ERS has stepped up to support brokers following the news that the Gibraltar Financial Services Commission (GFSC) took action on Friday after Enterprise informed them that they were insolvent.
Firstly, ERS has reached agreement with Enterprise for those brokers who currently trade with Andeva to issue replacement policies, ensuring customers are impacted in as small a way as possible.
Secondly, where we have not had access to performance data, ERS has written to all of its brokers to outline interim arrangements for those with large exposures to Enterprise either directly, or via Enterprise backed facilities.
Whilst appropriate discussion and analysis is undertaken with affected brokers, ERS will offer a 'hold-cover' facility to give certainty of cover for the next two weeks. The results of this due-diligence will determine what ERS will offer, balancing the needs of each broker and their customers with the need to maintain operational stability and financial strength, as ERS remains committed to its financial goals.
As an A+ rated insurer, ERS is able to give reassurance to brokers and customers, that it will remain in business and pay its claims.
