Elite Insurance Company Ltd
Failed 11 December 2019
Elite Insurance Company Ltd (“Elite”), a Gibraltar-based insurance company, entered administration on 11 December 2019 and is no longer paying claims. FSCS declared the firm in default on 11 December 2019 and is stepping in to protect the majority of policies Elite sold in the UK to individuals and small businesses.
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. We will continue to update this page with the latest developments.
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11 Mar, 2020
FSCS has now paid £5.4m helping protect UK customers of Elite Insurance since it entered administration 3 months ago. We’re continuing to work closely with the administrators and claims handlers of Elite to ensure protected claims are processed swiftly.
11 Dec, 2019
Elite Insurance has failed. To keep up to date with how this affects policyholders, sign up for email updates, above.
Gibraltar-based Elite entered administration on 11 December 2019. The firm provided a range of insurance policies to the UK retail and commercial markets through a network of MGAs. Types of policy include After The Event (ATE) insurance, GAP insurance, motor insurance, solicitors professional indemnity insurance, latent/structural defect warranties and pet insurance.
Edgar Lavarello and Dan Schwarzmann of PwC LLP have been appointed as joint administrators of Elite. Armour Group will continue to manage Elite’s claims handling functions.
Further information can be found here: https://www.pwc.co.uk/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. You can find more information on FSCS protection rules and limits on our website.
If you need to make a claim you should continue to follow the instructions set out in your Elite policy documentation. If you need to check on the status of an existing claim you should continue to liaise with the claims handler who was previously dealing with your claim.
Armour Group will continue to manage Elite’s claims handling functions so there should be minimal disruption to this aspect of the business.
FSCS will share more information on this once the administrator has confirmed how they intend premium refund claims to be calculated.