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Insolvent Gibraltar insurer asks to be liquidated

LAMP Insurance Co. Ltd. has asked the Supreme Court of Gibraltar to appoint an official receiver and place the business into liquidation.

LAMP said it is insolvent and has been unable to secure additional financing. The hearing date for the application is scheduled for May 31.

The company provided general insurance products, including legal expenses, healthcare, general and warranty insurance, to clients in the U.K., Europe and Asia.

The Gibraltar Financial Services Commission said LAMP is not in a position to pay claims, warning that the amount recovered by the official receiver will not be sufficient to meet the amount due to policyholders.

LAMP is still considering its options, including a potential sale of the business.