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The panic is spreading at S&G as the Banks inspect the books and investors take fright, they are now bulk settling cases with insurers to desperately try to get cash flowing in. I know a major insurer who has just settled over 300 cases in a bulk deal in one hit this week and more planned next week.
They have run out of cash, overheads are high, overstated their WIP, and got caught up in too much trivial litigation with hearings many months away. Just another ABS country club built on sand, so it’s just a question of time. More news to follow next week as several insurers plan to close their ABS models to make way of the SCT rise and whiplash ban. They have however agreed to extend coverage for flood hit areas so at least Cameron and Osborne will be happy and we can all sleep easier in our beds. Sad times ahead for many.

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