14,000 motor insurance policies in doubt over insolvency

The future of 14,000 motor insurance policies in Ireland is in confusion after the Enterprise Insurance Company, which is regulated out of Gibraltar, was declared insolvent.

Established in 2004, the insurer only started selling car policies here through a brokerage network less than three years ago.

It emerged late yesterday that Gibraltar regulators who had been monitoring the firm’s finances over recent months were informed of “a significant deterioration in the company’s position”. Its authorisation to do business across Europe, including in Ireland, has been revoked.