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Gibraltar-based insurer stops taking new business

Gibraltar-based Elite Insurance has ceased writing new business, the company announced yesterday without citing reasons for its decision.
The company said the move was effective immediately but stressed that all policies issued to date would remain in force.
Existing policyholders would not be affected by the move, it added.
“Elite has today taken the decision to cease writing new business,” Elite’s chief executive, Jason Smart, said in a short statement posted on the company’s website.
“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.”
The statement said all claims should continue to be submitted to the company’s claim handling agents as stated on policy documents.
A spokesman for the Gibraltar Financial Services Company said it was aware of the company's decision.
"We have been informed that the company has taken the business decision to stop writing new business," the GFSC spokesman said.
"At Elite’s request, the GFSC then issued a direction to the company accordingly."
Elite’s head office is in Gibraltar but the company also has branches in London, Warrington, Paris, Milan and Madrid, employing around 90 people in total.
The company sold custom solutions in legal expenses, professional indemnity and general insurance

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