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Lamp Insurance goes into liquidation

Lamp Insurance

« Having recently ceased to enter into new contracts of insurance or renew existing contracts the directors of LAMP Insurance Company Limited (“the Company”) and its parent company have been exploring all options available to them to obtain additional finance to enable the Company to meet its obligations under existing contracts and recommence issuing new contracts.

Regrettably, negotiations have failed to secure appropriate funding and the directors of the Company concluded that they had no option other than to submit an Application to the Supreme Court of Gibraltar for the Company to be placed into liquidation. That Application was submitted on Thursday 16 May 2019 and the Court will hear the Application on Friday 31 May 2019.

The Company’s cashflow projections show that it has insufficient liquid assets to enable it to pay its debts as they fall due and there is no reasonable prospect of obtaining sufficient liquid assets in sufficient time to enable it to do so. Consequently, the Company is insolvent.

 

Lamp warned that policyholders should start looking for alternative cover now 

The Company’s insurance policies that have not expired remain in force. However, as the Company is insolvent it is unable to make any claim payments.

Policyholders should immediately consider acquiring alternative insurance protection. Where policyholders have purchased policies from the Company through an insurance broker, solicitor or other intermediary, they should consult that person to seek advice as to what options are open to them.

Once appointed, the Company’s Liquidator will contact all the company’s creditors.

Any questions in relation to existing policies or claims should be directed to your usual contacts at LAMP or by email to the company at info@lampinsurance.com.

In the interest of policyholders, the company is still actively considering all options, including a potential sale of the business. Any such solution would, however, be subject to the acquirer completing its due diligence, regulatory approval, and making an unconditional financial commitment prior to the 31 May 2019 hearing date. In the event that such a solution is forthcoming, an update will be provided on our website.

The possibility that a sale may arise should not be relied upon by policyholders when considering acquiring alternative insurance products. »

 

Lamp Insurance

Source : http://www.lampinsurance.com/

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