TRADEWISE INSURANCE IN GIBRALTAR PLACED INTO RUNOFF

Gibraltar domiciled insurer Tradewise Insurance Company has gone into voluntary run off. The company says it has decided to cease entering into any new or renewal insurance contracts after December 31, 2019. However, Tradewise Insurance Services, the group’s UK partner, will continue to provide fleet motor insurance policies from January 1, having secured capacity with Berkshire Hathaway International Insurance. All existing policies will continue to be serviced, and all claims handled, the company said in a statement on its website. “The board has concluded that, given the ever-increasing costs of operating a small insurer, this is in the best interests of our stakeholders. The protection of our policyholders remains the foremost consideration for the board,” it said.