Gefion enters into solvent liquidation following licence revocation

Gefion-placed-into-solvent-liquidation

Official Gefion Insurance statement:

LIQUIDATION OF GEFION INSURANCE A/S

Gefion Insurance A/S (Gefion Insurance) is a private limited non-life insurance company incorporated in Denmark that has been offering insurance products within the European Union through its approved agents and brokers.

On 24th June 2020,the Danish Financial Supervisory Authority (DFSA) decided to withdraw Gefion Insurance’s license to conduct insurance business due to the Company not being able to meet its Solvency Capital Requirement. The Solvency Capital Requirement is a special requirement applicable to European insurance companies which requires them to hold capital far in excess of their expected liabilities.

Gefion Insurance continues to have sufficient assets to meet the expected liabilities due (i.e. remains solvent) and therefore the Company’s loss of its insurance license does not affect the policyholders’ coverage or ability to make a claim for any future losses under their insurance contracts.

Pursuant to the requirements of the Danish Financial Business Act, Gefion Insurance will formally enter into solvent liquidation. A liquidator will be formally appointed within the next weeks.

As of today (29th June 2020), Gefion Insurance will no longer write new business or renew existing insurance policies.

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