Leisure Insure has announced its intention to cease trading in light of the ongoing coronavirus crisis.
In a statement on its website, the group said it longer has “any facilities to place new business”, or offer renewal terms for existing policies following the withdrawal of its facility by AXAXL Insurance Company.
It said it was also unable to find alternative markets, and is therefore in “run off”. It will “cease to trade in good order, in due course”.
The group also said that it has recently been “overwhelmed” with telephone calls from clients, and has therefore had “no alternative” but to turn off its telecom systems and divert calls to voicemail.
It has asked clients to not leave messages as the mailbox is not monitored.
In a statement to direct clients, the group also said that existing policies are valid until their natural expiry date. It will notify customers individually at least 14 days prior to the expiry date of their policy.
If clients need to make any mid term alterations to their policy or notify the group of a claim, they are asked to instead email the office.
The group said: “We will do our absolute best to deal with your enquiries and will respond by email as soon as we possibly can. We ask that during this period once you have emailed us please do not send reminders as these only cause further delay in our response times.”
For insurance brokers and agents, existing policies are valid until their natural expiry date.
They will receive a complete list of all policies placed through their agency confirming the expiry date of each policy.
Leisure also noted that it no longer has staff available to issue monthly statements or maintain credit control systems, and therefore cannot extend credit in respect of any MTA.
Director Paul Hudson said: “I sincerely apologise to all our customers and brokers for any inconvenience caused, but I ask you to appreciate that this situation has been caused by circumstances completely outside our control.
“Leisure Insure has been in existence since 1996 and I am very grateful to all our loyal customers and brokers for the support that you have given the firm during its existence.”