East West Insurance Company, following application to the High Court of Justice, has revealed it was placed into administration on the 12 October.
The firm has stopped writing any new insurance and has focused its attention on claims management and run-off.
The Court has appointed Richard Barker and Simon Edel, both of Ernst and Young, as joint administrators of East West, following an application by the directors.
Despite the firm now being in administration, East West policyholders’ contracts will not automatically end or expire and will be covered by the Financial Services Compensation Scheme.
The firm said: ‘‘All policyholders and claimants will be sent a written notification from the administrators in due course.’’