The following was taken from the notification on the FSCS website and a full copy can be found here – https://www.fscs.org.uk/failed-firms/alpha/
Alpha Insurance A/S
Failed 08 May 2018
Alpha Insurance A/S (Alpha Insurance), a Danish insurance company, was declared bankrupt on 8 May 2018. FSCS has been working closely with Alpha’s liquidator, the Danish Guarantee Fund and the Danish Financial Supervisory Authority (Danish FSA) to understand the impact of Alpha’s bankruptcy.
Click the ‘Latest updates’ tab below for the most recent news on this firm.
19 Aug, 2019
FSCS will compensate Alpha Insurance latent defect premium insurance policyholders.
This follows the collapse of the deal arranged by BCR Legal Group Ltd to provide replacement cover for Alpha’s 10-year latent defect/structural damage insurance policies due to a number of last-minute issues.
As a result, policyholders cannot be expected to wait any longer and FSCS is to pay premium refund compensation to around 14,000 policyholders directly and cheques will be posted in the coming weeks. FSCS is also writing to the remaining 6,500 policyholders with instructions on what steps the policyholders must take to submit their claim. There is no need for any Alpha customers to contact FSCS, as all relevant policyholders can be assured that FSCS will seek to contact them within the next two weeks. You can find more information on this process in an FAQ on the ‘Information’ tab.
We recognise that a refund of premium may not be the outcome Alpha customers would have chosen and we deeply regret that it wasn’t possible to find replacement cover. Please be assured that FSCS and other parties exhausted every possible avenue to try to replace the cover, which is why this process has taken so long.
Once the premium insurance refund has been paid, FSCS recommends that policyholders seek professional advice on obtaining replacement cover as soon as possible by contacting a suitable insurance broker who specialises in latent defect/structural damage policies.
Policyholders may be in breach of their mortgage terms and conditions if they do not have a valid latent defect policy for their property.
If you have a post-completion certificate of insurance and have not received a cheque from FSCS by 15 September you will need to submit your claim for return of premium via the Alpha portal: https://alphagroup.dk/submit-a-claim/.