Gibraltar-headquarted Elite Insurance has stopped writing new business “with immediate effect”.
Elite, which has been operation in the insurance marketplace since 2005 announced, via a statement on its website, that it has “resolved to cease writing new business with immediate effect”.
The surprise statement added that all policies issued up to date will remain in force and policyholders will not be affected. All ongoing and future claims should continue to be submitted to the company’s claim handling agents as stated on policy documents.
Elite operates out of Gibraltar with branches in London, Warrington, Madrid, Milan and Paris with a staff totalling around 90 people. The company previously sold general insurance, professional indemnity cover and legal expenses insurance.
Elite chief executive Jason Smart, said” “Elite has taken the decision to cease writing new business. The board is confident that it will be able to conduct an orderly runoff and is working with its advisors to ensure that obligations to policyholders and other creditors will be satisfied in full”.
No further information was given relating to the decision.