The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme fell 14% to £146.4m in the year to 31 March 2020.
Following insurer Elite entering administration the Financial Services Compensation Scheme has paid out £5.6m towards claims.
In this month's column, David Worsfold, a long-running commentator on the insurance market, explores how the insurance industry could find itself rather lonely in its corridors of deviation after Brexit is finalised, the complexities of Covid-19 for the…
Gibraltar-based Elite Insurance has been placed in administration and has ceased playing claims, having initially ceased writing business and entering runoff in July 2017.
Elite Insurance has proposed a solvent scheme of arrangement, in order to avoid a liquidator being appointed.
Last month once again saw a passported insurer placed into liquidation, with the collapse of CBL causing ripples throughout Europe
Alpha Insurance has placed itself into solvent liquidation as a “direct consequence” of the failure of CBL Insurance.
Armour Group has completed its acquisition of Elite Insurance.
Managing general agents are popping up all over the place but capacity is coming under pressure. Chris Hardcastle, managing director of Capsicum Delegated Authority, asks if there is enough capacity to go round.
Living in South London, I’m in an on-off relationship with my broadband connection. My unreliable web access is irritating – although it is probably not as bad as in certain rural areas.
Gibraltar-based insurer, Elite Insurance has fallen £9.7m short on its solvency capital requirement in the year to 31 March 2017, despite a sizeable strengthening in its reserves.
Elite took Gibraltar’s insurance watchdog to court in the lead up to its closure, it has emerged.
This week we saw the ‘Great Repeal Bill’ being introduced to Parliament, a key waystone on the long and arduous journey to leaving the European Union.
Gibraltar-based Elite Insurance's Insurer Financial Strength rating has been scored as BBB, on Rating Watch Negative.
Elite Insurance will cease writing new business with immediate effect.
FM Global has been granted a license to operate in Luxembourg as the commercial property insurer looks to establish a post-Brexit base on the continent.
Previously unrated Elite Insurance has been assigned an IFS rating of BBB- by Fitch.
The Gibraltar Financial Services Commission has once again fallen under scrutiny after Enterprise Insurance became the third major insurer to collapse in the tax haven in recent years.
Gibraltar-based Elite Insurance said it will set up a new regulated insurance company in Luxembourg to ensure that it would not miss out on passporting rights following Brexit.
Elite Insurance will be looking to establish new headquarters outside of Gibraltar following the UK’s decision to leave the EU.
Unrated carrier Elite Insurance is withdrawing from the English and Welsh solicitors’ professional indemnity insurance market.
Elite Insurance Company has withdrawn its subscription to the General Terms of Agreement, with the insurer’s CEO describing the cost benefit of using the agreement as “commercially unviable”.
Elite Insurance's chief operating officer Russell Smart has stressed that customers should not be worried by the fact that the firm is an unrated carrier.
Unrated insurer Elite Insurance has “leapt to the aid” of medical reporting organisations that want to be considered for the Medco portal by offering professional indemnity cover.