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.

  • Déclaration d'Elite Insurance sur CBL Nouvelle Zélande

  • Nous (les Directeurs d' Elite Insurance), avons informé la Commission des Services Financiers de Gibraltar que la société a été affectée par la nomination d'un liquidateur provisoire pour CBL Insurance Ltd en Nouvelle Zélande. Nous sommes activement engagés à rechercher un résultat commercial adapté. La situation actuelle est le résultat d'un accord de réassurance avec CBL NZ, qui représente la majorité du capital d'Elite. Par conséquent, nous nous sommes engagés à un protocole de paiements limités, conçu pour assurer que les créanciers soient traités équitablement. C'est une situation à court terme et les directeurs continuent d'évaluer la situation régulièrement. Actuellement, nous travaillons avec le liquidateur provisoire de CBL et la Commission des Services Financiers de Gibraltar pour atteindre un résultat positif pour les titulaires de police d'assurance. Les créanciers devraient orienter toutes questions à eliteclaims@armourrisk.com.

    En ce qui concerne les activités liées à l'assurance construction d'Elite France, veuillez s'il vous plaît noter que le contrat de service avec IMS Expert a récemment pris fin. Nous sommes dans le processus de mettre en place des dispositions alternatives et nous vous informerons de tous les changements en cours dés que nous sommes en mesure de le faire. Des retards dans les temps de réponse pourraient inévitablement résulter de ces changements, donc veuillez être patient avec nous pendant cette période d'intérim et soyez assuré que nous répondrons à toutes vos correspondances et questions dès que nous sommes en mesure de le faire. Veuillez nous contacter sur eliteclaims@armourrisk.com.

  • Contact

  • Gibraltar
    Suite B, First Floor, Red House, 68 Main Street, Gibraltar,
    GX11 1AA.
    Tel:+350 200 51061

    London
    c/o Armour Risk Management Ltd, 20 Old Broad Street, London, EC2N 1DP
    Tel:0845 601 1221 / 0345 601 1221

    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