Car insurance company Premier Insurance goes bust - 'secure alternative motor insurance as soon as possible', FSA warn
The FSA is warning motorists to “secure alternative motor insurance as soon as possible” after car insurance firm goes bust.
A car insurance firm has gone bust - with drivers being advised to find a new insurer "as soon as possible". Premier Insurance Company Limited (Premier Insurance) entered administration on October 14, according to the Gibraltar Financial Services Commission (GFSC).
Now, the Financial Conduct Authority (FCA) is advising UK customers to find a new insurer to avoid any potential issues as the administration is dealt with. "To avoid future potential claims not being fully covered, customers of the firm should consider securing alternative motor insurance as soon as possible," the FCA said.
"Premier Insurance is an insurer authorised and regulated by the GFSC. It operated in the UK on a freedom-of-services basis which means some UK customers hold policies with the firm. "Policies were sold in the UK through various insurance brokers via the firm’s UK-based intermediary, Premier Underwriting Ltd.
"On October 14, 2025, the company was placed into administration, following an application to the Supreme Court of Gibraltar." The FCA said Freddie White and Bradley Chadwick, of Grant Thornton, have been appointed as joint administrators for the company.
Premier Insurance predominantly wrote car and motorcycle insurance policies for UK customers, and ceased writing new insurance in January 2025, the FCA said, adding: "All customers continue to have motor insurance cover currently. However, depending on the type of policy you hold, some claims may not be covered to 100%.
"This announcement relates specifically to Premier Insurance Company Limited, which is a Gibraltar-based insurer. It does not relate to Premier Underwriting Limited or other UK-based firms with similar names."
Eligible customers of Premier Insurance are protected by the Financial Services Compensation Scheme, the FCA said, with anyone concerned over their cover told to contact their existing broker with any policy or claims queries as usual.