The Fund has entered into settlement agreements

The Danish Guarantee Fund initiated legal proceedings in December 2017 against the Swedish insurance brokerage company Howden Insurance Brokers regarding its role in the distribution of change-of-ownership insurance policies to Danish consumers who were customers of the two now bankrupt companies, Gable Insurance in Liechtenstein and Gable’s Danish sales office, Husejernes Forsikring Assurance Agentur. The case was subsequently expanded by the Danish Guarantee Fund to include the former management of Husejernes Forsikring Assurance Agentur.

Following the bankruptcy of the Liechtenstein-based insurance company Gable Insurance AG and the bankruptcy of Husejernes Forsikring Assurance Agentur, the Danish Parliament decided that the Danish Guarantee Fund should commission an independent legal investigation to determine whether any parties could be held liable for the losses suffered by Danish customers and the Danish Guarantee Fund.

The case has now been settled, and as part of the settlement, the former management of Husejernes Forsikring Assurance Agentur contributed to the total settlement amount.

“It was important to the Danish Guarantee Fund that the former management of Husejernes Forsikring Assurance Agentur contributed to the overall settlement amount, as providing misleading information to insurance customers should not come without consequences,” stated Christian C. Lund Nielsen, Chairman of the Board of the Danish Guarantee Fund.