Dear Members,
UAC has been advised by NIBA that Sphere Insurance Group has ceased trading.
While details remain limited at this stage, we understand this development may have implications for some insurers, underwriting agencies, and other participants across the insurance distribution chain.
Given the potential impact on industry stakeholders, we felt it appropriate to make members aware of the situation.
Members who have had dealings with Sphere Insurance Group may wish to review any current arrangements, transactions or exposures and consider whether any action is required within their own organisations.
At this stage, UAC has no further information beyond that provided by NIBA. Should additional verified information become available that is relevant to members, we will endeavour to keep the membership informed.
Warm Regards,
Jenny Bax
Chief Executive Officer