Mandate Funds secured for Aspis Liv’s policyholders

October 26, 2010

Aspis Liv and Moderna Liv have agreed that Moderna Liv will take over all the remaining life policyholders of Aspis Liv. Accordingly, this entails that those policyholders who are sick now have a clear picture of their future financial position. Aspis Liv’s liquidators, Peter Morawetz and Robert Wikholm of Advokatfirman Vinge have managed to claw back so much money that all of Aspis Liv’s outstanding obligations towards its policyholders who are sick can now be transferred to Moderna Liv.

An agreement has been entered into between Aspis Liv and Moderna Liv in respect of the assumption of responsibility for outstanding policies and this agreement is conditional upon approval by the Swedish Financial Supervisory Authority.

“We have been working long and hard primarily in order to be able to save those sick people who have had to live with uncertainty about their future financial position. It is extremely satisfying that we have now more or less achieved this goal. We have had informal talks with the Financial Supervisory Authority and anticipate that the Authority will approve the deal,” say Peter Morawetz, liquidator of Aspis Liv.

Moderna Liv’s CEO, Michael Claesson, says:

“Many of the customers who have received sickness benefit from Aspis Liv are entirely dependent upon such benefits in order to provide financial support for themselves and their families. They have been living under a great deal of pressure since Aspis Liv’s financial difficulties first came to light and the Financial Supervisory Authority revoked its licence. These customers can now finally breathe a sigh of relief. As a result of today’s agreement, Moderna Liv will be assuming responsibility for these customers and thereby safeguarding all claims and future sickness benefits.

Aspis Liv’s licence was revoked by the Financial Supervisory Authority in November 2009 after funds disappeared from the company. This was an unprecedented step on the Swedish insurance market. Aspis Liv was subsequently placed into liquidation in February 2010. Advokat Peter Morawetz and advokat Robert Wikholm at Vinge were appointed as the company’s liquidators. Since that time they have been working intensively to save as much money as possible for the policyholders of Aspis Liv. Quite recently they were able to secure the return of sufficient money to cover the outstanding obligations of Aspis Liv towards its policyholders who are sick. As a result, Moderna Liv will be assuming the obligations towards the remaining policyholders. The transaction is conditional upon the consent of the Swedish Financial Supervisory Authority.

For further information contact:

Aspis Liv
Peter Morawetz
Advokatfirman Vinge
Tel. no. + 46 (8) 614 31 30 or + 46 (0) 70 714 31 30
Peter.morawetz@vinge.se

Moderna Liv
Mikael Claesson
Moderna Liv Försäkringar Liv AB
Tel. no. + 46 (8) 120 39 201 or +46 (0) 70 730 69 03

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