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Seen on IBEX INSURERS website. Knights brokers in Spain have apparently withheld clients money. CHECK THIS!
25 October 2010 @ 21:11

 
Posted on Ibex website:

Knight Insurance Brokers, S.A. Important Information Over recent months payment from Knights for policies sold to clients has become later and later culminating in a situation whereby now Knights are unable to hand over premiums for policies sold since June 2010.  This is no longer acceptable to Ibex or to Lloyd’s and as such on Monday 18th October we ceased trading with Knight Insurance Brokers SA.  No doubt you may have a number of questions which you will want to ask.  We set out below a list of help Q&As and have also set up a Helpline where our team can assist you personally.

Full details: http://www.ibexinsure.com/knights



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19 Comments


SARAH said:
26 October 2010 @ 13:12

http://www.knight-insurance.com/ibex.htm


Paula said:
27 October 2010 @ 19:23

Knights arent the only ones


An interested party said:
27 October 2010 @ 19:37

Paula said:
27 October 2010 @ 19:23

Knights arent the only ones
-----------------------------------
The only ones?????????????????????????
to what? Withhold money or go to for quotes?


Ralph said:
28 October 2010 @ 20:57

I've heard that Knights Insurance cannot pay their huge debts, it's as simple as that.
If they do not have money problems, why don't they just pay Ibex?


Ralph said:
28 October 2010 @ 22:11

A worried Knights employee first told me about their money troubles over 2 months ago.


Ralph said:
28 October 2010 @ 22:24

An interesting update to my previous comment, I've been told that a number of Knights staff have left & moved to Ibex.
If true, I think Knights customers should be concerned.


Steve Hall said:
28 October 2010 @ 22:40

A simple comment and I know nothing of the background of this story but will only say after 10 years in Spain

1) They say that there are two sides to every story - I say there are usually three in expatshire

2) "If there is one company in Spain who I would NEVER EVER use under ANY circumstances it is Ibex."

I would rather drive an uninsured car, live in an uninsured house and have no funeral policy than deal with them.

Perhaps that puts another slant on the story.

Steve


An interested party said:
28 October 2010 @ 22:56

Steve, your weblink's incorrect, you've missed off the 'S' for Spain??!!


An interested party said:
29 October 2010 @ 00:52

KNIGHTS VERSUS IBEX .. read about it here .. http://www.simplynetworking.es/news_further.php?id=4032&top_id=31


camilaparker said:
07 December 2010 @ 14:02

i am insured through knight insurance. all the companies they work with are registered. You can contact the police anytime to confirm this.
I heard about the rumors aswell, and my branch told me, if I am worried, i can contact the policy, as they are all on the registred data base. So I did, and they said its all paid and covered.
Knights havent got money problem, as they are not actually an insurer, they are a registred broker in spain to find the best deal.

If it was true, why do liberty, as hugh as they are, still work with knights?? aswell as perpetuo socorro, aresa, helvetia and groupama,. I rang all of them, and they confirmed they there is nothing to worry about, becaue knight stills pays them. and they confirmed to me that ibex is trying to steal their money.

if you have any doubts, i would do the same. just give your local police a ring, and they will check your registration.

I am staying with knights.- We have now changed to liberty, which was cheaper aswell. I am now paying 243€, third party.




Fact said:
08 February 2011 @ 21:57

I think you will find that what Ibex have stated is 100% true. Lloyd's of London, on behalf of Ibex, registered court proceedings in the Fuengirola courts in December 2010 claiming that over EUR 650,000 of client premiums have not been paid by Knights. I have been given sight of an e-mail from John Knight to Ibex which states that Knights 'do not have any meaningful' funds. These are premiums that have been paid in good faith by individuals to Knights for an Ibex policy. In the UK the Directors would probably receive prison sentences of anything up to 6 years for financial fraud. But as we all know...this is Spain. The fact that another Insurer, Liberty, gives them credit and lets them issue Liberty policies shows the Liberty is making as much out of this whilst they can.


Fact said:
18 July 2011 @ 12:25

Word going round that Knights were forced to pay the client premiums...2 days before the court hearing! Apparently, Accountants Price Waterhouse Coopers were called in by Liberty to sort out Knights financial mess. Likely future scenario.....Knights to become Liberty agents and to cease being an Insurance Broker.
Ibex must therefore have been telling the truth.


An interested party said:
18 July 2011 @ 12:41

@ Fact
INTERESTING!!
We have had our buildings & contents arranged through Knights (Quesada branch) for a couple of years or possibly three now &, when we reinsured in April, they asked if they could quote us for our car policy when due. It was due in June so we said yes & the only quote they gave us was from Liberty Segura, expensive with the 60€ (SIXTY) they wanted to cover us with a courtesy car if needed.


Fact said:
23 July 2012 @ 13:54

Understand that some of the Knights Insurance offices are about to close?

Rumoured that they will become offices for Liberty.

Maybe they own money to Liberty as well?


Fact said:
08 August 2012 @ 13:49

Knights go from 11 offices to 3 overnight!
They have retained Fuengirola, Javea and Torrevieja.
Liberty have 'taken over' all of the other offices with the exception of Mallorca which has gone elsewhere.
Very worrying sign!
No doubt they will they will try and put a positive spin on the news but looks like their financial woes continue to haunt them.


Dorothy said:
21 August 2012 @ 17:24

@ Fact find it interesting to read that the Mallorca office gone elsewhere; got a few active policies with them, I'm keen to know more


Fact said:
30 August 2012 @ 17:53

Maybe best to pop into the office and ask them what is going on? After all, they really should correspond with their clients and tell them that the ownership of the Mallorca office has changed?
I believe there is a legal responsibility to do so?
But this is Spain......................................!
Maybe check their website.


Steven E said:
06 April 2013 @ 01:06

Paid my car premium in full , with Knights for 12 months , only to find out through the insurer , that my policy has been cancelled ,due to lack of payment!
Istill have six months of cover paid for !


Manual said:
06 December 2013 @ 21:27

So all have come to the end for you English insurances.
Look up BOLETÍN OFICIAL DEL ESTADO
Núm. 281 Sábado 23 de noviembre de 2013


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