Derwent and Preserve both wrote business solely in UK

Gibraltar, rock

Two Gibraltar-based insurers that wrote UK business have closed their doors to new and renewal business.

According to the Gibraltar Financial Services Commission (FSC) website, Derwent Insurance was no longer authorised to enter new insurance contracts or renew existing ones from 2 December 2015.

And Preserve Insurance Company was no longer authorised to accept new or renewal business from 9 December 2015.

Both companies wrote business solely in the UK.

Derwent wrote 10 classes of business, according to the FSC, including property damage, accident, land vehicles, motor vehicle liability and general liability.

Preserve wrote two classes: land vehicles and motor vehicle liability.

Derwent did not return requests for comment before publication.

Robus, the insurance management company that runs Preserve, was contacted for comment but had not done so by time of publication.