Elite Insurance Company in administration

Elite, an insurance company domiciled and regulated in Gibraltar which was previously authorised to carry out business in the UK and Europe, has gone into administration.

Elite’s products include after-the-event, motor, construction, professional indemnity, pet and warranty cover for approximately 900,000 individual and corporate policyholders.

A significant majority of the insurance business underwritten by Elite was reinsured by CBL Insurance Limited (CBL).

On 4 July 2017, Elite ceased to be authorised to enter into new contracts of insurance or renew existing contracts of insurance.

In November 2018 CBL entered liquidation. This matter - together with continued reserve deterioration experienced in a number of business lines as well as issues with the collection of some of the assets base - has led to Elite becoming balance sheet insolvent.

Edgar Lavarello and Dan Schwarzmann of PwC have been appointed as joint administrators of Elite Insurance Company Limited by the Supreme Court of Gibraltar on 11 December 2019.

“The administrators are in touch with compensation schemes in the UK and across Europe and will provide an update in due course,” said Schwarzmann. “Please keep referring to our website pwc.co.uk/elite-insurance for further information.”

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