Horizon moves to MGA
Horizon Insurance has changed its status to managing general agent and ceased writing new business.
The Gibraltar-based insurance carrier, formerly known as Octagon, stopped renewing and accepting new motor policies after 31 December 2016. The company said that all policies issued up to that date remain in force and all customer, policyholder and claimant enquiries should continue to be directed to Octagon Insurance Services.
Meanwhile, all claims should continue to be submitted to the company’s claims handler, Catalyst Consulting Solutions.
‘The directors took the decision to cease to renew or accept new motor policies in 2017 having been unable to secure additional funding that would enable the company to meet its business plans for 2017 and beyond,’ Horizon said on its website.
‘In taking this decision, the Board has acted in the best interests of policyholders and other creditors,’ it added.
Horizon said it remains solvent and the Board expects to meet all policyholder and other liabilities.
‘The Board is confident that it will be able to conduct an orderly runoff of the business and, on the basis of information available, all policyholders and other creditors will be paid in full,’ the company said.