The Australian Prudential Regulation Authority (APRA) notes that the voluntary administrators of Eric Insurance Limited (Eric) will convene a meeting of Eric's creditors on 16 September 2025. This is to allow creditors to vote on a deed of company arrangement (DOCA1) proposal as an alternative to Eric being placed into liquidation.
Eric, a small general insurer that provided add-on motor vehicle-related products, made the commercial decision to exit the general insurance market in July 2023 and completely ceased writing new insurance policies in June 2024.
To protect the interests of policyholders, APRA has maintained heightened supervision of Eric for some time and explored various exit options with the insurer and the administrators. APRA is closely monitoring Eric's withdrawal from the insurance industry to achieve the most favourable outcome for policyholders.
