Armour acquires Gibraltar-based Elite Insurance
Bermuda-based Armour Group has acquired legal expenses and niche lines insurer Elite Insurance Company (EIC) and its affiliate Elite Business Development (EBD), according to a company statement.
EIC is an insurance company domiciled and regulated in Gibraltar, which previously distributed its products through third party intermediaries in the UK and Europe.
In July 2017, Elite announced that it had ceased writing new business. As of March 31, 2017, the gross reserves associated with the run-off business of Elite were in excess of £250 million.
Following the transaction, which has been approved by the Gibraltar Financial Services Commission (GFSC), Armour Risk Management will assume the operational management of Elite.
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