Welsh Broker Goes Under After Danish Insurer Ends Contract

Law360, London (February 6, 2020, 4:43 PM GMT) -- A U.K. motor insurance broker has been shuttered after a contract with a struggling Danish insurer was terminated “prematurely” last year, the company’s administrator said.

Wales-based broker Staveley Head appointed Duff & Phelps to wind up the business on Wednesday, with most of its 85 staff out of a job.

Most of the policies it sold were underwritten by Gefion, an unrated insurer that has been under the microscope of the Danish Financial Services Authority for the past year over its “serious liquidity problems.” However Duff & Phelps did not disclose the name of the Danish company that severed the contract...

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