Danish Insurer Enters Liquidation After License Is Pulled
Law360, London (June 30, 2020, 10:37 AM BST) -- Gefion Insurance said it will enter into liquidation after the Danish Financial Supervisory Authority withdrew the company's insurance license because it failed to raise sufficient capital.
The Copenhagen-based insurer, which has extensive business across Europe and the U.K., said on Monday that it will continue to pay out for claims on existing policies but will no longer process renewals or write new business.
The shuttering of the company is the final chapter in a long-running dispute with the Danish regulator over the adequacy of its capital reserves that dates from November 2018.
Tonny Anker-Svendsen, chief executive of Gefion Insurance A/S, said the company would...
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