Armour Group announces acquisition of Elite Insurance Company

Armour Group Ltd ("Armour") announces the completion by a group of investors led by Armour of the acquisition of Elite Insurance Company Ltd ("EIC") and its affiliate Elite Business Development Ltd ("EBD"). Collectively EIC & EBD are hereinafter referred to as "Elite"

EIC 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, Elite announced that it had ceased writing new business

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.

The Gibraltar Financial Services Commission (GFSC) has approved and was supportive of the change of control and the concurrent change in operational management from Elite to Armour. The submission for the approval of the transaction 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.

About Armour Group Ltd

Armour is a Bermuda based group of insurance and service companies which specialize in the creation and implementation of solutions and acquisitions within the run-off and other specialty sectors of the global insurance and reinsurance marketplace. Its principals, Brad Huntington and John Williams have more than 50 years combined experience in the insurance and reinsurance markets. Armour recently announced a major investment in its platform by Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services and financial technology.

  • Elite Insurance statement on CBL New Zealand

  • We (the Directors of Elite Insurance) have informed the Gibraltar Financial Services Commission that the company has been affected by the recent appointment of an interim liquidator to New Zealand's CBL Insurance Ltd. We are actively engaged in seeking to achieve a suitable commercial outcome. The current situation is a result of a reinsurance arrangement with CBL NZ which represents the majority of Elite's assets. As a result, we have committed to a restricted payments protocol designed to ensure that creditors as a whole are treated equitably. This is a short term situation and the directors continue to assess the situation regularly. We are currently engaged with the CBL interim liquidator and the GFSC to achieve a positive outcome for policyholders. Creditors should direct any questions to eliteclaims@armourrisk.com.

  • Contact

  • Gibraltar
    Suite B, First Floor, Red House, 68 Main Street, Gibraltar,
    GX11 1AA.
    Tel:+350 200 51061
    Email: enquiries@elite-insurance.gi

    Grantham
    Newton Chambers, Newton Business Park Isaac Newton Way, NG31 9RT.
    Tel:0845 601 1221 / 0345 601 1221
    Email: enquiries@elite-insurance.co.uk

    London
    Centennium House, 100 Lower Thames Street, EC3R 6DL.
    Tel:0845 601 1221 / 0345 601 1221
    Email: enquiries@elite-insurance.co.uk

    Madrid
    Calle Serrano 116, 28006.
    Tel:+34 91 286 56 74
    Email: info@elite-insurance.es

    Milan
    Via della Moscova 3, 20121.
    Tel:+39 02 30 35 30 00
    Email: info@elite-insurance.it

    Paris
    33 Rue Galilée, 75116.
    Tel:+33 (0)1 42 99 96 87
    Email: info@elite-insurance.fr