Fitch places Elite Insurance on Rating Watch Negative
Fitch Ratings said July 7 that it has placed Gibraltar-based Elite Insurance Company’s Insurer Financial Strength (IFS) rating of 'BBB-' on Rating Watch Negative (RWN).
The move follows Elite's announcement on 5 July 2017 that the insurer will cease writing new business with immediate effect and go into run-off.
Fitch will review the company's run-off plan and gather additional financial information with Elite's senior management. The review will assess the robustness of the run-off plan, including the sufficiency of reserves to carry out an orderly run-off process. Understanding the foundations of the company's expected financial performance will be key in determining Elite's future ratings.
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