Gefion Insurance A/S ('Gefion') is an insurance firm authorised and regulated by the Danish Financial Supervisory Authority (‘DFSA’). It operates in the UK on a freedom of services basis which means that some customers, both private and commercial, based in the UK may have a policy with the firm.
The DFSA has announced that it has withdrawn Gefion’s licence to operate. This means that Gefion will be unable to underwrite any new policies. The DFSA’s press release[1] has more information, including questions and answers for policy holders.
If you are an existing Gefion policyholder, your policy remains in force and is currently still valid. However you should contact your broker in the first instance to seek advice on what you should do, and the options available for arranging alternative cover.
Please note that no further adjustments (such as changes of car/address/driver) are now permitted to existing policies if they result in the need for any additional premium to be paid by policy holders. Any adjustments that result in a return of premium to policy holders will, however, still be permitted. Policy holders may wish to take out alternative cover with another insurer if their policy no longer meets their requirements.
Claims arising under existing policies currently continue to be paid.