The Gibraltar Financial Services Commission has directed locally-based Enterprise Insurance to cease business.
The company, which employs between 30 and 40 people locally, told the GFSC that it was insolvent and had been unable to secure additional funding for its business, the Commission told reporters.
The GFSC said it was intervening to protect Enterprise’s 750,000 policy holders, all of whom are outside Gibraltar.
Enterprise specialises in motor vehicle insurance and as from yesterday will no longer accept any more clients.
An independent review detailed a “severe deterioration” in the company’s financial position and Enterprise has been unable save itself from insolvency by securing additional funding, the GFSC said.
At a press briefing yesterday the Commission told reporters there were no registered policy holders in Gibraltar as the company carries out the majority of its business abroad.
The GFSC now intends to appoint a provisional liquidator.
FULL STORY IN OUR PRINT AND E-EDITIONS