Congratulations to Car Care Plan underwriter MICL for 30 years in business
Car Care Plan Group’s in house insurer, Motors Insurance Company Limited (MICL), is celebrating completing its 30th year in business.
The company underwrites the vast majority of Car Care Plan’s business and is a key pillar of the company’s success, helping to provide peace-of-mind to millions of motorists across the world every year, ensuring they receive the financial support they are entitled to when it’s needed most.
In 1993, MICL was founded in Bramley, Leeds, and took on its first clients, underwriting the Vauxhall and Opel businesses across the UK and Europe. This was followed by several business wins by the end of the decade, including Volvo, Nissan, and Land Rover, which are all still clients today, as well as Porsche and Ferrari.
That same year it also started working with Bentley and McLaren, an ongoing partnership to provide its customers with vehicle aftercare protection. A year later, MICL developed a partnership arrangement with Car Garantie GmbH to deliver pan-European warranty programmes.
In 2002, MICL started its GAP insurance business, for clients Vauxhall and Abraxas, and started working with luxury car manufacturer Aston Martin. Then, in 2004 it took on the Warranty business for Inchcape, Peugeot, and Renault, who it still works with today, as well as Fiat.
In 2013 the Car Care Plan Group including MICL was acquired by the niche global specialty property and casualty insurer, AmTrust Financial Services, and within five years MICL started to underwrite Alloy, Cosmetic, and Tyre Insurance products.
In 2021 the company gained its first ever AM Best credit rating of A-, which has been reaffirmed in 2022 and 2023, providing customers, dealers and manufacturers with the confidence that the end-to-end warranty and add-on products offered to their customers are backed by a strong and agile insurance partner.
Testament to Car Care Plan and MICL’s reputation as an industry-leading provider of vehicle warranty and asset protection products, the company is set to pass £1.5 billion in cumulative risk premium written in 2023.
Congratulations to MICL
Dave Kelly, Head of Actuarial for MICL, said: “It’s been a great experience being part MICL’s establishment and the related developments of the Car Care Plan Group over the past 30 years. During this time, I’ve seen the business evolve constantly across products, initiatives, and countries around the world.
“The highlights for me have been the people I’ve worked with and the CCP culture – both of which have been key contributors to the long-term, stable, and profitable client relationships that MICL and the wider CCP Group has seen over the past 30 years and which makes the company such a great place to work.”
Simon Wright, Chief Financial Officer for the Car Care Plan Group, said: “It’s been an honour and a privilege to have been involved in the business from its very start and seeing it grow to become an insurer with global reach, a broad product offering and a blue chip customer base.”