The Chronicle complained that it was denied access to a court session held behind closed doors, at which the FSC and Lemma appeared before Mrs Justice Prescott and were represented by Peter Caruana QC and Keith Azopardi QC respectively.
AM Best raised concerns over the company’s solvency when it downgraded its Ukrainian parent company’s financial strength from B+ to B and its credit rating to bb+ from bbb in August. The downgrade derives from Lemma’s Ukraine operation, where the firm’s profile and investment portfolio are concentrated.
AM Best said that Lemma’s financial risk business advance deepens the company’s exposure to the domestic economy, which has been affected by political uncertainty.
Last month, Lemma Europe stopped accepting new business after voluntarily entering into an agreement with the FSC.
If you have a policy with Lemma we would urge you to get in touch to arrange alternative cover.