WILLEMSTAD – MCB Group says the liquidation of MCB Group Insurance N.V. will have no consequences for customers or for the group’s other insurance activities, explaining that the company being dissolved had already ceased operations.
MCB issued the clarification following reports earlier this week about the dissolution of the insurance company, which prompted questions from customers about the status of insurance services within the group.
According to MCB, MCB Group Insurance operated as a captive insurance company. Such companies are generally established primarily to insure risks within their own corporate group rather than provide regular insurance products to the broader public.
MCB said earlier strategic decisions had eliminated the original purpose of MCB Group Insurance. With the company no longer conducting activities, the group subsequently decided to liquidate the entity.
The bank emphasized that the liquidation applies exclusively to MCB Group Insurance N.V. and does not affect the two other companies within the group involved in insurance-related activities.
MCB Risk Insurance N.V. remains operational and provides life-risk insurance connected to financing within MCB Group. Maduro & Curiel’s Insurance Services N.V. also continues operating as an insurance broker, advising individuals and businesses and assisting them in obtaining insurance coverage.
According to MCB, both companies remain operational and financially sound, and their customers will experience no changes as a result of the liquidation of MCB Group Insurance.
The clarification draws a distinction between the now-inactive captive insurance company and the MCB businesses that continue providing insurance-related services to customers.
MCB did not provide additional information on the former financial size of MCB Group Insurance, whether the company has any remaining obligations or when the liquidation process is expected to be formally completed.