Bollington’s priority is to protect its broker partners, clients and customers, it said
Bollington has suspended its trading with the Danish unrated insurer – Gefion Insurance A/S until further notice.
This will be effective from Monday 17th February.
But Bollington will continue to offer alternative terms to brokers on a wholesale basis to its retail clients from their existing A-Rated capacity providers for new business and renewal cases.
Bollington has kept very close to this situation for some time now and has had regular dialogue with Gefion and its reinsurance brokers regarding their financial position.
Last month the regulator ordered Gefion to restate figrues in its 2018 annual report - causing the solvency to weaken further.
Group managing director at Bollington, Chris Patterson, said: “Our main priority is to protect the interests of our broker partners, their clients and our own customers. Until further notice, we have made the business decision to suspend our trading relationship.
“We have alternative A-Rated capacity providers available on our insurance panel and welcome our brokers to utilise these facilities.”
It follows two acquisitions by Bollington this year – Manchester-based broker Ashgrove Insurance Services last month and Harrogate-based insurance broker – Prophet Trade Credit Limited last week.
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