In a statement released on 5th March 2018 Alpha said “Effective immediately, Alpha Insurance A/S has ceased all underwriting, including renewals. This decision is a direct consequence of CBL Insurance Limited, one of Alpha Insurance’s largest reinsurers, having had their A.M.Best “A-“ rating suspended and has been placed into interim liquidation. As such, the Board of Directors of Alpha Insurance A/S decided on Saturday, March 3rd, to cease all underwriting of new business as well as renewals with immediate effect. On Sunday, March 4th, the General Assembly of Alpha Insurance A/S decided to place the company into solvent liquidation. This means that Alpha Insurance A/S as from this date will be in run-off.”
Alpha are a multi-line Insurer and their announcement effects a wide range of schemes not least the After the Event market.
Alpha underwrite a number of schemes via agents and intermediaries and as a result of the announcement Solicitors who utilise these will no longer be able to incept policies.
Following the announcement by Elite Insurance Company last year, Alpha are the second Insurer to cease underwriting in the ATE market leaving Solicitors with significantly reduced options.
As Brokers, Amberis are able to offer firms a ready-made solution ensuring they are able to continue providingd clients with ATE cover with little or no disruption. We can provide like for like schemes on the same and in some instances an improved commercial basis to that afforded by Alpha across all case types.
We will provide Solicitor’s with guidance and assistance with the run off of their existing scheme with Alpha and we have already undertaken this role previously with our panel firm’s
System integration is also provided to ensure that the administration process is seamless and avoids any double keying.