Gable collapse prompts Danish litigation

A Danish fund is pursuing Barbican and Howden in court as the fallout from the collapse of Liechtenstein-based Gable Insurance continues.

The Danish Guarantee Fund is reportedly seeking more than £10 million from Barbican, Gable and Howden to cover the costs it paid out to the Danish policyholders that it protects following the collapse of Gable in 2016.

Howden’s involvement stems from its Swedish operation placing a delegated authority for Husejernes Forsikring Assurance AS with Gable.

A Howden spokesperson confirmed: “We can confirm that there is a legal process underway in relation to business placed by our Howden Sweden office. We can also confirm that we deny all liability and will be defending this claim vigorously.”

Barbican has yet to respond to a request for a comment, but the company has confirmed publicly that a member of its group is a party to the litigation.

Gable had a significant business in the UK when it went under. The insurer worked with 12 brokers across some 50 products. The collapse, affecting tens of thousands of policyholders, has already cost upwards of £20 million.

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Mark Dugdale