Administrator brought in to oversee all outstanding claims payments

Gibraltar-based Horizon Insurance Company Ltd has become the latest firm to fail after the Financial Services Compensation Scheme (FSCS) declared it in default on 19 December 2018.

The Supreme Court of Gibraltar appointed Freddie White of Grant Thornton as Administrator for the motor insurance company.

Thornton will deal with the management and settlement of any claims that arise from insurance policies that Horizon issued.

Back in January 2017, the insurer, formerly known as Octagon Insurance Company, stopped renewing or accepting new motor policies.

Jimmy Barber, chief operating officer at FSCS, said: “We estimate that 1,700 UK customers may be affected by the failure of Horizon. We are working closely with Grant Thornton to ensure all outstanding claims are paid in full.”