Unrated insurers
FSCS general insurance compensation falls as shadow of Enterprise's collapse recedes
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme has fallen for a second year running, with both the scheme’s GI provision and distribution classes seeing reduced payouts year-on…
Uber restricts drivers to insurance panel as market insiders warn of ‘huge ramifications’
Exclusive: From next year Uber will only accept drivers with insurance policies from one of nine approved providers.
Gefion declared bankrupt
Gefion Insurance has been declared bankrupt by the Maritime and Commercial High Court in Denmark and is no longer paying claims.
Former Alpha directors sued as liquidators allege unrated insurer was insolvent a year before collapse
Two former directors of failed Danish insurer Alpha are facing a DKr200m (£22.9m) lawsuit brought by the firm’s liquidators for allegedly misrepresenting the financial condition of the company a year before its collapse in 2018.
Brokers urge push back on soaring contributions as FSCS levy total poised to break £1bn
Brokers have called for the insurance industry to kick back against the increase in their Financial Services Compensation Scheme levy with the sector’s bill set to more than triple to £146.8m in 2021/22.
Failed Danish insurer and UK agent in legal battle over taxi driver policy premiums
The administrators of bankrupt Danish insurer Alpha are embroiled in a legal battle with UK-based J&M Insurance Services over £3.9m in premiums collected by the UK firm in the months leading up to unrated carrier’s collapse in May 2018.
Enterprise faces £31m claims hit from Icebreaker tax avoidance scheme used by Take That
The liquidators of Gibraltar insurer Enterprise have predicted a £31m claims hit from tax avoidance scheme Icebreaker used by Take That and other wealthy creative industries professionals, Post can reveal.
Insurance Covid-cast: Grumpy old insurance execs - Bunker, Cooter, Hanks and Smith on trading through a hard market
For the 36th episode of Post and Insurance Age’s Covid-Cast video series we gathered together an esteemed panel of ‘grumpy old insurance execs’ to talk about how to trade through a hard market, something many might have not experienced before.
Tansar administration after collapsed sales talks leaves Gefion facing £5.4m shortfall
Unrated Danish insurer Gefion is due to receive just 3% of the £5.5m owed by Tansar Holdings, which has been put into administration.
Joint liquidators appointed for Gefion
Søren Aamann Jensen from the Danish law firm Kromann Reumert and Troels Askerud from Gefion have been appointed as joint liquidators of Gefion Insurance.
Gable liquidator warns of ‘everlasting’ bankruptcy proceedings as it writes off £72m
The liquidator of unrated insurer Gable has found ‘trapped funds’ in the company originally valued at CHF 85m (£71.8m) are not recoverable.
Briefing: Gefion hopes to go out with a whimper as brokers predict a bang
News that Danish unrated insurer Gefion had entered run-off and solvent liquidation left us and others in the industry feeling somewhat underwhelmed.
Gefion liquidation 'no great shock' to brokers
Brokers have labelled unrated Danish insurer Gefion going into run off and ultimately liquidation as “no great shock”.
Gefion to enter run-off as regulator revokes insurance license
Danish unrated insurer Gefion will enter solvent liquidation as the Danish regulator has chosen to withdraw its license, the insurer has said.
FSCS 'working with' Gable liquidators after premium refunds court ruling
Exclusive: The Financial Services Compensation Scheme is working with failed insurer Gable's liquidators to understand the impact of a European Free Trade Association court judgment on recoveries, with some of the insurer's policyholders set to lose out.
Qudos buyer’s €46m lawsuit against former owner pushed back
Qudos owner New Nordic Advisor’s legal action against Echelon Financial Holdings has been delayed due to the coronavirus pandemic.
Staveley Head buyer to move ‘majority’ of customers to A-rated paper
One Sure Insurance, which has purchased in-administration Staveley Head's intellectual property and renewal rights, will look to place the majority of its new buy’s customers with A-rated insurers.
Staveley Head sold to One Sure Insurance
Broker and managing general agent Staveley Head, which entered administration in February, has been bought by One Sure Insurance.
Gefion ordered to stop writing business by Danish regulator
Gefion Insurance has said it will appeal after the Danish Financial Supervisory Authority rejected its recovery plan and ordered the company to stop writing business.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
Bollington still offering all lines after Gefion suspension, Patterson confirms
Bollington’s decision to stop trading with unrated Danish insurer Gefion has not changed the firm’s insurance footprint, group managing director Chris Patterson told Post.
Bollington ceases trading with Gefion
Bollington has suspended trading with Danish unrated insurer Gefion, Post can reveal.
Premfina no longer funding Gefion premiums
Exclusive: Premfina is no longer funding premiums for unrated Danish insurer Gefion.
Failed Staveley Head and its AR Policyplan paid £10m to parent company last year
The directors of Policyplan and in-administration Staveley Head paid £10m in total dividends to new parent company Gelert Group in 2019.