Bollington has confirmed that they have suspended trading with the Danish based insurer, Gefion Insurance A/S until further notice. This will be effective from Monday 17th February. Bollington will continue to offer alternative terms to brokers on a wholesale basis, and to retail clients from their existing A-Rated capacity providers for new business and renewal cases.
Chris Patterson, Group Managing Director commented:
‘We have kept very close to this situation for some time now and have regular dialogue with Gefion and our reinsurance brokers regarding their financial position.
Our main priority is to protect the interests of our broker partners, their clients and our own customers. Until further notice, we have made the business decision to suspend our trading relationship.
We have alternative A-Rated capacity providers available on our insurance panel and welcome our brokers to utilise these facilities.’
PROBLEM YEAR FOR GEFION
As Insurance Edge reported recently Gefion was providing capacity for Staveley Head last year, but that arrangment ended as 2019 drew to a close. Cheadle based MGA Pukka Insure also severed its ties with Gefion late on last year. Gefion has solvency issues with the Danish regulator in 2019 and issued a statement saying it disagreed with the assessment made by its local market regulator. Gefion raised more cash in the last few months to help stabilise the situation with the Danish regulator.
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