Update on Gable Insurance AG

21 November 2016

On 17 November 2016, the Liechtenstein Court opened winding-up proceedings in relation to Gable Insurance AG and appointed Batliner Wanger Batliner Attorneys at Law Ltd. as liquidator. Questions relating to the legal position of policy holders and other parties must be directed to the liquidator.

As per Liechtenstein insurance contract law, where winding-up proceedings are opened in relation to an insurance undertaking, the contract expires after the lapse of four weeks, calculated from the day on which the opening of winding-up proceedings was made public i.e. 18 November 2016.

The Central Bank reiterates that Gable policyholders should immediately contact their insurance broker to seek alternative insurance cover.

Further information is available from the FMA Liechtenstein.

The liquidator may be contacted at the following email address: [email protected].

17 November 2016

The Financial Market Authority (FMA) Liechtenstein has informed the Central Bank of the outcome of the extraordinary shareholders meeting of 11 November 2016, and that no capital injection will be made to Gable Insurance AG (Gable) by its parent company.  Consequently, the Special Administrator to Gable, Pricewaterhouse Coopers AG (PwC), has filed an application with the competent Liechtenstein court, seeking an order that Gable is wound-up.  The outcome of that application is expected in due course.

The Central Bank strongly recommends that Gable policyholders immediately contact their insurance broker to seek alternative insurance cover.  This urgency stems from the fact that any claim made by policyholders who hold active policies with Gable, may not be fully covered due to the indebtedness of Gable and the pending winding-up order.  Additionally, the Central Bank has today written to the relevant brokers in this regard.

Further information is available from the FMA Liechtenstein.

The Special Administrator may be contacted at the following email address: [email protected]

7 November 2016

The Financial Market Authority (FMA) Liechtenstein, has informed the Central Bank that the Special Administrator to Gable Insurance AG (Gable), Pricewaterhouse Coopers AG (PwC), has informed the FMA that they have good cause to suspect the over-indebtedness of Gable Insurance AG.  On that basis, PwC has stopped making payments to brokers and policy holders in order to ensure that no policy holder is preferred to the detriment of other policy holders.

PwC has also called for an extraordinary shareholders meeting of Gable on 11 November 2016 to give the shareholder of Gable, Gable Holdings Inc., a final opportunity to provide the capital required to avoid the initiation of winding-up proceedings. 

On 31 October 2016, PwC notified the Liechtenstein Court of Gable’s over-indebtedness, and asked the Court to postpone the commencement of winding-up proceedings at least until the date of the extraordinary shareholders meeting.

The Central Bank is continuing to engage with the FMA regarding the interests of Irish consumers and will provide further updates as they become available.

Further information is available from the FMA Liechtenstein.

14 October 2016

Gable Insurance AG (Gable) is a Liechtenstein incorporated company subject to prudential supervision by the Financial Market Authority (FMA) Liechtenstein. Gable was principally selling commercial insurance policies and surety bonds in a number of European countries including Ireland on a freedom of services basis.  Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard.

The Central Bank has been notified by the FMA that they have appointed PricewaterhouseCoopers AG, as Special Administrator for Gable Insurance AG.

Policyholders in Ireland, who bought insurance through the broker network, may be affected.  Any policyholder who has concerns about their policy should contact their broker in the first instance, or alternatively the Special Administrator at the following email address: [email protected]

The Central Bank will continue to work closely with the FMA to ensure all Irish policyholders are identified and are communicated with directly. 

Further information is available from the FMA Liechtenstein.