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Update for former Setanta customers - 7th July 2015

At the recent creditors meeting of Setanta the liquidator has advised on 29th May 2015 all policies were cancelled and the company entered voluntary liquidation.

Maltese law states that no funds can be dispersed until the value of all outstanding claims are calculated, leaving claimants in the dark as to their outstanding claims. There are 1700 claimants of which 41% have reached a settlement agreement. The company has approximately 28 million on hand however they estimate that minimum claims liability is €67 million, with a further allowance of €30 million for potential adverse claims. Therefore the liquidator is saying that 30% of the award is likely to be the maximum the company can pay and this is on the basis that the liquidation will be concluded in 3 to 4 years.

The Liquidator is very conscious that claimants who settled are still awaiting payment however his hands are tied pending the decision of the Irish High Court over whether it is the Insurance Compensation fund or the Motor Insurance Bureau of Ireland (MIBI) that will compensate claimants for the remaining portion of the claim that Setanta cannot pay. The court case is set for the 13th of July and this will determine which body is responsible.

However what is now certain is that premiums paid by our policy holders will not be refunded. Until now there was uncertainty as to the value of assets versus liabilities for Setanta. Claimants are given precedence under the liquidation laws and therefore premiums paid to Setanta are now certainly gone.

It does appear than serious investigations will be conducted to establish whether wrongful or fraudulent trading has been engaged in and details will certainly come out in due course. Unfortunately the people who have lost are the innocent policy holders of Brady Insurance and many other brokers around Ireland.We are members of the IBA, who will have a representative on the Credit committee appointed by the liquidator. This committee will endeavour to uphold the best interests of policy holders and claimants in the liquidation proceedings as they progress. 

We will keep this page updated with any further developments.

Insurance House, Main Street, Carrick on Shannon, Co. Leitrim. P: 071 962 0193 F: 071 962 0411
Joseph G Brady Insurance Ltd, trading as Brady Insurance is regulated by the Central Bank of Ireland