After 19 years of offering Insurance policies, Tradewise Insurance Company has decided to cease entering into any new or renewal insurance contracts after 31st December 2019. The Board has concluded that, given the ever-increasing costs of operating a small insurer, this is in the best interests of our stakeholders. The protection of our policyholders remains the foremost consideration for the board.
Tradewise Insurance Services, our trading partner within the UK, have secured capacity with Berkshire Hathaway International Insurance. Therefore, they will continue to provide insurance policies for clients within Motor Trade from 1st January.
At a subsequent Board meeting held on the 30th April 2020 the Board of Tradewise also resolved to write to the Gibraltar Financial Services Commission (GSFC) to request the cancellation of its Part 7 permission, in accordance with Section 68(2) of the Financial Services Act 2019. The cancellation took effect on 5th May 2020. The Board took this decision having been unsuccessful in raising the additional capital required to meet the requirements imposed by the Solvency II directive.
Tradewise remains solvent and continues to pay out on claims.
One of the effects of this decision though is that, from 5th May 2020 the Company will no longer be able to amend existing policies where such an amendment would otherwise have required an additional premium to be paid. On the majority of current live policies minor amendments can take place subject to jurisdictional requirements.
Any policyholder affected by this change, who may decide to cancel their policy, will receive a pro-rata return premium accordingly, regardless of whether or not there has been a claim.
Commenting on the decision, the Tradewise Chairman Marcus Killick said: "We regret the necessity to make this decision and we apologise for the inconvenience caused to a number of our Policyholders and Broker partners. However our focus must be upon the continued payment of claims and ultimately the successful run off of the company".
We would like to express our deepest thanks for all the support we have received over the years from our clients as well as our partners within the brokering and reinsurance world.
The office is temporarily closed due to the continuously evolving Coronavirus (COVID-19) situation. Measures have been taken to ensure the level of service you enjoy and expect from us goes unaffected, while also protecting our team in line with WHO and government guidelines.
Our remote staff are monitoring email traffic closely and will endeavour to respond to all enquiries in a timely manner. For claims please email email@example.com, for policy enquiries please email firstname.lastname@example.org, for compliance please email email@example.com and for any other enquiry please email firstname.lastname@example.org.
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