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Alpha Insurance no longer complies with the minimum capital requirement, which may have negative implications for the policyholders.
Further, one of Alpha Insurances most significant reinsurers is having financial difficulties, and there is a substantial risk that this reinsurer may not be able to meet its obligations towards Alpha Insurance.
Therefore, in the interest of protecting the policyholders, the Danish Financial Supervisory Authority deems it necessary to order Alpha Insurance to cease writing any new insurance business immediately.
The Danish Financial Supervisory Authority has informed the host national supervisory authorities via a European Insurance and Occupational Pensions Authority (EIOPA) Cross-Border Platform of Collaboration about the order issued to Alpha Insurance.
On 4 March 2018, the general assembly of Alpha Insurance placed the company into liquidation.