Gibraltar Financial Services Commission (GFSC) welcomes the acquisition of Elite Insurance Company Ltd (“EIC”) and its affiliate Elite Business Development Ltd (“EBD by a group of investors led by Armour Group Ltd (“Armour”).
“We fully endorse and support this transaction which we believe is in the best interests of the company and policyholders. We now look forward to continue to work with Armour to ensure a managed transition and run-off,” Joe Perdoni, Head of the Prudential said.
Elite Insurance Limited is an insurance company domiciled and regulated in Gibraltar, which previously distributed its products through third party intermediaries located in UK and Europe. On the 5th July 2017, it announced that it had ceased writing new business and therefore the submission for the approval of the transaction involving Armour Group was made to the GFSC on the basis that the transfer will provide on-going professional run-off management and appropriate corporate governance for Elite.
Armour and its affiliates bring professional run-off management with significant experience and operational scale, which will benefit the policyholders of Elite.
As part of the change of control of Elite, an Armour affiliate - Armour Risk Management Limited is taking operational management of Elite and is assuming key members of staff with in depth knowledge of the business.