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MCE having problems

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SpeedyCBR1100
Borekit Bruiser



Joined: 12 Dec 2018
Karma :
PostPosted: 20:07 - 22 Nov 2021    Post subject: MCE having problems Reply with quote
Sorry if someone has bought thid up already.

It looks like the start of problems for MCE.

https://www.fca.org.uk/news/news-stories/mce-insurance-company-limited-enters-administration
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arry
Super Spammer



Joined: 03 Jan 2009
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PostPosted: 20:27 - 22 Nov 2021    Post subject: Reply with quote
It is, but it's also..... not.

MCE is a UK based intermediary. When they got to a decent size, they set up a Private Equity backed enterprise, MCE Gibraltar, to actually underwrite the policies for clients MCE the Intermediary were sourcing.

Solvency II regulation has meant the PE backers have had to stump up more capital to hold against potential losses. This brings down the profit margin considerably and, therefore, enough was enough. They've tried to sell the business on to Sabre but my guess is this was unsuccessful and, therefore, they'll just fold the Gib based Underwriter and concentrate on writing motor policies through their usual panel of mugs..... I mean capacity providers..... in the way they did before MCE Gib was even set up.
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Ste
Not Work Safe



Joined: 01 Sep 2002
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PostPosted: 22:37 - 22 Nov 2021    Post subject: Reply with quote
Serves them right, they should never have spammed BCF years ago.
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SpeedyCBR1100
Borekit Bruiser



Joined: 12 Dec 2018
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PostPosted: 10:12 - 23 Nov 2021    Post subject: Reply with quote
Ste wrote:
Serves them right, they should never have spammed BCF years ago.


I've got no love for them since rhey took 7 months to repair my S1000XR a few years ago.

How did they spam the site, Ste?
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Tierbirdy
Spanner Monkey



Joined: 25 Jun 2014
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PostPosted: 12:11 - 23 Nov 2021    Post subject: Reply with quote
On one hand, now Im no longer living in London I cant wait to be with literally any other insurer and hope they go bust as theyre not worth the paper theyre written on.

On the other, I hope they wait a few more months so I get my full years NCB and policy finishes before they go bust Razz
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Fat Angry Scotsman
World Chat Champion



Joined: 12 Jan 2021
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PostPosted: 14:18 - 01 Dec 2021    Post subject: Reply with quote
I've been on vacation in bumble-fuck-nowhere in Canada and only got back to the UK yesterday. I saw MCE insurance tried to call me and I have no idea what it's about. I called them back today but after being on hold for 45 minutes I ran out of time and fucks to give.

Both my bikes are insured with MCE, are they now uninsured? I fucking paid both policies up-front and in-full too. Fuck.
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PRESENT: 2018 BMW S1000XR SE Sport.
PAST: 2009 Kawasaki ER-6F. 2021 Zontes ZT-125U.
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MarJay
But it's British!



Joined: 15 Sep 2003
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PostPosted: 15:49 - 01 Dec 2021    Post subject: Reply with quote
Fat Angry Scotsman wrote:
I've been on vacation in bumble-fuck-nowhere in Canada and only got back to the UK yesterday. I saw MCE insurance tried to call me and I have no idea what it's about. I called them back today but after being on hold for 45 minutes I ran out of time and fucks to give.

Both my bikes are insured with MCE, are they now uninsured? I fucking paid both policies up-front and in-full too. Fuck.


no, but it's possible that you might lose 10% of any payout.

From the MAG facebook page:

Quote:
MCE Insurance company went into administration on 19th November. The insurer formed part of the same parent group as the broker MCE Insurance Ltd (which isn’t part of the administration) and the collapse affects around 105,000 policy holders, the majority of which are understood to be motorcycle customers. As a result, the Financial Services Compensation Scheme (FSCS) are picking up MCE Insurance company claims but worth noting is that for accidental damage or theft vehicle claims, current policy holders are only covered for 90% through FSCS. MCE would need to fund the additional 10% of any claim but we’ve seen nothing from them to suggest that they will do this. Only claims that a third party need to make against the policy holder are covered 100%.
https://www.fca.org.uk/.../mce-insurance-company-limited...
https://www.moneysavingexpert.com/.../over-100-000-hit.../
Clients will have to claim through the Financial Services Compensation Scheme
https://www.fscs.org.uk/what-we-cover/insurance/
MCE will continue to operate as a motorcycle broker but as one of the larger UK motorcycle insurers, this will affect a lot of riders, many of which will be MAG members. We wanted to let you know as this has not been reported widely.

____________________
British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.
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Ste
Not Work Safe



Joined: 01 Sep 2002
Karma :
PostPosted: 16:33 - 01 Dec 2021    Post subject: Reply with quote
SpeedyCBR1100 wrote:
How did they spam the site, Ste?

https://www.bikechatforums.com/viewtopic.php?t=183453

tl;dr MCE got nobcatted.
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trevor saxe-coburg-gotha
World Chat Champion



Joined: 22 Nov 2012
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PostPosted: 17:19 - 01 Dec 2021    Post subject: Reply with quote
quick everyone, click the link!!!
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"Life is a sexually transmitted disease and the mortality rate is one hundred percent."

Mobylette Type 50 ---> Raleigh Grifter ---> Neval Minsk 125
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Old Thread Alert!

The last post was made 2 years, 139 days ago. Instead of replying here, would creating a new thread be more useful?
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