Decision Notice - Licence Revoked for Progressive Grocers Insurance SPC, LTD (2026-09-02)

Summary

This is a Decision Notice published by CIMA confirming that it has revoked the Class B(ii) Insurer's Licence of Progressive Grocers Insurance SPC, LTD (Licence No. 1468600) under the Insurance Act, 2010. The revocation follows a prior Warning Notice and reflects the Authority's finding that the Company remained in ongoing breach of licensing, solvency, capital and financial reporting requirements.

• Unpaid fees: Failure to pay annual licence fees and accrued penalties for 2025 and 2026 (section 7(1) and 7(2) of the Act).
• Solvency margin: Failure to maintain the prescribed margin of solvency (section 8(2)(a) of the Act and Regulation 5(1)).
• Capital requirements: Failure to maintain capital in accordance with prescribed capital requirements (section 8(2)(c) of the Act).
• Segregated portfolio solvency: Failure to maintain the prescribed margin of solvency in each segregated portfolio (section 8(4)(a) of the Act and Regulation 6).
• Audited financials: Failure to file audited financial statements for the year ended 31 December 2024 (section 9(1)(a) of the Act).

CIMA revoked the licence pursuant to section 24(2)(c) of the Act, citing the Company's likely inability to meet its obligations, contraventions of the Act, and failure to comply with licence conditions under section 8(2). The decision took effect on 1 September 2026, and the Company retains a right of appeal to the Grand Court under section 34 of the Act.

Applies to

Class B(ii) insurer, segregated portfolio insurance company

Deadlines

• 01 September 2026: Effective date of the Authority's decision to revoke the Company's Class B(ii) Insurer's Licence.