Bermuda based insurer Armour Group has announced the completion of its acquisition of Elite Insurance Company (EIC) and its affiliate Elite Business Development (EBD).
Armour affiliate, Armour Risk Management, is set to assume operational management of Elite along with key members of staff with in-depth knowledge of the business.
Elite is an insurance company domiciled and regulated in Gibraltar, which previously distributed its products through third-party intermediaries located in the UK and Europe.
The insurer stopped writing new business in July last year and as of March 2017, gross reserves associated with Elite’s run-off business were in excess of £250 million.
The Gibraltar Financial Services Commission (GFSC) approved the change of control and operational management from Elite to Armour on the basis that the transfer will provide ongoing professional run-off management and appropriate corporate governance for Elite.
