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.