Unrated insurers
Gefion faces further recapitalisation delays
Danish insurer Gefion has further pushed back its expected timeline for a capital injection in the business, following an order by the regulator that it cannot expand into further territories until it bulks up its coffers.
This week: Go Compare's car crash advert
Go Compare was criticised this week for an arguably tone-deaf advert in which its singing mascot was involved in a serious car accident.
Gefion still ‘in the process’ of arranging a capital injection
Exclusive: Gefion still remains “in the process” of recapitalising, more than six weeks after the Danish regulator ordered it to hold off on expanding into new territories until its finances are back on track.
This week: Winners and lasers
Nothing says team building quite like stumbling around a dark maze, falling headfirst into mirrors and haphazardly shooting lasers at your colleagues. Or so the democratic vote we held a few weeks earlier decreed.
Enterprise claims predicted to reach £319m
Enterprise insurance claims are predicted to hit £319m in total, with insurance creditors such as the Financial Services Compensation Scheme potentially receiving a 30% dividend.
Replacement cover for 30,000 former Alpha policyholders in jeopardy
Broker CRL had found a replacement insurer to take on almost 30,000 Alpha policies, but the potential suitor has raised “several last-minute issues” that are holding up a deal.
30,000 Alpha policyholders to be moved to new insurer
More than 30,000 property policyholders affected by the collapse of Alpha have been thrown a lifeline in the form of alternative cover arranged by the Financial Services Compensation Scheme.
This week in Post: 25 years of the British Insurance Awards
This week the best and brightest in the insurance community gathered in the Royal Albert Hall for the 25th British Insurance Awards.
Gefion ordered to not expand business until it injects more capital
The Danish Financial Supervisory Authority has ordered Gefion to not expand into new territories.
Premfina and Close Brothers to continue funding Gefion premiums after Premium Credit pulls out
Premium finance providers Premfina and Close Brothers will continue funding Gefion premiums following the unrated insurer’s tussles with the Danish regulator, as Premium Credit pulls out.
CRL deadline to transfer Alpha policies pushed back again as talks continue
CRL is making “good progress” in talks to move its Alpha policyholders over to another insurer and has seen its deadline pushed back.
Analysis: Is the IPT review another disappointment?
The government has promised to review the application of the Insurance Premium Tax. But does the planned review go far enough?
Danish regulator disputes Gefion’s reported 130% solvency ratio, dropping it to 105%
The Danish Financial Supervisory Authority has pegged Gefion’s solvency ratio as just 105% at May 2019, rather than the 130% the company has claimed.
FSCS raised supplementary £14m levy following Alpha collapse
The FSCS was forced to raise a supplementary £14m levy in January to cover the cost of the collapse of Alpha Insurance, according to its annual report.
Lamp customers see first FSCS pay outs
The Financial Services Compensation Scheme has today made its first payments to policyholders affected by the collapse of Lamp Insurance.
CRL identifes potential alternative insurer to take on Alpha policyholders after missed deadline
BCR Legal Group appointed representative CRL failed to find an insurer to take on its Alpha policies by the May deadline set by the Financial Services Compensation Scheme, but it has been given more time as the firm has a replacement in its sights.
Ardonagh boss joins Nexus group
Marc van der Veer has joined Nexus Group as CEO of European Ventures.
Claims manager appointed to handle Lamp Insurance claims
Quest Group has been appointed to manage claims for policyholders of failed Lamp Insurance.
Revealed: Unrated Gefion claws back solvency ratio after year of losses
Exclusive: Danish unrated insurer Gefion took out a further chunk of reinsurance and injected capital, after its solvency ratio plummeted to 72% in 2018.
FSCS will assist policyholders following Lamp collapse
The Financial Services Compensation Scheme will protect customers of Lamp Insurance following the unrated insurer’s demise.
CBL creditors owed in excess of £90m
Creditors of CBL Corporation, the parent company of CBL Insurance, are expected to be owed in excess of £90m.
Lamp enters liquidation following court hearing
Insolvent unrated insurer Lamp has been placed into liquidation following a court hearing today.
This week in Post: Big fish, little fish, cardboard box?
It might be the name, but this week I’ve spotted some similarities between Gibraltarian unrated insurer-facing-liquidation Lamp Insurance and an angler fish, sparking some strange and slippery debate in the office.
MGA looks to relocate 13,500 customers following Lamp collapse
Exclusive: Now 4 Cover is looking to relocate policies of 13,500 of its customers, following Lamp’s descent into insolvency.