CCI Media statement - 5 May 2023
CCI is discussing with shareholders the closure of new and renewal general insurance business in the absence of a significant injection of additional capital.
“Our shareholders have already made a significant contribution to the equity of the organisation in recent times, and we expect to know very soon how we will proceed,” the Chair of CCI, Ms Joan Fitzpatrick, said today.
“If CCI is unable to raise the required capital it will continue to operate for some years while current assets are used to fund operations, settle all known insurance claims, and any new claims that are made against existing policies which remain in-force.
“CCI is solvent at this time and able to pay staff, suppliers and claims, and without additional capital is in a position to be right sized in an orderly fashion for the many years it would take to resolve all known and as yet unknown claims,” Ms Fitzpatrick added.
CCI will make further announcements once it has finalised discussions with its shareholders.