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NWIC licence suspended amid £55m investor claims
Lee Hayhurst
A key provider of supplier failure insurance has had its licence suspended after a failed property development left it facing £55 million in claims from investors. Northern & Western Insurance
Company’s entry into the travel market in 2010 was contentious because it is registered in Nevis and unregulated in the UK, but it was one of only two firms providing cover.
The suspension of NWIC’s licence on August 29 by the Nevis branch of the Financial Services Regulatory Commission means it cannot issue new policies. NWIC faces claims in London
from investors in a Docklands property development who have lost their money after the developer fled to Dubai. NWIC’s UK agent, Guarantees & Bonds, has brought in another Nevis firm, Commodore Insurance Company, which it says offers the travel trade a “credible” and “fair” alternative. However, broker Rock Insurance and Advantage Financial Services have instead started working with
New Zealand firm CBL Insurance amid concerns about using another unregulated underwriter. They have formed a joint management team called MGA Cover Services, with former Rock consultant Lawrence Assock working full time and Rock director John Buckingham as non- executive chairman. Rock said CBL is a firm of 40 years’ standing and is regulated by the Bank of Ireland. Rock Insurance managing director Antony Martin said: “Agents will make up their own minds on who to work with. For some this will be on price, but for many it is certainty around financial security, regulation and the ability for the insurer to pay claims when required.” Philip Radley, managing director
of Guarantees & Bonds, said NWIC proved itself as reliable and described Commodore as “very conservative”. He added it had been approved by the CAA. NWIC and the Nevis regulator did not respond to a request to comment.
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Carnival UK is the partner for Cook’s cruise store in Bolton. Inset: Joanna Wild
Cook transforms 11 shops into specialist cruise stores
Hollie-Rae Merrick
Thomas Cook is revitalising its cruise business by transforming 11 of its shops into cruise stores. The retailer said the specialist cruise stores marked the next phase of the company’s retail transformation, and underlined its investment and expertise in the cruise market. Cook has long been considered the UK’s biggest cruise retailer by volume, although cruise lines say it had been focusing on other sectors in recent years. Six of the stores are in partnership with Royal
Caribbean International and five with Carnival UK brands P&O Cruises, Cunard and Princess Cruises. Branding inside the stores reflects the partnering cruise line and Royal Caribbean said it had already seen bookings from the stores involved. Branches in Aberdeen, Bolton, Darlington, Fareham,
Gateshead, Harrogate, Liverpool, Maidstone, Merryhill, Newport and Plymouth were picked because Thomas Cook has
more than one store in those towns and cities. Joanna Wild, Thomas Cook’s retail director, said: “The cruise
market continues to grow and we want to invest in the market in support of our great cruise partners. “The specialist cruise stores further illustrate the company’s commitment to the high street, aiming to offer a specially tailored and personalised service to our many cruise customers.” Ben Bouldin, head of sales at Royal Caribbean, said he jumped at the opportunity to work with Cook more closely, adding: “Cook has realised the tremendous opportunity there is with cruise and perhaps they haven’t executed it to the level they had done in previous years.” While the 11 stores specialise in cruise product, land-based holidays can also be booked there.
9 October 2014 —
travelweekly.co.uk • 5
“Cook has realised there
is a tremendous opportunity with cruise”
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