Danish Insurer Gefion Bankrupt After €30M Legal Defeat

Law360, London (June 7, 2021, 3:16 PM BST) -- Gefion Insurance A/S was declared bankrupt on Monday after the embattled Danish company failed to fend off a €30 million ($36.5 million) legal claim from a German car rental company.

Gefion, which has been in administration for almost a year in a move to pay off creditors, was granted a request for bankruptcy at Denmark's Maritime and Commercial High Court. Administrators said the company could no longer afford to pay creditors after losing a Court of Appeal ruling in Germany.

In Britain, the Financial Services Compensation Scheme said it would step in to protect policyholders in the U.K. The company was one...

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