Pukka steps away from Gefion
The MGA moved away from the troubled unrated Danish provider earlier this year.
Pukka Insure, the motor MGA, has revealed that it has stopped writing new business with Gefion Insurance.
A spokesperson for Pukka Insure commented to Insurance Age: “Pukka Insure made the decision to stop writing new business with Gefion from July this year. Since that point, we have been working with two alternative A-rated carriers.
“We continue to wish Gefion the very best for the future during what is clearly a challenging time for the business.”
The new capacity is with New India Assurance and Qatar Insurance Company.
Order
Just this week, the Danish Financial Supervisory Authority (DFSA) ordered Gefion Insurance to have liquid assets of at least €5m by the end of December 2019.
A note from the regulator stated that “it considers the company has serious liquidity problems”.
This followed a series of reported issues at the unrated Danish insurer.
In October, the provider was forced to seek a cash injection of €6m from Fermat Capital Management.
Gefion had been looking to recapitalise since the DFSA ordered it not to increase its volumes of business due to its solvency situation after it concluded an inspection of the business in July 2019.
The Danish regulator had previously ordered the provider to recalculate its solvency ratio, saying it was 105% as of 31 May, instead of the 130% Gefion posted in its solvency report in June.
Gefion was forced to take action earlier this year after its solvency ratio dropped to 72%. This followed a cash injection of €2m from its shareholders in May 2018.
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