Danish Insurer Sees Solvency Shrink After Regulator's Order

Law360, London (January 28, 2020, 2:01 PM GMT) -- More than 40 million Danish kroner ($5.9 million) has been shaved off Gefion, the struggling insurer's most recent annual results show, after the Danish finance watchdog ordered it to change its accounting methods.

The Danish Financial Supervisory Authority asked the company at the beginning of January to resubmit its results for 2018, which it had published seven months ago. The company had posted a 40.3 million kroner loss.

Gefion said on Friday that the restatement had meant its solvency ratio  — a measure of the company's financial health — had shrunk from 72% to 49%. Insurers are required under the European Union's...

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