Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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Armour buys Elite Insurance

Catrin Shi 1 February 2018

A consortium of investors led by legacy carrier Armour has acquired Gibraltar-based insurer Elite Insurance Company and affiliate Elite Business Development, both of which ceased writing business in July 2017.

Elite specialised in general insurance, legal expenses insurance and warranty and special risks, and distributed its products through third-party intermediaries in the UK and Europe.

As of 31 March 2017, the gross reserves associated with the run-off business of Elite were in excess of £250mn ($354mn), the buyers said through...

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