Gable Insurance’s special administrator, PwC, has filed an application with a Liechtenstein court seeking a winding-up order for the beleaguered insurer.
In a statement, the Financial Market Authority (FMA) in Liechtenstein said that “the decision if and when winding-up proceedings are opened falls within the exclusive competence of the Liechtenstein court.”
The outcome of PwC’s application is expected in due course.
The PwC called a meeting of Gable Insurance shareholders on November 11, wherein parent company Gable Holdings was given the final chance to provide the capital needed to avoid the initiation of winding-up proceedings.
Gable Holdings was represented at the shareholders’ meeting, but it will not inject funds to cover the over-indebtedness of the insurance firm.
The European non-life insurer stopped writing new business in July following the execution of a restructuring plan to meet the regulatory challenges due to Solvency II.
Gable chief executive William Dewsall previously said that the impact of Solvency II on his company had been “devastating.”
Gable entered into administration in October, with PwC appointed by the FMA as the insurer’s special administrator.
Suspecting Gable’s over-indebtedness, PwC told the FMA last week that it had stopped making payments to brokers and policy holders.
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