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Gefion secures €6m recapitalisation deal

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The unrated Danish provider has been looking to recapitalise since July when the Danish regulator ordered it not to increase its volumes of business due to its solvency situation.

Gefion Insurance has closed the placement of Solvency II-compliant subordinated notes to a value of €6m (£5.4m) with funds managed by Fermat Capital Management.

The unrated Danish provider stated that the net proceeds from the recapitalisation will be used to strengthen its capital base and support its ongoing business.

The business added that the move follows a similar €10m placement that Gefion and Fermat announced in July 2017.

Partnership
Tonny Anker-Svendsen, Gefion’s chief executive

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