Gable enters administration
PwC has been appointed special administrator for the Liechtenstein-based insurer as Dewsall says Solvency II obligations “impossible”.
Gable Insurance (GIAG) has gone into administration, it has been confirmed.
Owner William Dewsall said that the Liechtenstein Financial Market Authority (FMA) had appointed PwC as special administrator.
In a statement Dewsall commented: "The Gable Group has for some time been trying to meet the onerous obligations of the Solvency II regime. Unfortunately, it has proved impossible to do so."
Last month the business was ordered to stop writing new business by the regulator.
Run-off
Dewsall added:
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