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 Post subject: who is next?
PostPosted: Mon Feb 18, 2019 11:40 am 
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Joined: Tue Apr 29, 2008 3:06 pm
Posts: 22164
Location: A City near Birmingham
I had

Quinne

Enterprise

but dodged Alpha

Anyone with Gefion?

Gefion
Gefion is a Danish unrated insurer, operating in a very similar model to Alpha.

It has no direct relationship with Alpha, but its CEO – Tonny Anker-Svendsen – is listed on his Linked In profile as owner and co-founder of both companies.

According to its annual report, the company cedes 70% to 90% of its risk to A- rated reinsurance capacity. As a result, Gefion’s maximum single claim loss is limited to €500,000 (£438,000). It employs 15 people.

The company has written DKr1.78bn, primarily in the UK, of which 98% is motor. Gefion announced earlier this month it had improved its solvency capital position by DKr15.1m, bringing its SCR to 135%.

One market source said the numbers were troublingly low. “Gefion has made a song and dance about raising an extra £1.7m for its solvency margin. £1.7m in the context of an insurance company should be an absolute drop in the ocean. How small are these guys?

“And we’re placing a whole load of business with it?. You can bet your bottom dollar than there will be a problem with Gefion in the next couple of years. It’s completely obvious.”

Anker-Svendsen declined to comment when contacted by Post, over matters related to the Alpha collapse.

He said: “As a third-party to the Alpha-proceedings, Gefion is generally not able to comment on the specific situation that Alpha Insurance is facing.

“Gefion was formed in 2015 and is rooted in a strong cultural foundation of transparency and suitable behaviour. Gefion has managed to build a profitable book of business, based on organic growth.

“It is our strategy to target primarily shorter tail business, all-over Europe, sourced through a selected network of trusted insurance agents. We focus on developing long-term relationship with our coverholders and reinsurers. Our reinsurance panel is highly diversified and includes only reputed reinsurance companies with a minimum credit rating of S&P ‘A-‘ (or equivalent).”

That was a sentiment echoed by Pukka Insure, a managing general agent which uses Gefion as a capacity provider.

Sam White, CEO and founder, said: “The news of Gefion’s cash injection is very encouraging and positive news for those involved in the business.

“We continue to be very proud to partner with Gefion and share in its journey, the long standing qualified team and A-rated reinsurers that back it leave us with no concerns regarding our position with it.”
Bollington’s MGA also uses Gefion capacity, but was not immediately available for comment.

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 Post subject: Re: who is next?
PostPosted: Mon Feb 18, 2019 11:49 am 
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Joined: Tue Apr 29, 2008 3:06 pm
Posts: 22164
Location: A City near Birmingham
Close Brothers Premium Finance will only write recourse policies for Gefion Insurance-backed products from 1 November 2018, Insurance Age can reveal.

In a letter to brokers seen by Insurance Age, Close Brothers wrote: “Whilst we do not want to limit the choice of insurers for both our brokers and customers, Gefion is a relatively new insurer and we have a fast-growing exposure to them, which we want to limit.”

Close Brothers also confirmed the change would affect any insurance through Gefion

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 Post subject: Re: who is next?
PostPosted: Mon Feb 18, 2019 7:42 pm 
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Joined: Mon Jan 18, 2016 6:56 pm
Posts: 1775
wannabeeahack wrote:
I had

Quinne

Enterprise

but dodged Alpha

Anyone with Gefion?

Gefion
Gefion is a Danish unrated insurer, operating in a very similar model to Alpha.

It has no direct relationship with Alpha, but its CEO – Tonny Anker-Svendsen – is listed on his Linked In profile as owner and co-founder of both companies.

According to its annual report, the company cedes 70% to 90% of its risk to A- rated reinsurance capacity. As a result, Gefion’s maximum single claim loss is limited to €500,000 (£438,000). It employs 15 people.

The company has written DKr1.78bn, primarily in the UK, of which 98% is motor. Gefion announced earlier this month it had improved its solvency capital position by DKr15.1m, bringing its SCR to 135%.

One market source said the numbers were troublingly low. “Gefion has made a song and dance about raising an extra £1.7m for its solvency margin. £1.7m in the context of an insurance company should be an absolute drop in the ocean. How small are these guys?

“And we’re placing a whole load of business with it?. You can bet your bottom dollar than there will be a problem with Gefion in the next couple of years. It’s completely obvious.”

Anker-Svendsen declined to comment when contacted by Post, over matters related to the Alpha collapse.

He said: “As a third-party to the Alpha-proceedings, Gefion is generally not able to comment on the specific situation that Alpha Insurance is facing.

“Gefion was formed in 2015 and is rooted in a strong cultural foundation of transparency and suitable behaviour. Gefion has managed to build a profitable book of business, based on organic growth.

“It is our strategy to target primarily shorter tail business, all-over Europe, sourced through a selected network of trusted insurance agents. We focus on developing long-term relationship with our coverholders and reinsurers. Our reinsurance panel is highly diversified and includes only reputed reinsurance companies with a minimum credit rating of S&P ‘A-‘ (or equivalent).”

That was a sentiment echoed by Pukka Insure, a managing general agent which uses Gefion as a capacity provider.

Sam White, CEO and founder, said: “The news of Gefion’s cash injection is very encouraging and positive news for those involved in the business.

“We continue to be very proud to partner with Gefion and share in its journey, the long standing qualified team and A-rated reinsurers that back it leave us with no concerns regarding our position with it.”
Bollington’s MGA also uses Gefion capacity, but was not immediately available for comment.



How in this article they state that their maximum single claim loss is limited to £438,000.
When I looked at their TAXI policy it said £20 million per claim.
Wonder which is true or is there a rabbit off here.


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 Post subject: Re: who is next?
PostPosted: Mon Feb 18, 2019 10:39 pm 
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Joined: Tue Apr 29, 2008 3:06 pm
Posts: 22164
Location: A City near Birmingham
Gefion employs only 15 people.... thats a worrying figure, all smoke and mirrors then

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