Practitioners at Harrisons LLP have been appointed to deal with the administration of Hertfordshire-based insurance brokerage Castle Personal Insurance Brokers.
Tony Murphy, director of Harrisons and Paul Boyle, head of national practice at the firm are now handling the affairs of the company which is based in Hemel Hempstead which also has a second site in Cwmbran, Wales.
Castle PI had a turnover of £1.2m in 2010 driven by an acquisitions-led growth strategy, which ultimately led to its demise. All 18 employees have been made redundant.
Shortly after Harrisons was appointed they sold the assets of Castle Personal Insurance Brokers Limited to Buckinghamshire-based broker and agent Taylor Francis Limited.
Tony Murphy, Director, Harrisons, said: “We will work closely with Taylor Francis Limited to ensure that the transfer of certain of the assets runs smoothly.”
As a result of the company’s failure, customers who have purchased a policy through Castle Personal Insurance Brokers Limited are advised to check their insurance policy.
The majority of the company’s customers will have insurance policies that provide ‘risk transfer’; where the insurer provides cover as long as the customer can provide valid proof of payment.
However, in the cases where ‘risk transfer’ is not provided by the insurer, it is understood that policyholders will still be covered by the insurer until the insurer notifies the customer that cover is no longer being provided.
Customers wishing to confirm whether the Company has received their payment, should contact Taylor Francis Limited on 01296 747270.