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Statement on Prometheus Insurance Company Limited (Prometheus)

28 Jan 21

Prometheus Insurance Company Limited (Prometheus), previously known as Tradewise Insurance Company Limited, was licensed on 7 November 2001 under the Financial Services (Insurance Companies) Act 1987 and latterly the Financial Services Act 2019 and was authorised to write the following classes of insurance:

Class 3 (Land Vehicles)

Class 7 (Goods in Transit)

Class 8 (Fire and Natural Forces)

Class 9 (Damage to Property)

Class 10 (Motor Vehicle Liability)

Class 13 (General Liability)

Class 17 (Legal Expenses). 

Prometheus was authorised to carry out services in the United Kingdom, Ireland, Spain, Portugal and Cyprus and additionally provided private and commercial motor insurance in Gibraltar.

On 31 December 2019, Prometheus, ceased writing new business and went into run-off. All live policies expired on or before 31 December 2020.  On 11 January 2021, the Company resolved to apply to be placed into administration, with Frederick David John White being appointed as the administrator. The GFSC did not object to the firm’s application for administration nor to the appointment of Mr White as administrator.  On 27th January 2021 the Supreme Court of Gibraltar appointed Frederick White of Grant Thornton Ltd as Administrator of Prometheus.

The available assets of the Company are insufficient to meet insurance claims in full. Whilst the administrator is authorised to settle insurance claims up to 80%, once his proposal for the conduct of the administration is approved by creditors, the administrator intends to settle insurance claims initially at 65% of the agreed claims value. Dependent upon the realisation of assets this settlement percentage may be revised upwards. 

Insurance creditors may be eligible for protection from their applicable statutory compensation funds for the portion of their claim not paid by the Company. For insurance creditors resident in the United Kingdom this should be the Financial Services Compensation Fund and for insurance creditors resident in the Republic of Ireland the Insurance Compensation Fund of Ireland. The Administrator will be liaising with and assisting the relevant compensation funds of these and other jurisdictions within which the Company issued policies to facilitate the submission of eligible claims.

Should you have any queries, please do not hesitate to contact the administrator at prometheus@gi.gt.com or the GFSC at information@gfsc.gi.