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GFSC statement on Elite Insurance Company Ltd ("Elite")

13 Mar 19

Elite is an insurance company domiciled and regulated in Gibraltar which distributed its products through third party intermediaries located in UK and Europe. Elite is now in run-off and remains solvent. It continues to process and to meet all claims.

Elite voluntarily decided to stop writing insurance as from midnight on 4 July 2017.  In January 2018, Elite was acquired by a group of investors led by Armour Group Limited.  Armour Risk Management Limited, an affiliate of Armour Group Limited, took over operational management of Elite as part of the change of control of Elite.

Elite is solvent and able to meet its liabilities in full and it will continue to pay valid claims in full as they are agreed and fall due.  However, it does not currently meet its regulatory capital requirement.  On 31 January 2019, with the support of the GFSC and the Supreme Court of Gibraltar, a court order was handed down that allowed Elite to take steps to design and implement a scheme of arrangement (the Scheme) under Part VIII of the Companies Act 2014. 

The primary objectives of the Scheme are to:

• provide a framework to manage Elite’s insurance business going forward, maintaining its solvency at all times;

• allow Elite to continue to pay valid claims in the ordinary course of business, as they fall due;

• if appropriate, and ensuring that it is not prejudicial to the interests of policyholders as a whole, provide a mechanism for buying policies back from certain groups of policyholders in the future; and

• provide a mechanism to protect policyholders in the event of any future deterioration in Elite’s finances.

The Scheme will be implemented in full consultation with the GFSC and will be subject to approval by the GFSC and the Supreme Court of Gibraltar.

Policyholders and other creditors of Elite should direct any questions relating to the Scheme to [email protected] (for UK), [email protected] (for France) and [email protected] (for Italy).

Policyholders wishing to advise claims should apply in the normal way to [email protected] 

For any enquiries related to the GFSC, please contact [email protected]