Unrated liability insurer regulated in Iceland

Unrated Icelandic insurer European Risk Insurance Company (ERIC) has stopped writing new business, renewals or increased cover, Insurance Times has learned.

ERIC specialised in liability insurance, including employers’ liability, public and products liability and property owners’ liability in the UK from its Southend-on-Sea office.

It did not write any solicitors professional indemnity this year or last. Many of its clients transferred cover to Balva when it left the sector.

In a letter sent to brokers yesterday, seen by Insurance Times, general manager Hilmar Thors said:

“We are unable to accept any new business, renewals or requests for increase in cover under existing programmes.

“All other daily operations including claims handling will continue as normal.”

No one from ERIC was available to comment at the time of publication.

ERIC is the only Icelandic insurer to operate in the UK under EU passporting rules.

ERIC wrote ISK915m (£4.9m) of premium in 2012, according to the Icelandic regulator, the Financial Supervisory Authority.

It recorded a ISK32m loss in that year (£169,845), the most recent figures available.

 

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