Danish Financial Supervisory Authority Withdraw Gefion’s License

Tue Jun 30 2020

On 24 March 2020, the Danish Financial Supervisory Authority (DFSA) directed Gefion to stop writing new business. On 29 June 2020, the DFSA published an updated statement, advising that Gefion has not provided sufficient evidence to show that the company would be able to fulfil the solvency capital requirement within their recovery period. The DFSA has withdrawn Gefion Insurance’s license as an insurance company. The statement of the DFSA can be viewed here.

The DFSA have released a Q&A document for all Gefion policyholders, which can be viewed here.

A Statement on the website of Gefion Insurance states that the Directors of the Company have taken a decision to put the company into solvent liquidation. The full release from Gefion can be found here along with an information document for their policyholders regarding the future of the company.

EIOPA and the Central Bank of Ireland have also released updates regarding the DFSA’s decision to revoke Gefion Insurance’s license as an insurance company.

We will keep members updated on this situation as and when additional information becomes available.