Gefion

We understand that this is a concerning time for claimants who are impacted by the Gefion bankruptcy. All claimants will receive the below letter with a covering letter specific to their own circumstances in the coming days.

Click here to see letter that claimants will receive

What If I Need To Check The Status Of A Claim On A Gefion Policy??

If you need to check on the status of an existing claim, please contact the Patrona claims team previously dealing with your claim. Contact details are as follows and phonelines are manned 9am to 1pm/2pm to 5pm Monday to Friday.

Email: claims@patrona.ie

Phone: 053 9180300

Is There A Compensation Fund That Will Pay Claims Against Gefion?

Gefion is a Danish insurer, but a recent change in Danish law means that the Danish Guarantee Fund will not be dealing with claims from Ireland where Gefion was the insurer. However, the Irish Insurance Compensation Fund (ICF) will help eligible customers by paying claims made against eligible policies. These policies must be validated by the ICF. Patrona is not directly involved in that part of the process and will still deal with Gefion’s Bankruptcy Estate.

The ICF protects Irish consumers of non-life insurance companies authorised to write Irish policies, that go into liquidation and are unable to pay insurance claims made by policyholders or third parties. Gefion is such an insurer. In the case of third party motor claims, the ICF will pay any eligible claim in full. In the case of any other type of claim the maximum compensation amount paid by the ICF is 65% of the cost of the insurance claim or €825,000 – whichever is less.

Please see the table below for more detail. Further information on the Irish Compensation Fund is available here

What About Compensation From The Bankruptcy Estate?

Compensation from the Bankruptcy Estate is subject to considerable uncertainty. Once the formal Bankruptcy adjudication and distribution is determined at the closing of the Bankruptcy Estate, it may provide compensation for claims that have not been covered by the Irish Compensation Fund.

On the 7th June 2021, the Maritime and Commercial High Court in Denmark declared Gefion Insurance A/S bankrupt. Gefion do not have any active policies in Ireland..

Gefion Who’s Who

Gefion Insurance A/S

Gefion Insurance A/S (“Gefion”), is a Danish based insurance firm subject to prudential supervision by the Danish Financial Supervision Authority (DFSA). Gefion sold non-life insurance policies on a pan-European basis and in Ireland via a number of MGAs including Patrona. The products were distributed through the Irish broker network on a freedom of service basis and provided insurance cover for a number of personal and commercial lines policies. There are no live Gefion policies transacted via Patrona.

For further information on Gefion Insurance A/S please refer to www.gefioninsurance.com.

Patrona Underwriting Limited

Patrona Underwriting Limited is an insurance intermediary which provides back-office functionality, Underwriting and Claims Management Services to 15 insurance and reinsurance companies in Ireland including services for Gefion. Patrona primarily only deals with insurance companies and brokers, it generally does not arrange insurance directly with policyholders. Patrona is regulated by the Central Bank of Ireland and is registered as an insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018.

Frequently Asked Questions

Gefion was historically involved as an Insurer on the following Product Lines: -

Last Gefion policy lapsed on the 8th March 2021.

All other Product Lines remain unaffected.

Is my Policy impacted by the Gefion Bankruptcy?

There are no live Gefion policies transacted via Patrona, we would ask that you contact your Broker should you require clarification regarding your Insurance Policy.

Is my Claim impacted by the Gefion Bankruptcy?

If you were insured with Gefion and have notified a claim on your Gefion policy then regrettably your claim will be impacted. Patrona have yet to hear from the Bankruptcy Estate regarding the ongoing handling of claims however we will provide an update when we are in receipt of further information. It is our intention to assist you during this difficult time and we would ask you to bear with us in the meantime.

Will the Danish Guarantee Fund or the Irish Compensation Fund provide compensation?

With effect from the 1st January 2019 the Danish Guarantee Fund only covers risks in Denmark for insurance policies written in Denmark.

The Insurance Compensation Fund (‘ICF’) protects Irish consumers of authorised non-life insurance companies in Ireland or in other EU Member States that go into liquidation and are unable to pay insurance claims. These could be claims made by the policyholders or third parties. The maximum compensation amount paid by the ICF is 65% of the cost of the insurance claim or €825,000 – whichever is lower. However, in the case of third-party motor insurance claims, where an insurer is in liquidation the ICF will make a payment of 100% of an award. Further information on the Irish Compensation Fund is available here.

Compensation from the Bankruptcy Estate is subject to considerable uncertainty. Once the formal Bankruptcy adjudication and distribution is determined at the closing of the Bankruptcy Estate then, the Bankruptcy Estate may provide compensation for claims that have not been covered by the Irish Compensation Fund.

How long will it be for the Bankruptcy adjudication and distribution to be finalised

We have no time commitments from the Bankruptcy Estate in this regard and it would be unfair of us to give you a commitment. We expect that there will be significant delays and you need to be aware that compensation from the Bankruptcy Estate is subject to considerable uncertainty.

I am a service provider to Patrona – will I be paid?

You will be paid as normal for non Gefion claims. As explained above, we are not in a position to confirm payment on any Gefion claims. The situation regarding Qudos remains unchanged.

I am not happy with what you have told me, what are my options?

We are sorry you feel this way and appreciate that this is a stressful time for you. We are unfortunately not in a position to progress any claims matters until we receive further instruction from the Bankruptcy Estate. We will endeavour to keep you informed as to any developments however, should you remain dissatisfied with our response then please contact us at customerservices@patrona.ie or through the Customer Feedback Form on our website and we will endeavour to address your concerns.

We remain committed to keeping you up to date, once new information becomes available we will refresh this page.

Contact Details

If you remain unsure as to whether your policy is with Gefion Insurance A/S then please contact your Broker who will be able to advise you.

If you have a claim which you believe is impacted by the Gefion insolvent liquidation, then please contact a member of the Claims Team will assist with your queries.

General Office Number: 053 9180300

Claims Number: 053 9180333

As of 25th March 2020, the Danish Financial Supervisory Authority (DFSA) has decided not to approve the recovery plan of Gefion Insurance A/S (Gefion). As a result, the DFSA has ordered Gefion to stop writing business until the DFSA can approve a new recovery plan or until Gefion Insurance complies with the Solvency Capital Requirement

What happens next?

Members of staff will be contacting all brokers to discuss options and address any concerns that you may have. We would appreciate your patience in this matter. You can address any initial concerns to info@patrona.ie and a staff member will contact you to discuss these concerns. Given the effects of Covid-19 on operational capacity, we would appreciate your co-operation and ask that you give us the time to contact you in due course.

What Product Lines Are Affected

Personal Lines

Bump Private Car – Run off policies with Gefion (written 01/04/2019 – 30/06/2019 only)

Flexi-Home - Run off policies with Gefion (written 01/04/2019 – 30/06/2019 only)

What does this mean for my Personal Lines customer?

Existing Business

It is important for us to underline that the order does not impact upon business which has already been written on behalf of Gefion and operations will continue as usual in relation to such business. In due course, we will be in contact with you to discuss options for the remaining Gefion run-off policies.

MTA’s

Mid Term Adjustments on run-off policies with Gefion will continue as normal.

Renewals

As previously advised, renewal terms will be offered with alternative insurers, Bump Private Car with Arch Insurance (EU) DAC and Patrona Flexi-Home with AXA Insurance Ireland DAC.

New Business

As previously advised, we have been writing new business with alternative insurers since 1st July 2019. New business will not be affected by this development.

Commercial Lines

We have a range of commercial products, previously written with Gefion, that have already transferred to alternative insurers.

1) Special Type Vehicles are all placed with AXA Insurance Ireland DAC

2) Horsebox/Horse Lorries are all placed with AXA Insurance Ireland DAC

3) Commercial Vehicle Couriers are all placed with AXA Insurance Ireland DAC

4) Evolve Private Car are all placed with Arch Insurance (EU) DAC

5) Evolve Commercial Vehicle are place with RSA Insurance Ireland DAC

6) Single Vehicle Haulage, the majority of these have been placed with AXA Insurance Ireland DAC.

What does this mean for my Commercial Lines customer?

Existing Business

It is important for us to underline that the order does not impact upon business which has already been written on behalf of Gefion and operations will continue as usual in relation to such business.

MTA’s

Mid Term Adjustments on Gefion policies will continue as normal.

Renewals

Where renewal terms have been offered with Gefion, but have not yet been accepted, these offers will be immediately withdrawn to the extent permittable under local regulation. Wherever terms have been offered with Gefion and accepted, but the policy has not yet incepted, then this is treated as business written but not yet incepted and as a valid insurance contract has already been formed, these policies will be honoured.

New Business

With immediate effect, we will cease to offer terms for new business with Gefion. Where terms have been offered, but have not yet been accepted, these offers will be immediately withdrawn to the extent permittable under local regulation.

Wherever terms have been offered with Gefion and accepted, but the policy has not yet incepted, then this is treated as business written but not yet incepted and as a valid insurance contract has already been formed, these policies will be honoured.