collapse of unrated insurer Millburn.
London-based Millburn had 19,000 policyholders in the UK before collapsing into administration in December last year.
Policyholders from restaurant owners to motorsport teams have been left trying to claw back anything they can from the Financial Services Compensation Scheme.
The Insurance Times investigation reveals the story of Millburn’s demise and the administrators’ subsequent negotiations to recover what they can.
Every broker should read this remarkable story which is bound to reopen the debate about using unrated insurers.
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