Following the default of Alpha Insurance A/S of Denmark in May 2018, the Financial Services Compensation Scheme (FSCS) has been working closely with the liquidator, as well as the Danish Guarantee Fund and Right Choice Insurance Brokers to secure alternative insurance cover for eligible customers.
On Friday, 28th September, FSCS signed off on a deal with Right Choice and the Danish Guarantee Fund to replace 10,700 private motor insurance policies. The replacement policies will take effect from 11th May 2018, and the new insurer will be Markerstudy.
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.