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UK Customers Hit As 2 Insurers Collapse, Regulators Say

Law360, London (December 21, 2018, 10:59 AM GMT) -- Gibraltar-based motor insurer Horizon has entered into administration, affecting 1,700 customers in Britain, while a Danish insurance company that also operates in the U.K. and across Europe has gone bankrupt, creating extra work for regulators ahead of Christmas.

The U.K. Financial Conduct Authority said in a statement on Thursday that Horizon Insurance Co. Ltd. had entered into administration on Wednesday. Britain’s Financial Services Compensation Scheme said it declared the company — which stopped taking new business two years ago and was previously known as Octagon Insurance — in default on the same day.

The statutory compensation fund is working with an...

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