INSURANCE BROKERS HAVE been left in the dark after prominent firm Footprint Underwriting gave notice that it ceased trading on 2 January, without making any public statement.

Footprint Underwriting works with a network of Irish insurance brokers including First Ireland, Chill Insurance, and Campion Insurances to provide private car, home insurance and other personal insurance.

The Central Bank has told The Journal that it is “aware of the situation” regarding the firm.

“Footprint Underwriting DAC is an intermediary which distributes policies for insurance firms, any customer remains fully insured under their existing policy.

“We are engaging with these insurers to remind them of their responsibilities to customers,” a spokesperson for the Central Bank said. 

They added that customers who have questions should contact their broker “at this stage”. 

The Journal has contacted Footprint for comment.

Irish underwriting firms have to inform the Central Bank of plans to cease business, which includes submitting a formal plan for winding down operations and addressing outstanding obligations to policyholders.

Brokers are seeking clarity on what the situation is for existing customer policies,  whether those who have recently taken out a policy will be able to request refunds.

The firm has sold tens of thousands of policies through brokers across the country. 

It’s understood that Footprint has told brokers that it is working with its insurance providers in relation to future policy and claim management. 

Brokers have been left unsure how to facilitate current customer requests in the meantime, as no formal plan has been communicated to them. 

One source familiar with the situation said that brokers were informed that they would receive more extensive information next week, and in the meantime they cannot sell any new policies or renewals.

“Every broker in the country will be dealing with this issue right now,” they added. 

The source said that Footprint have some of the lower price points on the market, and that they offer husband and wife claims-free bonus deals, which has driven business to them. 

Simon Richards, the firm’s current co-director, founded it in 2012. 

Its financial statements for the year ending 30 September 2024 show that it had a turnover of €1,869,209. 

On the firm’s site it describes itself as one of Ireland’s top underwriting agencies, and says it offers a range of competitive insurance products with “market leading cover and service”. 

Firms planning to cease doing business have to ensure that claims from policyholders can still be paid through run-off arrangements or the transfer of policies to another insurer. 

The Central Bank then assesses whether a firm can meet its obligations before issuing approval for trading to cease. 

After gaining that approval firms are expected to inform policyholders in a timely manner.