They were appointed by the broker’s directors
The FCA has named the administrators of MCE Insurance Limited after the broker was placed into administration.
MCE entered administration earlier this week (17 July 2023), with the move set to determine whether the business should continue to trade, be sold or be wound down in an orderly way.
In a statement, the FCA revealed that Mark Holborow, Vincent Green and Steven Edwards of Crowe UK were the joint administrators.
It said they were appointed by MCE’s directors.
Policies
Yesterday (19 July 2023), Sabre Insurance Group, which underwrites MCE, said it will “closely monitor the situation while the administrator reviews options”.
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It signed a long-term agreement with MCE in November 2021 to become the exclusive underwriter of the broker’s motorcycle policies.
The FCA said that Sabre is not affected by this administration and customers’ policy are still in force.
It added that MCE’s contact centre remains operational and will be overseen by the joint administrators.
Meanwhile, Sabre said it would continue to work with MCE “and to seek the best possible outcome for MCE’s customers”.
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