**Setanta Insurance**

Liam McPoyle

As above, they sent out a circular Friday last advising that as of close of business on 24th of January they weren't taking on any new business or inviting renewals.

Existing and future claims will all be covered.

It's not really surprising unfortunately as it's another example of a new underwriter entering the market, virtually giving away policies in comparison to the market standard, taking on pretty much anything and everything risk wise and now been left to suffer the consequences.

As with everything that happens like this, it's the customer that is going to end up getting hit with substantial increases in a lot of cases.

The circular is on their website, can't link as on mobile.

Northernrobm

From their website


Setanta Insurance Company Limited has ceased writing new business and issuing further renewals with effect from close of business Friday 24 January 2014.
The Company has appointed Heritage Insurance Management (Malta) Limited to undertake the run-off process and has advised the Malta Financial Services Authority accordingly.



Setanta Insurance Company Limited was established in 2007 and was authorised to write business in Ireland by the Malta Financial Services Authority on a freedom of services basis as provided for under the various European Insurance Directives. Setanta Insurance Company Limited is not subject to prudential regulation by the Central Bank of Ireland.



The offices of Setanta Insurance Services Limited in Dublin will remain open to handle all existing and any future claims arising from time on risk and also assist with any queries. Setanta Insurance Services Limited contact details remain the same and you can communicate with them in the usual way.



As indicated above, Setanta Insurance Company Limited will not be inviting further renewals however it will maintain cover on all existing policies to expiry of their current term. Mid-term alterations on existing policies will be handled as normal.



Should you wish to take matters up beyond Setanta Insurance Services Limited or Setanta Insurance Company Limited, both the Malta Financial Services Authority on +356 2548 5700 and Heritage Insurance Management (Malta) Limited on +356 2248 9100 Limited may be approached to assist and/or clarify any relevant matters.



Setanta Insurance would like to extend our sincere thanks to our Brokers and Customers who have supported us over the last six years.

fleetman

***BREAKING NEWS***

Setanta Insurances have just gone into liquidation and are inviting policy holders to seek alternative insurance cover.

They have also said that they are not in a position to confirm that claims will be met in full since any and all claims will be subject to the relevant liquidation process.



More information will be posted here as it comes available.

Mc Love

Thats old news mate - but worthy news all the same.

yes all policy's will be covered until the cover ends - so said my brokers anyway.

Iansheridan

Hi Mc love,

Setanta insurance went into liquidation as of today, they stopped writing new business back in January.
There is a massive difference as setanta have confirmed they are not sure if they can pay claims.

Iansheridan

http://www.independent.ie/business/irish/setanta-insurance-announces-its-to-close-down-30194842.html

djimi

Was with them for a few years; the only reason I was able to get my Integra was because they were the only company that would cover me fully comp for a price that didnt involve needing a mortgage to cover. Im sad to hear that they didnt last; they seemed to be the only company that was playing fair with the some of the perceived higher risk categories.

MugMugs

Writing has been on the wall for ages now

Iansheridan wrote: »

Hi Mc love,

Setanta insurance went into liquidation as of today, they stopped writing new business back in January.
There is a massive difference as setanta have confirmed they are not sure if they can pay claims.

Bit dramatic.

It'll run the same as QUINN-Insurance and the book will be paid for by......... well........ us actually.

Edit - It's run from Malta actually. I wonder if they'll cop the bill.

Iansheridan

MugMugs wrote: »

Writing has been on the wall for ages now


Bit dramatic.

It'll run the same as QUINN-Insurance and the book will be paid for by......... well........ us actually.

Edit - It's run from Malta actually. I wonder if they'll cop the bill.

According to their statement

"Policyholders may wish to consider their right to cancel their policy and seek alternative coverage"

"The company is however not in a position to confirm that claims in this interim period will be met in full since any claims will be subject to the relevant liquidation period"

"Irrsepective of whether the cancellation is made by the company or the policyholder, the company is not in a position to guarantee pro rata return of premiums"

Iansheridan

According to newstalk

"The Central Bank is advising customers of Setanta Insurance Limited to arrange alternative cover 'without delay'"

djimi

So what happens to your NCB if you are mid way through a year with Setanta? Do you just forfeit what you have built up for this year, or will an arrangement be put in place to allow customers see out the year with another company?

Iansheridan

Just before I go any further,

The NCB: You will be required to produce your ncb from setanta but you will only be discounted baised on the years you had prior to joining setanta (if you are a new customer with them)
Basically you will have the same amount as you had at renewal last year.

SEPT 23 1989

my broker told me to take the van off the road which i have done

don't need this today:mad:

Fred Swanson

This post has been deleted.

Pretzill

It may be old news to some but only heard it a couple of hours ago.- broker is getting back to me because they can't advise us as yet? Only four months into this years policy too - Setanta were very reasonable and easy to deal with - from recollection another insurance company were looking for twice as much moneywise - this is a pain in the butt.

djimi

I thought they stopped taking on new business before Christmas?

Fred Swanson

This post has been deleted.

Iansheridan

Setanta stopped accepting new business on 24/01/2014.
Today they confirmed that they have gone into liquidation.

As it stands the central bank is advising all setanta clients to find insurance elsewhere.

This isnt old news as potentially there are 75000 people without insurance.

cmac8

Rang around and a broker told me that Setanta dont take direct debit payments, they go through an intermediary which would have been paid up front by your broker.

He told me that he thinks that because of this you will have to pay your remaining balance in full.

I presume that any refund from cancelling your policy would come from Setanta as well ( so no chance of seeing that!)

Iansheridan

As setanta dont have their own direct debit scheme, most brokers used a finance house called Close Premium Finance.
I'll ask around in regards to whats happening RE: direct debits but I wouldnt hold my breath if I am honest

cmac8

Thanks

Mc Love

Just off the call with my broker there and they said its a complete clusterf**k (his words) and its developing all the time and that there should be a clearer picture on Tuesday. At the most part I have 3rd party fire and theft - and they said just be cautious with regards claiming anything under comp. As for getting any monies back - very unlikely!!

Iansheridan

MClove, I wouldnt even be sure if you are actually insured at the moment or not.

As for the direct debits question. Still waiting on confirmation on that

SEPT 23 1989

i was told i only have 3rd party fire and theft

not taking the chance though

Setanta 540.00 new policy 830.00:mad:

Iansheridan

Sept 23. I dont want to run the risk of shilling.
Ian Sheridan is my real name btw

Mc Love

Yeah they told me that its more than likely all their customers will be moved once a clearer picture of how things stand arises

FullblownRose

It's not great. I have been trying to 'phone my insurance broker all day and when I got through to them I was told that the third party insurance on the vehicle would still be legaly valid for another couple of months but they are inundated and not entirely sure what to advise right now. I am not feeling confident that the brokers word is enough if it came down to it. I don't have any written guarantee. And of course even if it is still valid and safe to drive, I am still obliged to pay for a new policy, months before I was due to renew.

SEPT 23 1989

FullblownRose wrote: »

It's not great. I have been trying to 'phone my insurance broker all day and when I got through to them I was told that the third party insurance on the vehicle would still be legaly valid for another couple of months but they are inundated and not entirely sure what to advise right now. I am not feeling confident that the brokers word is enough if it came down to it. I don't have any written guarantee. And of course even if it is still valid and safe to drive, I am still obliged to pay for a new policy, months before I was due to renew.

i was told 10 days

Fred Swanson

This post has been deleted.

MugMugs

How can it be valid if they can't meet claims? Be careful folks you could be facing a civil claim if they don't meet third party costs.

SEPT 23 1989

MugMugs wrote: »

How can it be valid if they can't meet claims? Be careful folks you could be facing a civil claim if they don't meet third party costs.

i am not taking that chance i will park her up in the garage for the weekend