Liquidator appointed to collapsed Dublin-based insurer Setanta

A liquidator has been appointed to Setanta Insurance, which collapsed earlier this month.

The Dublin-based insurance firm, which was licensed by the Maltese Financial Services Authority (MFSA), had been in the process of winding down its business here since January. However, it announced plans to immediately dissolve the business at an extraordinary general meeting held on Wednesday, April 17th.

The Central Bank said the MFSA had appointed Paul Mercieca as liquidator. He will be responsible for the administration of the company's assets and liabilities.

Insurance Ireland, an umbrella organisation that represents a number of insurers operating in Ireland said that while Setanta was not a member of its organisation, the group would make every effort to assist policyholders of the firm.

Insurance Ireland chief executive Kevin Thompson advised Setanta policyholders to arrange new motor insurance as a matter of urgency.

The Central Bank said it expected the liquidator to Setanta to contact policyholders shortly.