Alpha Insurance A/S declared bankrupt – UK policyholders must immediately seek alternative cover

Alpha Insurance A/S ('Alpha') is an insurance firm authorised and regulated by the Danish Financial Supervisory Authority. It operates in the UK on a freedom of services basis which means that some customers, both private and commercial, based in the UK may have a policy with the firm.

The Danish FSA has announced that Alpha has been declared bankrupt. UK policyholders need to find alternative cover as soon as possible. 

Existing Alpha insurance policyholders should immediately contact their insurance broker or firm who sold them their policy in the first instance in order to seek new insurance cover.

It is possible that the Danish Guarantee Fund may cover some existing policies.

More information from the Danish FSA on Alpha and on what is covered by the Danish Guarantee Fund.

On 11 May 2018, the UK’s Financial Services Compensation Scheme declared the firm in default and has more information on its website.

On 19 August 2019 the FSCS announced it will compensate Alpha Insurance latent defect insurance policyholders for lapsed policies originally sold by CRL Management Ltd.

BCR Legal Group (FRN 480599) sold latent defect policies underwritten by Alpha Insurance A/S, through its Appointed Representative, CRL Management Ltd (FRN 553321). Cover under these policies ceased on 11 August 2018 following Alpha’s bankruptcy in May 2018.

BCR has been unsuccessful in securing a suitable deal to provide replacement cover for these policies. As a result, the Financial Services Compensation Scheme (FSCS) will shortly commence an exercise to return pro rata insurance premiums to Alpha latent defect insurance policyholders.

For further information, policyholders should refer to the FSCS webpage.