NU Online News Service, Aug. 6, 4:25 p.m. – Censio A.G., Eltville-Erbach, Germany, a German online insurance quote service site, says it will face insolvency unless its emergency negotiations with creditors are successful, according to Deutsche Presse-Agentur GmbH, a German news agency.
Censio has asked creditors to waive their claims against the company until October, and it has already shed 80 of its 180 employees, DPA reports.
Censio provides insurance quotes from more than 100 insurance brokers. Although it has generated a large number of hits, it has run into financial difficulties because it has had trouble converting the hits into commission revenue, DPA says.
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