Guernsey-registered GBG Insurance Ltd was placed into administration by the Royal Court last December, pre-empting the collapse of the US-headquartered Global Benefits Group earlier this year.
Audited accounts showed that the business was in good health but directors discovered that declared assets representing more than $70m. did not exist. Efforts were made during 2023 to sell the business, and at several points it was thought that a deal could be achieved.
But a year ago the final potential purchaser backed out and the directors of GBG had no choice but to seek administration. The local firm of Teneo was appointed and has completed the administration process.
GBG, which was licensed by the Guernsey Financial Services Commission, had…
