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 Dec, 2020
The Joint Administrators have now disclaimed active After-the-Event (ATE) insurance policies underwritten by Elite. As a result of the disclaimer, affected policies are terminated with effect from (and including) 11 December 2020.
For more information, please refer to the PWC website.
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 has stopped managing Elite's claims handling functions as of 14 June 2021. The Administrators have appointed Quest Consulting (London) Ltd as the new claims handling provider.
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.
On 14 June 2021 Armour Group stopped managing Elite's claims handling functions. The Administrators have appointed Quest Consulting (London) Ltd as the new claims handling provider 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.