Gefion Finans A/S under frivillig likvidation (formerly Gefion Insurance A/S) declared bankrupt

The Danish insurance company Gefion Finans A/S under frivillig likvidation (Gefion) formerly known as Gefion Insurance A/S has been declared bankrupt. Policyholders can cancel their policy, if they wish to do so. The policy will be cancelled 3 months after the declaration of the bankruptcy in the Danish journal, Statstidende. The Danish Guarantee Fund for non-life insurance undertakings will only cover claims from Danish policyholders.

On 7 June 2021, the Maritime and Commercial High Court declared Gefion bankrupt.
 
Policyholders must report their claims to the claims handlers mentioned in their policy. Further information can be found on the homepage of the bankruptcy estate, www.gefioninsurance.com.

Furthermore the bankruptcy means that policyholders can cancel their policy, if they wish to do so. The policy will be cancelled 3 months after the declaration of the bankruptcy in the Danish journal, Statstidende. The Danish Financial Supervisory Authority encourages the policyholders to cancel their policy with Gefion and buy a new policy with another insurance company if possible. This is due to the fact that Gefion has been declared bankrupt and unless the policyholder is covered by a compensation body within its territory, it might take several years to be compensated and then probably only partially compensated in the form of a dividend from the bankruptcy estate. The Danish Guarantee Fund will only cover risks (within the scope of coverage) in Denmark for insurance policies written in Denmark. The policyholders must be aware that in the situation that the insurance contract is not covered by a compensation body within its territory it can last several years before the policyholders can get the premium refund repaid, and only in the form of dividend. 

The curators of the bankruptcy estate, attorney-at-law Boris Frederiksen and attorney-at-law Søren Aamann Jensen, will contact all policyholders in Gefion to inform and guide them on how to act.

The curators of the bankruptcy estate can be contacted at gefion@poulschmith.dk. 

The Danish Financial Supervisory Authority has opened a hotline (+45) 41 93 35 00 for enquiries about the bankruptcy in Gefion. The hotline will be manned on weekdays between 10am and 14pm CET.

In the attached Q&A, the Danish Financial Supervisory Authority has answered the most commonly asked questions that arise in a bankruptcy situation.

Q & A regarding the bankruptcy of Gefion

 

Question     

Answer  

1. Who is Gefion and what has happened? Gefion was a Danish insurance company, which operated in Denmark and was authorized to write business within EU through agents and brokers. On 24 June 2020, the Danish Financial Supervisory Authority withdrew the company’s license as an insurance company. On 13 July 2020, Gefion  entered into liquidation (solvent). Attorney Troels Askerud and attorney Søren Aamann Jensen were appointed as the liquidators by the General Assembly. On 7 June 2021, the Maritime and Commercial High Court declared Gefion bankrupt.
2. I have a claim, what should I do?

If your claim has already been reported to Gefion, you do not have to do anything further. For further information please refer to the homepage of the bankruptcy estate, www.gefioninsurance.com.


3. I have reported a claim to Gefion before the company went bankrupt. What should I do now? You do not have to do anymore. Your claim will be handled by the bankruptcy estate, cf. question 2 above

4. Is my policy still valid?

Yes, your policy is still valid. The bankruptcy gives you the right to cancel the policy immediately, and the policy is automatically cancelled 3 months after the bankruptcy has been published in Statstidende. You are encouraged to cancel your policy and buy another one in another insurance company if possible.

5. I have payed premium for a full year, will I get some of my premium payment back?

You can file a claim for a premium refund to the bankruptcy estate.
6. How do I know if I am insured by Gefion? The name of your insurance company is found in the terms of your insurance policy.
7. I am a policyholder in Gefion, what should I do now? The curator of the bankruptcy estate will contact you to guide and inform you on how to act if you want to report or vindicate a claim. If you have any questions to the curator, you can find information at www.gefioninsurance.com.  
8. What can I do if I have further questions?

The curators of the bankruptcy estate can be contacted at gefion@poulschmith.dk.

The Danish Financial Supervisory Authority has opened a hotline (+45) 41 93 35 00 for enquiries about the bankruptcy in Gefion. The hotline will be manned on weekdays between 10am and 14pm CET.