It was back in October 2017 that Bollington announced it has secured an £80 million capacity deal with Danish-insurer Gefion for the launch of Anjuna Underwriting. At the time, hopes were high for the five-year deal to provide products for the motor trade and taxi fleets.
Fast forward less than two and a half years, and things have taken an altogether different twist.
With Gefion subject to a host of negative headlines in recent times, Bollington has today confirmed that it is suspending trading with the insurer until further notice. The move becomes effective today.
In a release announcing the move, Bollington noted that it would offer alternative terms to brokers on a wholesale basis, and to retail clients via their A-rated capacity providers for both renewal and new business cases.
“We have kept very close to this situation for some time now and have regular dialogue with Gefion and our reinsurance brokers regarding their financial position,” said group managing director Chris Patterson.
“Our main priority is to protect the interests of our broker partners, their clients and our own customers. Until further notice, we have made the business decision to suspend our trading relationship.
“We have alternative A-Rated capacity providers available on our insurance panel and welcome our brokers to utilise these facilities.”
