Analysis: Gefion collapse highlights risks of unrated capacity
Niche brokers say they have no choice but to use unrated insurers as compliance experts call for a change of the "unfair" FSCS levy system after the scheme steps in to pay claims following Gefion's bankruptcy.
Specialist motor brokers have defended the use of unrated capacity after Danish provider Gefion Insurance was declared bankrupt earlier this month.
The collapse of Gefion - the latest in a long line of unrated offshore providers to go bust – has served as a reminder of the risks of placing business with this type of insurer.
But Mark Rigby, chief executive officer of iRevolution Group, stated that it is “just not possible” to trade in the non-standard motor insurance sector without using
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