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.
T: 020 7375 8646
T: 020 7375 8638
Notes to editors
Read more about the remit of FSCS on our Notes for editors page.
Latest News from
FSCS publishes 2021/22 Plan and Budget25/01/2021 10:25:00
Compensation scheme confirms its 2020/21 supplementary levy and announces its 2021/22 indicative levy and management expenses budget.
Our mission to promote pension protection21/01/2021 10:25:00
Many consumers in the UK don't realise that FSCS can pay compensation for pensions if a provider goes out of business.
FSCS expands Wellbeing Strategy to further support its people18/01/2021 14:10:00
Blog posted by: FSCS Chief Executive Caroline Rainbird, 18 January 2021, FSCS news.
FSCS declared 13 firms in default in November and December 202011/01/2021 14:10:00
Regular notice that consumers could be in line for compensation.
FSCS embraces artificial intelligence to help customers07/01/2021 14:10:00
FSCS is pioneering the use of artificial intelligence (AI) to help process claims – it's the latest innovation we've brought in to improve the experience for our customers.
Cryptocurrencies – are they covered, and what's the risk?22/12/2020 14:10:00
Find out what cryptocurrencies are, whether they're risky and whether they're covered by FSCS.
How FSCS has helped customers through a difficult year26/11/2020 14:10:00
We catch up with FSCS Chief Operating Officer Jimmy Barber during England’s 'second lockdown' to look back at FSCS’s performance during a challenging and unusual year.
FSCS forecasts latest levy position25/11/2020 14:10:00
The Financial Services Compensation Scheme (FSCS) yesterday published its half-year edition of Outlook, which gives an overview of the levy position at the mid-point of the 2020/21 financial year.