It has been quite a while since an insurer went to the wall, 2009 was the last time such headlines were rife, but Millburn have become the first UK regulated insurance company to enter administration since that time. They ceased writing new business about three months ago after the Prudential Regulation Authority (PRA) decided to "review" Millburn Insurance. They are also the first insurer to fail since the Bank of England took over as regulator of insurance companies via the PRA in April this year.
This is not going to be very healthy for the many motorsport teams who have been pressing to get their claims paid since 2012. Millburn only appear to have written On Track business for a matter of months before suddenly pulling out mid way through 2012 - presumably they had realised they had not managed their levels of disappointment well enough.
An Insurance Industry rag commented that "Neil Mather and Christopher Morris of Begbies Traynor have been appointed joint administrators, with Mather claiming that Millburn was the first insurance company he was aware of falling into administration in almost five years and described the firm's plight as "highly unusual".... no kidding!
Are you a Team or Driver who has not been paid?
If you are in this unfortunate position, by all means feel free to contact me and I will tell you what I can or know. Millburn’s offices are about 30 seconds walk away - not that that has any bearing on anything, but the London Insurance Market is a pretty small community and I am sure there is going to be plenty to come out of the woodwork yet......In the first instance however you must contact your broker - in this case it will probably only be MIS Motorsport Insurance who - to the best of my knowledge - are the only broker to have ploughed significant volumes of On Track premium into Millburn.
Their contact details are: 43-45 Oxford Road, Guisely, Leeds, LS20 8AB. Tel 01943 884 555
01943 884 555Some policyholders may be eligible for compensation from the Financial ServicesCompensation Scheme
If you are a team from overseas, by all means contact the agent used to secure (?) your insurance but there would be no harm contacting MIS directly. I would.
Begbies Traynor is going to be reviewing the financial position of the company and will be releasing further information shortly about the state of play - after their fees are taken into account of course!! Begbies Traynor have been quoted as saying "Over the coming weeks we will be working hard to assess the company's financial position and agree the best course of action. It is a highly unusual event for an insurance company to find itself in administration; this is the first we have seen for almost five years" - insurance companies are not in the habit of just disappearing like this.
If you are a team from overseas, by all means contact the agent used to secure (?) your insurance but there would be no harm contacting MIS directly. I would.
Begbies Traynor is going to be reviewing the financial position of the company and will be releasing further information shortly about the state of play - after their fees are taken into account of course!! Begbies Traynor have been quoted as saying "Over the coming weeks we will be working hard to assess the company's financial position and agree the best course of action. It is a highly unusual event for an insurance company to find itself in administration; this is the first we have seen for almost five years" - insurance companies are not in the habit of just disappearing like this.
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