Elite is an insurance firm authorised and regulated by the Gibraltar Financial Services Commission (‘GFSC’). It operates in the UK on a freedom of services basis which means that some UK customers may have a policy with the firm.
On 11 December 2019, following application to the Courts in Gibraltar, Elite was placed into administration. Edgar Lavarello of PwC Gibraltar and Dan Schwarzmann of PwC UK were appointed as joint administrators.
Elite ceased writing any new business in July 2017. The firm provided a range of insurance policies in the UK including Insurance-Backed warranties for white goods products, After the Event legal expenses insurance, latent defect construction insurance, alloy wheel warranty cover and Guaranteed Asset Protection (GAP) insurance.
If you are an Elite policyholder, you should note that your policy remains in force and is currently still valid, however you should contact your broker in the first instance to seek advice on what you should do, and the options available for arranging alternative cover. It may be considered prudent to take out alternative cover with another insurer.
If you have a claim with Elite then policyholders and brokers should continue to correspond with the offices of Elite at the following address:
Elite Insurance Company Limited (in Administration)
c/o Armour Risk Management
20 Old Broad Street
Further details can be found at the GFSC website, the Financial Services Compensation Scheme (FSCS) website and PWC's website.