Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

Link(s):

Gefion Insurance A/S declared bankrupt Gefion Insurance A/S – latest update Gefion Insurance A/S has failed Gefion Finans A/S under frivillig likvidation (formerly Gefion Insurance A/S) declared bankrupt

Context

The Danish Financial Supervisory Authority (DFSA) has made the announcement that Gefion Insurance has been declared bankrupt by Denmark’s Maritime and Commercial High Court.

Key points to note

• There are no remaining live policies in the UK, but claims can still be made against Gefion policies. A number of claims already submitted remain unresolved.
• Gefion operated in the UK on a freedom of services basis.
• They sold a range of motor insurance products in the UK through a network of Managing General Agents (MGAs).
• The DFSA withdrew Gefion’s licence to operate in June 2020 which meant they could no longer underwrite any new policies but any claims arising out of existing policies continued to be paid.
• The FSCS has declared Gefion in default.

Next actions

None – for information only. It is unlikely that any UK broker will still have any Gefion contracts in place for their clients but brokers should contact FSCS in relation to any existing claims that are not met.