Gefion Insurance A/S
Failed 07 June 2021
Gefion Insurance A/S (“Gefion”), a Denmark-based insurance company entered into insolvency proceedings on 7th June 2021. It is no longer paying claims.
FSCS declared the firm failed (in default) on 7th June 2021 and is stepping in to protect the majority of policies Gefion sold to individuals and small businesses in the UK.
FSCS is working closely with the liquidator and the Danish Financial Supervisory Authority to understand the impact of the bankruptcy. We will continue to update this page with the latest developments.
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Denmark-based Gefion entered into insolvency proceedings on 7th June 2021. The firm sold a range of motor insurance products in the UK through a network of Managing General Agents (“MGAs”) made up of: Bollington, Cogent Insurance Services, J&M Insurance (CUA-Group), Prestige Underwriting, Pukka Insurance, Tansar and Staveley Head (One Sure Insurance Ltd).
Types of policies sold include private motor insurance, taxi insurance, fleet insurance and courier insurance.
Gefion’ has no live unexpired UK policies.
Further information can be found in the DFSA’s press release.
Contact information for Gefion's UK policy holders
Policyholders should use the email address below.
FSCS is helping eligible customers by paying claims made against protected policies. These policies and claims must be validated by the appointed insolvency practitioner (Trustees).
For third-party motor claims, the level of our protection is 100%. For other types of motor claims (e.g. own damage), our protection is 90%.
You can find more information on the FSCS protection rules and limits page.
If you need to make a claim, follow the instructions set out in your Gefion policy documentation.
If you need to check on the status of an existing claim, liaise with the claims handler who was previously dealing with your claim.
On 24 March 2020, the Danish Financial Supervisory Authority ordered Gefion Insurance to stop writing new business. As a result, there are no unexpired Gefion policies.
Further information can be found here: https://www.dfsa.dk/News/Press-releases/2021/GEfion_bankrupt_070621
Provided that the claim is eligible for FSCS protection (the Gefion policyholder’s vehicle must be UK registered), the payment request will be submitted to FSCS from the claims handler via the Gefion Trustees. There is no need for you to take any further action, such as applying for FSCS compensation.
We are working together with the claims handlers and Gefion Trustees to make outstanding payments as quickly as possible. But there are a lot of them and we would ask that you bear with us. The payment process is underway and we hope to clear the majority of the outstanding payments over the next few weeks.
If you need to contact anyone about your client’s claim, contact the party with whom you negotiated the settlement or Gefion first.
The Gefion Trustees have appointed claims handlers to handle claims made against the Gefion estate on their behalf. These are the same claims handlers who were dealing with the claims before Gefion’s bankruptcy. Gefion are aware of the situation regarding claims managed by Broadspire and are working on a resolution.
FSCS does not handle any Gefion claims, nor are we able to provide compensation without receiving a validated payment request from the Gefion Trustees.
The Gefion claims handlers submit payment requests to FSCS via the Gefion Trustees. The process is underway and should be complete in the next few weeks. However, there are a lot of payments outstanding and we would ask that you bear with us.
If you need to get in contact about your or your client’s claim, please continue to liaise with the party you were dealing with before Gefion’s failure. They will have been asked by the Gefion Trustees to continue to handle the claim on their behalf.
It may be that your payment has been divided into specific categories (heads of claim) because of the way in which the existing claims system is set up. You may be able to match the payment values to specific categories (heads of the claim). As far as FSCS is aware this should not be any different from the way you received payments on Gefion claims prior to its bankruptcy.
If you are expecting further payments, it's likely that these will follow. They may well already be in progress.
FSCS is not in possession of claims files to provide payment breakdown information. Please contact the claims handlers if you need more detail.
FSCS has been working with the Trustees of Gefion and the claims handlers to pay compensation for eligible claims as quickly as possible. The process is underway but there are a lot of payments and we would ask that you bear with us.