Premier Insurance Co., a Gibraltar-based motor insurer with roughly 16,000 UK policyholders, has been placed into administration by the Gibraltar Financial Services Commission.
The UK’s Financial Conduct Authority confirmed the move, which follows an application to the Supreme Court of Gibraltar.
The Financial Services Compensation Scheme declared Premier in default on Oct. 14 after the firm stopped trading and could no longer pay claims in full.
FSCS said it expects to protect eligible policyholders, including individual customers and small firms with turnover under £1 mn.
Premier, which specialized in car and motorcycle cover, had already stopped writing new business in January 2025.
Its policies were sold in the UK via Premier Underwriting and a network of brokers, though the FCA stressed the administration only applies to Premier Insurance Co., not the UK-based intermediary or other firms with similar names.
Freddie White and Bradley Chadwick of Grant Thornton were appointed as joint administrators.
While existing customers still hold valid cover for now, some claims may not be paid in full, depending on policy type.
Renewals will not be offered, and administrators could formally cancel policies during the insolvency process.
FSCS has been working closely with regulators and partners to minimize the impact on customers and industry levy payers. The scheme will continue to post updates as the administration unfolds.
Sarah Marin, FSCS chief customer officer
For policyholders, the message is clear: cover remains in place today, but uncertainty looms over claims handling and the long-term future of their insurance contracts.
