|Offshore insurer Gable Insurance ordered to stop writing new business
Oct 03 2016
Liechtenstein insurer Gable Insurance, whose Cayman Islands parent is listed on the London Stock Exchange's AIM and which has provided apparently sham insurance for at least three investment schemes that swindled investors out of more than £200 million, has been ordered to stop writing new business by its local regulator.
Slippery Mike has also managed to swipe a bundle off CTAG pis too,exiting on the hyped up peak|
|Useless & Toothless FCA Confirms formal death of AIM casino disaster story Gable
Published 2 hours ago
The FCA has put out a statement confirming that it is all over at Gable (GAH). William "piggy" Dewsall has made £15 million, but shareholders have lost everything and now it seems that policy holders will be screwed too. Gable issued statements while its shares traded that were simply not true but will there be any action against piggy or hapless Nomad Zeus? Whaddya think? The FCA confirms the worst:
SCANDAL: PWC lays bare the £60 million black hole at Gable and the massive regulatory failure on AIM
Published 4 days ago
PriceWaterhouseCcoopers, PWC, is acting as administrator to the subsidiaries of Gable Holdings (GAH) and has published a damning report making clear the black hole that has existed there since the start of the year. The shares were suspended only on September 12. This is a scandalous failure on the part of Nomad Zeus and the Oxymorons at AIM Regulation.
|hTTp://www.shareprophets.com/25352 The £60 million black hole....|
|Not sure what this means
Gable owner barred from insolvency proceedings Matthew Neill 14 November 2016
Gable Holdings has been prohibited from attending a shareholder meeting called by special administrator PwC on behalf of Gable Insurance.
In a statement, Gable Holdings, the parent company of Gable Insurance, said it had challenged PwC's appointment in the Liechtenstein court and lambasted the accounting firm's proposals, which it said were not "in the best interests of either policyholders or creditors".
Prior to PwC's appointment by the Liechtenstein regulators, Gable Holdings said it had been negotiating with two parties that...|
the shuffle man
|Yep - so instead of a BHS Philip Green style asset strip job (to the wife) - this was a premium strip job (to offshore)|
|At a guess, BH didn't as they would have stopped doing business with Gable ASAP and I don't think they did.
I don't recall any particular shocks - except them finding that the ATE policyholder couldn't / wouldn't pay the premium GH had in their books. Although, to be fair, that was a pretty substantial shock. But they should never have been running / been allowed to run such a large risk. The company was reckless, the regulator incompetant - as I said a couple of years ago, the Board was singularly lacking in insurance experience.....
Otherwise, they didn't have any particular shocks - the problem was more of simply charging too little for too much cover. After all, what did they have to offer? Cheap price, wide coverage - and, maybe (because I don't know), higher than average commissions to the producing brokers?
Given a choice between a larger/better known company in a mainstream jurisdiction or Lloyds and Gable (Small, based/regulated in a mickey mouse jurisdiction, run by someone who had previously had a run-in with the FSA) why would you choose / recommend Gable?
The company isn't teetering on the edge of bankruptcy because of Solvency 2 - it's because claims + expenses have substantially exceeded premiums. And, within expenses, the ludicrous salary to Dewsell plus the fees paid to Hogarth, which he owns.|
|Maybe B.Hathaway tipped off the regulator in some way once they started doing business & found some inconsistencies? Agree the whole thing may have been a well glossed ride unable to withstand any real shocks to support one massive salary.|
|I'd be pretty confident that Gable are hopelessly insolvent - and that an analysis would/will show that their underwriting has been pretty awful pretty much from the start. I very much doubt that Gable have actually made (as opposed to reported....) a profit in (m)any underwriting years.
I doubt we'll hear much from Dewsell - why would he want to comment?
But this suggests that the comments about all the problems being caused by Solvency 2 wasn't entirely the whole story.
What does interest me is why the hell the Italian subsid of Berkshire Hathaway had anything to do with Gable - reputational risk chaps...... I wouldn't be surprised if BH did something to help out the people they introduced to Gable. I doubt any of the other poor policyholder will do so well.
And shareholders won't see a penny.|
|Proposal to put to a general meeting of shareholders today. Who is going to give more funds to Dewsall.|
the shuffle man
|Further information on Gable Insurance AG
On 10 October 2016, the Liechtenstein Financial Market Authority (FMA) has appointed PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zürich, Switzerland (PwC) as Special Administrator (Sonderbeauftragte) for Gable Insurance AG. PwC assesses the financial situation of Gable Insurance AG and protects the interests of Gable Insurance AG‘s policy holders.
PwC informed the FMA that they have good cause to suspect the over-indebtedness of Gable Insurance AG. On that basis, PwC 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 called for an extraordinary shareholders meeting of Gable Insurance AG on 11 November 2016 to give the shareholder of Gable Insurance AG, Gable Holdings Inc., a final opportunity to provide the capital required to avoid the initiation of winding-up proceedings.
Further, PwC notified on 31 October 2016 the competent Liechtenstein court of the company’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 FMA takes all supervisory measures to protect policy holders and is in close contact with the national competent supervisory authorities in those European countries in which Gable Insurance AG wrote business. Moreover, the FMA is closely cooperating with the European Insurance and Occupational Pensions Authority (EIOPA).
The FMA is not in a position to provide information on questions of contract law. Further questions may be addressed to the Special Administrator (firstname.lastname@example.org).
Information on Gable Insurance AG, 13 October 2016
Information on Gable Insurance AG, 15 September 2016
|so would you if you read the administrators were going to take £4m a year for their services|
|Gable administrator asks court to delay bankruptcy
|---Translation from above--- Dewsall is keeping the company going for as long as he can to extract every last £ in wages before it goes under.|
This has been a significant year of growth for Gable and follows the formative changes made in the business by our CEO over the last 18 months which are clearly flowing through and evidenced by the excellent performance at every level of the business.
Gable is very well positioned for continued growth with a number of new opportunities available to the Group, expanding its product portfolio and further new country launches in the EU where we are receiving increasing demand for bespoke products in some very substantial markets.
I am delighted to say that the Company enjoys a very positive working relationship with its primary Regulator the FMA and Gable benefits from a very healthy financial position with a robust balance sheet and strengthening reserves and solvency position.
It only leaves me to commend everyone working on the team for their hard work, diligence and enthusiasm over the last year and know that we at Gable look forward to 2014 with confidence.
19 May 2014|
|Indeed saucepan certainly saved me from total wipeout.|
|More importantly, three cheers for Garbetklb whose consistent warnings will at least have steered some people away from disastrous losses here.|
|3 Cheers for Dewsall, hip hip ......|
|Technically, it looks like PWC are going into the insurance company subsidiary, so they won't be writing a letter to the public shareholders. They'll secure enough cash and assets to cover the claims reserves for policyholders, and make sure the bills (including their own), taxes and employees get paid with whatever is left. Shareholders come last, by which time I wouldn't expect any value to remain. And from this morning its a non-listed company, so don't expect to be kept in the loop. You get your AGM and your annual report, anything else is a bonus.|
|That's PWC for you top firm top bills taking advantage that no one cares anymore|
|Wonder how much PWC will suck out first, they'll chuck a small army at it billing at an average of £1,500 a day per person I would imagine.For example:https://www.accountancyage.com/aa/news/1758407/kpmg-pwc-fees-revealed|
|I wouldn't hold my breath Graham.|
|Presumably PWC have to write to shareholders ? This is administration, not bankruptcy. In theory ( I am so naive) there could be some residual value......|
|Except no RNS yet, apart from the AIM cancellation notice......If the insurance Times article is correct, Dewsall does not have the courtesy to let us know......|