Global Benefits Group (GBG) administrators Teneo have revealed they are assessing options for transferring polices to other insurance providers.
Yesterday Health & Protection reported that GBG had fallen into administration after a multi-million pound financial blackhole caused a shortfall in capital and a last-ditch bid to rescue the international private medical insurance (IPMI) provider collapsed
Teneo insolvency practitioners Alex Adam, Andrew Wood and Michael Tagg were subsequently appointed joint administrators of GBG Insurance Limited.
In a statement sent to Health & Protection, Teneo said its joint administrators were assessing options for transferring policies to other providers and would now work with GBG to “achieve the statutory purpose of the administration while safeguarding the interests of policyholders and stakeholders, to the best extent possible”.
It added that while the joint administrators work through this process, it “strongly” encourages policyholders to contact GBG through their normal communications channels, including its website, portal, and agents and brokers, where relevant.
Alex Adam, joint administrator, said: “We are highly appreciative that GBG’s policyholders will be concerned by the news that the company is entering administration.
“As joint administrators, we will be focused on minimising uncertainty and disruption for policyholders, and are assessing what options may be available to transfer policies to other insurance providers.”