Armour acquires Gibraltar-based Elite Insurance

Bermuda-based Armour Group has acquired legal expenses and niche lines insurer Elite Insurance Company (EIC) and its affiliate Elite Business Development (EBD), according to a company statement.

EIC is an insurance company domiciled and regulated in Gibraltar, which previously distributed its products through third party intermediaries in the UK and Europe.

In July 2017, Elite announced that it had ceased writing new business. As of March 31, 2017, the gross reserves associated with the run-off business of Elite were in excess of £250 million.

Following the transaction, which has been approved by the Gibraltar Financial Services Commission (GFSC), Armour Risk Management will assume the operational management of Elite.

Join us at Intelligent Automation in Insurance - London 2018.  Book by Feb 28th and you could save £300.

More of today's news

Guy Carpenter accelerates growth in Q4

LIIBA demands contract continuity in Brexit negotiations

Pressure persists for MENA insurers

Don't miss our insurtech email newsletter - sign up today