The wider Global Benefits Group (GBG) is unaffected by the administration process being undertaken by GBG Insurance Limited (GIL), Health & Protection can confirm.
According to company filings seen by Health & Protection none of the other GBG subsidiaries are in any insolvency process and continue to provide operational support to GIL and other parties.
Health & Protection also understands that discussions with potential buyers for the business are ongoing as administrators continue to explore options for the sale of parts of the GBG Insurance business.
GBG Insurance Limited is a licensed insurer regulated by the Guernsey Financial Services Commission which writes health, travel and
The company, a part of the GBG Group, provides individual and group policies on both a direct and reinsured basis, administering insurance across the US, Latin America, Europe and certain Asian markets.
As part of the administration process, in a letter to creditors the administrator Teneo said: “Due to its insolvent position, the company will not be writing or renewing any new insurance policies.”
Earlier this week Health & Protection alerted readers to GBG Insurance Limited entering into administration on Thursday, 21 December 2023, by order of the Royal Court of Guernsey.
The company’s entry into administration happened 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.
Other subsidiaries unaffected
Health & Protection understands only GBG Insurance Limited (GIL) is in administration and none of the other GBG group subsidiaries are in any insolvency process and continue to provide operational support to GIL and other parties.
According to Companies House, Global Benefits Group (UK) Limited remains active.
Its registered office address is listed as 2 Seething Lane, London, England, EC3N 4AT and its operations are listed as activities of insurance agents and brokers.
Its full accounts for the year to 31 December 2022 were filed on 3 January 2024, revealing the company posted operating profit after charging of £286,233 in 2022, up from £151,826 in 2021, and net assets of £637,174, up from £441,005 over the same period.
A Companies House listing for Global Benefits Europe UK Branch shows its status as open.
Its UK establishment office address is also listed as 2 Seething Lane, London, EC3N 4AT with operations of administration and mediation of insurance contracts and as the UK establishment of Global Benefits Europe B.V (UK Branch).
A separate entry for this overseas company lists its status as active with an overseas company address of Penningkruid 20, Odijk, 3984bk, Netherlands.