East West Insurance Company Ltd enters administration
East West Insurance Company Ltd (“EWIC”), a UK-based insurance company, entered administration on 12 October 2020. The firm is no longer paying its policyholders’ claims. FSCS is stepping in to protect most of the policies EWIC sold in the UK to individuals and small businesses with an annual turnover of less than £1 million. FSCS declared EWIC in default on 12 October 2020.
FSCS is working closely with EWIC’s joint administrators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to understand the impact of the insolvency.
EWIC had a portfolio of 10- to 15-year structural defects insurance policies which Zurich Insurance Plc transferred to it in March 2018. The structural defects policies were issued to homebuyers by Zurich, and covered issues such as defective cladding.
Following a rule change by the PRA, from 8 October 2020, FSCS protection for building guarantee policies (which include policies providing structural defects cover) has increased to 100 per cent of the value of a claim.
Richard Barker and Simon Edel of Ernst & Young LLP have been appointed as joint administrators of EWIC. FSCS will work closely with the administrators to ensure all eligible policyholders affected by the failure are protected. Armour Group will continue to manage EWIC’s claims handling functions.
Policyholders should check the FSCS website for updates at www.fscs.org.uk/failed-firms/east-west. Further information can also be found at www.ey.com/en_uk/eastwestinsurance.
Contact information for EWIC policyholders: Email firstname.lastname@example.org, telephone 0333 4000 393.
Suzette Browne T: 07500 842747
James Tweed T: 020 7375 8646
Anthony Ozimic T: 020 7375 863
Sinéad Meckin T: 07815 489087
Notes for Editors
Latest News from
FSCS makes two appointments to its Executive Board14/10/2020 15:48:00
The Financial Services Compensation Scheme (FSCS) has made two new appointments to its Executive Team.
Full recovery: FSCS closes the book on the 2008 banking crisis22/09/2020 10:25:00
Twelve years on, we've just received the final recovery payment from the 2008 banking crisis through the administration of Heritable Bank.
What if my bank just exists online?18/09/2020 10:25:00
FSCS protects your money held in all authorised UK banks, even if they don't have any branches.
Ask these key questions to make sure your money is protected07/09/2020 14:20:00
Blog posted by: Jess Spiers, 04 September 2020, Protection.
Protecting your financial future24/08/2020 11:05:00
Scammers know you might be considering your savings and investments at the moment.
FSCS Temporary High Balance coverage extended05/08/2020 12:25:00
The Financial Services Compensation Scheme’s (FSCS) Temporary High Balance (THB) protection for deposits of up to £1m will be temporarily extended from six to 12 months for deposit-taker failures occurring from this Thursday, 6 August 2020.
FSCS adds further strength to its Board with three Non-Executive Director appointments30/07/2020 12:25:00
Mr Marshall Bailey OBE, Chair of the Financial Services Compensation Scheme (FSCS) yesterday announced the appointment of three new Non-Executive Directors to the FSCS Board.
FSCS enables 18,000 SVS Securities clients to have access to their money and assets27/07/2020 12:25:00
Around 18,000 former clients of wealth management firm SVS Securities plc can begin to access their money and assets from the new nominated broker ITI Capital Ltd as of friday (24 July 2020).