Elite Insurance Company Ltd fails
Gibraltar-based Elite Insurance Company Ltd was placed in administration on 11 December 2019 and is no longer paying claims.
FSCS is stepping in to protect the majority of policies that Elite sold in the UK to individuals and small businesses.
Elite provided a range of insurance policies to the UK retail and commercial markets through a network of managing general agents. Types of policy include After the Event (ATE) insurance covering claimants if they have to pay their opponent’s costs and solicitor’s disbursements incurred as a result of them bringing a legal action, Gap vehicle insurance against losses when the amount of compensation received from a total loss does not fully cover the amount owed on the vehicle’s financing or lease agreement, motor insurance, solicitors’ professional indemnity insurance, latent/structural defect warranties and pet insurance.
Existing policies have not been cancelled or terminated. Claims are not being met by Elite but should be reported according to the instructions in the policy documents.
FSCS is working closely with Elite’s administrator, PwC LLP, and the Gibraltar Financial Services Commission to understand the impact of Elite going into administration.
Jimmy Barber, Chief Operating Officer at FSCS, yesterday said:
“We are still in the process of identifying how many UK customers are affected by the failure of Elite Insurance. FSCS will protect most UK-based customers of Elite who are individuals or small businesses with an annual turnover of less than £1m.
“We are working closely with the liquidators to make sure that all eligible policyholders affected by the failure of Elite are protected accordingly."
Dan Schwartzmann and Edgar Lavarello of PwC LLP have been appointed as joint administrators of Elite. Armour Risk Management will continue to manage Elite’s claims handling functions.
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