Tansar Holdings Limited (09841384): administration
- Status
- Administration ended
- Administration began
- 2020-04-06
- Incorporated
- 2015-10-26
- Location
- Fareham
- Industry
- 65120 Non-life insurance
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
Tansar Holdings Limited (Tansar) was the brainchild of the two shareholders and directors, Jonathan May and Michael Fenton. Incorporated in October 2015, the company was set up as a specialist Personal Lines Managing General Agent (MGA) with the sole intent and purpose of providing niche insurance solutions to a particular profile of UK policyholders, via the UK’s broker market. The company traded from leasehold premises in Chelmsford, Essex. .
Tansar was initially authorised to trade as an ‘Appointed Representative’ of Prestige Underwriting Services Limited (“Prestige”). Prestige also provided back office services, such as an established and industry recognised computer database/system, with a full EDI solution/capability, HR, Finance, Credit.Control, Agency and Compliance; all part of a managed service agreement between Tansar and Prestige.
Tansar was ‘launched’ in March 2016 via one broker. Further brokers were added during the following months, as and when the products could be built and accessed via the respective broker software/quotation systems. ‘The main products offered were private car and van, with nonvanilla/non-standard risks being the target market (i.e. non-vanilla being risks with some form of feature, such as accident history or convictions, that made the possibility of obtaining commoditised quotes via online aggregators/quote comparison sites less likely). In addition to these products Tansar also offered rates and facilities to specific brokers who specialised/distributed in the more ‘specialist’ areas of motor insurance, e.g. classic cars, kit cars, modified cars, charity- -based mini bus and driving tuition.
Administrators' statement of proposals (2020-06-26) · Companies House register