London cab drivers lose cover after Alpha bankruptcy
Thousands of London taxi and minicab drivers received a text message telling them their insurance had been cancelled, BBC News reported on May 9.
Danish firm Alpha Insurance, which insured drivers through brands such as Cover My Cab and Protector, declared bankruptcy on May 8.
Up to 700 taxi drivers and 10,000 minicab drivers are affected, the Licensed Taxi Drivers Association reportedly said.
Earlier in March, Alpha was placed into solvent liquidation by the Danish regulator and instructed to cease writing new business with immediate effect.
Alpha is an insurance firm authorised and regulated by the Danish Financial Supervisory Authority and operating in the UK on a freedom of services basis.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Third Point Re CEO promises improvement after Q1 loss
Beazley Q1 premium up 10% as pricing improves
Former Anbang chairman sentenced to 18 years in jail
AXA prices bond offering for US life IPO ahead of XL acquisition
Prudential signs £900m reinsurance deal with PIC
Aon picks technology leader as CEO of Aon Carrier Link
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze