Duff & Phelps appointed administrator for insurance comparison site

14 March 2019 Consultancy.uk

A buyer of assets is being sought for a life insurance comparison website, after it appointed administrators in March 2019. All of the firm’s employees have been made redundant, while Duff & Phelps looks to sell the remaining assets of CompareThePolicies.com.

Founded in 2016, CompareThePolicies.com offered consumers an online comparison platform to cover life, critical illness, income protection and guaranteed over-50 insurance products. The site worked to supply competitive pricing against direct insurer websites, through financial or mortgage advisers or through banks. It also worked to help individuals through the process from beginning to end, whether they wanted to assess their options online, or by speaking to an expert over the telephone.

CompareThePolicies.com was a fast-growing business in a market undergoing rapid expansion, so at present it is unclear what went wrong for the firm. It had grown to 64 staff since commencement of trading, reflecting that dramatic growth, but such a reversal of fortune occurred that the company appointed administrators in the first quarter of 2019.

Duff & Phelps professionals Sarah Bell and Steven Muncaster have been installed as joint administrators of CompareThePolicies.com. Duff & Phelps is a global advisory firm which specialises in corporate rescue and restructuring work for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues.

Commenting on CompareThePolicies.com’s collapse, Sarah Bell stated, “What we can confirm today is that all 64 employees have been made redundant and we are now actively seeking a buyer for the remaining assets of the Company and encourage any interested parties to come forward.”