COO Jimmy Barber discusses Gefion's solvent run-off, previous insurer failures including Alpha and Enterprise, and why he believes brokers are integral to the Scheme.
The troubled Danish provider says it is "disappointed" after Danish regulator refuses three-month extension to its recovery period forcing it into run-off.
The unrated Danish motor provider says it "strongly disagrees" with the order and adds it has continued its capital raising efforts as it seeks to comply with its solvency capital requirement.
Bollington suspends trading with the unrated Danish insurer, which has been providing capacity for its MGA, Anjuna Underwriting, since 2017.
The unrated provider was told to restate information in its annual report earlier this month.
The Danish regulator says the unrated provider has “serious liquidity problems” as Gefion says it is in progressed discussions with potential capacity providers.
Gefion has disagreed with the decision, as the regulator points to issues with one of the provider's reinsurance contracts.
The Danish provider has complied with the order from a regulator to have liquid assets of at least €5m by the end of 2019, after further investment from shareholders.
The MGA moved away from the troubled unrated Danish provider earlier this year.
The struggling unrated Danish provider must have €5m in liquid assets by end of this month as watchdog points to “serious” problems.
Organisation also expects brokers to carry out the due diligence on replacement carriers.
Software house's deal to buy Add Value Assurances follows purchases in Canada, Germany and Denmark.
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.
Premium finance provider has had unrated Gefion under "active review" since October and says move follows the various actions imposed by the Danish regulator, including the restatement of Gefion's solvency ratio.
Move follows the software house's expansion into the German market.
Regulator says the unrated Danish provider has a solvency ratio of 105% after assessment.
Danish provider received cash injection to improve its solvency ratio on 6 May.
The Danish regulator has told Gefion to restate its 2017 results and half-year report for 2018 but Gefion insists the business is healthy.
Danish provider declared bankrupt on 20 December 2018.
FSCS vows to work with liquidator and Danish authorities.
May was all about the collapse of Alpha. Aviva pulling agency with GRP also caught brokers' interest along with Amazon's potential insurance plans.
Portfolios put into run-off with Darag.
Close Brothers to end non-recourse policies for Danish insurer’s product.
Premium finance provider will still issue recourse policies for the insurer.