Infinity Agency Limited (08286319): administration
- Status
- Administration ended
- Administration began
- 2018-07-09
- Administrators
- Edwin David Stanley Kirker
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-11-08
- Location
- Billericay
- Industry
- 66220 Activities of insurance agents and brokers
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Infinity Agency Limited (“The Company”) was incorporated on 8 March 2012 as insurance agents and brokers. The objective was to provide high net worth motor insurance via the intermediary market.
Infinity had no direct policyholders and so in order for the business to exist, it relied on an insurance company to provide underwriting capacity. From 2013 to 2016, Markerstudy Insurance Company Limited provided this. From January 2017 to 30 June 2018, the insurer partner was XL Catlin. However, in July 2018 XL Catlin withdrew their support. The directors attempted to find an alternative insurer but were unable to do so. Consequently, the company not offer renewals on existing accounts. Nor could it any new business.
Being unable to write business and generate income ultimately meant that the Company could no longer meet its financial obligations and after careful consideration the Board of Directors decided it had no other option that to place the business into Administration.
Administrators' statement of proposals (2018-09-15) · Companies House register