The Danish Financial Supervisory Authority (DFSA) has announced that Gefion has been declared bankrupt. Although there are no remaining live policies in the UK, claims may still be made against Gefion policies, and a number of previously-submitted claims currently remain unsettled.
Gefion Insurance A/S (Gefion) is an insurance firm authorised and regulated by the DFSA.
It operated in the UK on a freedom of services basis which means that some customers, both individual and small businesses, based in the UK have held policies with the firm.
Gefion sold a range of motor insurance products in the UK through a network of Managing General Agents (MGAs).
In June 2020, the DFSA withdrew Gefion’s licence to operate. This meant that Gefion was unable to underwrite any new policies from that date but claims arising under existing policies continued to be paid.
The DFSA’s press release has more information, including questions and answers for claimants[1].
The UK’s Financial Services Compensation Scheme (‘FSCS’) has declared Gefion to be in default and has more information for policyholders and claimants on its website[2].