Enterprise Insurance customers set to receive compensation

Thousands of customers of Enterprise Insurance which collapsed on Friday are being offered compensation from the underwriting agency that distributed its motoring policies here.

Wrightway Underwriting Ltd has said it will make ex-gratia payments to Enterprise’s customers to cover the cost of premiums from now until the end of their current policy contracts.

Last Friday, the Gibraltar Financial Services Commission took winding-up proceedings against Enterprise, and its authorisation to write new insurance contracts was suspended. The company has 14,000 customers here.

Wexford-based Wrightway entered into an agreement with Enterprise in 2014 to offer motor insurance through its broker network.

Last night, it said it was “committed to helping its broker clients deal with affected policyholders”.

“Wrightway has decided to make an ex-gratia payment to its brokers to pass onto their policyholders which is equal to the value of the premiums from now until the end of their current policy contracts.

“Wrightway’s action will ensure policyholders receive a payment to put towards the cost of replacement cover, following Friday’s announcement. With the benefit of this ex-gratia payment, brokers can seek out an alternative insurer of their choice for affected policy holders,” it said.

It advised policyholders to contact their broker for further information and advice.