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GFSC Advisory Notice on Elite/CBL NZ

13 Apr 18

The Directors of Elite Insurance Company Limited (Elite) have informed the GFSC that the company has been affected by the recent appointment of an interim liquidator to New Zealand’s CBL Insurance Ltd. They are actively engaged in seeking to achieve a suitable commercial outcome for the company, which is registered and regulated in Gibraltar.

Elite, which is in run-off and has not been underwriting new or renewal business since July 4 2017, has a reinsurance arrangement with CBL NZ which represents the majority of Elite’s assets.

It has committed to a restricted payments protocol designed to ensure that creditors as a whole are treated equitably. This is a short term situation and the directors continue to assess the situation regularly.

The GFSC welcomes the initiative taken by Elite to achieve a positive outcome and we will remain in close contact with both the company and the directors concerned.

In addition the GFSC will continue to monitor the situation and we remain engaged with EIOPA, other EU regulators and the Reserve Bank of New Zealand to ensure policyholders are not unreasonably affected.

Creditors should direct any questions to Elite at eliteclaims@armourrisk.com 

For any enquiries related to the GFSC, please contact media@gfsc.gi