The Australian Prudential Regulation Authority (APRA) has flagged that the voluntary administrators of Eric Insurance Limited will hold a creditors’ meeting on 16 September 2025 for a vote on a deed of company arrangement proposal as an alternative to liquidation, while APRA continues heightened supervision to protect policyholders during the firm’s market exit. Eric Insurance, described as a small general insurer focused on add-on motor vehicle-related products, decided to exit the general insurance market in July 2023 and fully ceased writing new policies in June 2024. APRA has been working with the insurer and the administrators on potential exit options and is monitoring the withdrawal process, with the creditor vote determining whether a binding deed of company arrangement to compromise debts and claims proceeds instead of liquidation.
Australian Prudential Regulation Authority 2025-09-05
Australian Prudential Regulation Authority monitors Eric Insurance’s exit as creditors vote on deed of company arrangement
The Australian Prudential Regulation Authority (APRA) announced that Eric Insurance Limited's voluntary administrators will hold a creditors' meeting on 16 September 2025 to vote on a deed of company arrangement proposal as an alternative to liquidation. APRA is maintaining heightened supervision to safeguard policyholders during Eric Insurance's market exit, which began in July 2023 with the cessation of new policy issuance in June 2024. The creditor vote outcome will determine if a binding deed to compromise debts and claims will proceed.