Unrated insurers
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.
Staveley Head enters administration after insurer contract 'prematurely terminated'
Managing general agent Staveley Head, known to have used Gefion and Qudos capacity, has entered administration.
Gefion’s solvency struggles continue after regulator action
Troubled unrated Danish insurer Gefion has seen its 2018 solvency ratio plummet after it was forced to restate accounts.
This week: It's all about change
Moving home has to be one of the most annoying and tedious things we have to do. From organising your flat viewings to packing up all your belongings. And honestly who really likes change? It’s much easier to just stay in the place you've grown…
FSCS reveals £12.4m cost of Qudos and Lamp failures
The Financial Services Compensation Scheme has forecast that the failures of Qudos Insurance in December 2018 and Lamp Insurance in May last year will cost £12.4m this financial year.
Gefion barred from expanding scope until ‘serious liquidity problems’ sorted
Danish unrated insurer Gefion cannot enter new lines of business or branch out into further territories until it can meet its solvency capital requirement, the regulator has ordered.
This week in Post: Back to business
With the holiday break over, this week has seen people across the UK – some somewhat sluggishly – get back to business.
Gefion ordered to correct reporting error
Unrated Danish Gefion Insurance has been ordered by the Danish Financial Supervisory Authority to publish information supplementing or correcting the company’s 2018 annual report, after it was adjudged to have wrongly recognised the value of a…
This Week: Getting stuff done
Helios has (almost) done his work and got the week done. Probably because he has an oven ready plan. To leave the working week and enter the weekend.
Pukka no longer writing new business with Gefion
Pukka Insure stopped writing new business with Gefion in July, replacing it with two A-rated carriers.
Danish regulator demands action as it identifies ‘serious liquidity problems’ at Gefion
Unrated Danish insurer Gefion Insurance must have liquid assets of at least €5m by the end of the year amid fears by the regulator that the company has “serious liquidity problems.”
FSCS has paid out a total £276m following the collapse of unrated insurers Alpha, Gable and Enterprise
The UK’s Financial Services Compensation Scheme has paid out a total £276m in claims to the policyholders of three overseas unrated insurers that collapsed between 2016 and 2018.
Thousands of Alpha latent defect policyholders yet to submit FSCS claims
The Financial Services Compensation Scheme has called on “thousands” of Alpha Insurance latent defect policyholders to submit their premium refund claims to the portal on the Danish insurer's website.
Blog: The unrated conundrum - cover at all costs, but who pays the price?
There is a growing list of failed unrated insurers that continue to hit the headlines. Dean Bedford, underwriting director at CLS Risk Solutions, asks what is the answer to the unrated conundrum? Is unrated always bad, who is responsible and who pays the…
CBL Corporation delists from New Zealand Stock Exchange
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
This week: All at sea
The fraudulent claims we’re used to hearing about involve banged-up cars and invented cases of whiplash. Ones involving oil tankers, pirates, the Admiralty Judge, and statements given in places as far-flung as Aden and Manila are somewhat harder to come…
Gefion gets €6m capital injection at ‘crucial point in time’
Unrated Danish insurer Gefion has finally secured an additional €6m (£5.4m) capitalisation for the business following regulatory action in July.
Insurers warned on solvency and run-off as Gibraltar regulator airs 'reputational damage’ fears
Insurers in Gibraltar must be aware of their financial position "well before" a solvency breach occurs, the regulator warned as it revealed a clampdown.
Lamp liquidator disclaims further policies
Lamp Insurance’s liquidator has disclaimed health and guaranteed asset protection policies supplied through two brokers.
CRL ceases writing new business following Alpha collapse
CRL, which recently failed to rehome 20,500 Alpha Insurance structural and latent defects policies, is no longer writing new business.