The deal was signed on Friday to transfer 10,700 failed motor policies
Markerstudy will take up 10,700 failed Alpha motor policies.
The Financial Services Compensation Scheme (FSCS) on Friday signed off on the deal with broker Right Choice and the Danish Guarantee Fund to replace the failed policies.
Unrated Danish insurer Alpha Insurance went bust in May. Since then the FSCS has been trying to find alternative cover for customers.
The replacement policies will take effect from 11 May 2018, with Markerstudy as the new insurer.
Markerstudy previously in July stepped in to take up £6m worth of Alpha-backed car and bike policies held by Romford-based Right Choice, after Markerstudy group underwriting director Gary Humphreys said he had done business with Right Choice owner Mike Joseph for a number of years.
Jimmy Barber, FSCS chief operating officer, said: “We are delighted that thousands of motorists are fully insured through a successful collaboration between FSCS, the Danish Guarantee Fund, the Alpha liquidator, brokers and insurers.
“The complexity of the circumstances of Alpha’s collapse was a new challenge for FSCS which we have been working hard to meet.”
Affected policyholders will have received an email from Right Choice outlining the details of the transfer of their policies. Any policyholders who have not yet received an email from Right Choice can contact them on 0345 555 0666 or visit www.rcib.co.uk
No comments yet