Staveley Head enters administration

Welsh broker, Staveley Head has entered administration following solvency issues with a Danish underwriter. Steven Muncaster and Sarah Bell, both of Duff & Phelps, have been appointed joint administrators of the company.

Established in 1991, the firm initially provided home and motor insurance. Its portfolio later expanded to include taxi insurance, motor trade insurance, HGV insurance, courier insurance, van insurance, motorhome insurance and campervan insurance. The firm employs 85 people at its offices in Deeside.

Muncaster said: “Staveley Head was engaged in a three-year contract with its main insurer, which was prematurely terminated in November 2019 as a result of the insurer’s financial issues. This led to an overnight loss of the majority of Staveley Head’s business.

“Since then the directors of the business have been working with advisors to either secure an alternative insurer or a purchaser,” he added. “Unfortunately, due to the specialist nature of the business, these outcomes have not been achieved and the company has now entered administration.”

Most of the staff have been made redundant. Both joint administrators are now looking to secure a sale of its remaining book of business.

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