Elite Insurance Company Limited (in Adminstration) - FAQs

Elite is a company registered in Gibraltar. It was incorporated in 2004 and was authorised and regulated by the GFSC to write insurance products in both the commercial and retail markets across Europe.  

On 4 July 2017, Elite ceased to be authorised to enter into new contracts of insurance or renew existing contracts of insurance and entered run-off. 

On 11 December 2019, Elite went into administration. Edgar Lavarello and Dan Schwarzmann were appointed as Joint Administrators on the same date.

An administration is an insolvency procedure, where licensed insolvency practitioners take charge of the company’s business and affairs with a view to pursuing certain objectives. The objectives are as follows:

• rescuing the company as a going concern; or

• achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration); or

• realising the company’s assets to pay a dividend to secured or preferential creditors. 

The purpose of Elite’s administration is to achieve a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration). 

The Joint Administrators are Edgar Lavarello, a Partner of the Gibraltar firm of PricewaterhouseCoopers Limited, and Dan Schwarzmann, a Partner of the UK firm of PricewaterhouseCoopers LLP.

The Joint Administrators have disclaimed certain of Elite’s insurance policies in advance of proposing a scheme of arrangement (Scheme). The Scheme allows for an earlier and greater distribution to creditors than would be possible if the Scheme was not implemented.

We believe that you are or may have been a policyholder of Elite and may have a claim against Elite. Elite’s actual and contingent creditors with insurance claims against Elite will be compromised by the Scheme and are therefore entitled to vote on the Scheme.

A scheme of arrangement is a legally binding agreement between a company and its creditors (or a group of creditors). In order to take effect, a scheme of arrangement needs to be approved by Elite’s creditors and the Court. 

In this case, you may be a creditor of the Scheme if you have a valid actual or contingent direct insurance claim against Elite. 

If the Scheme is approved by the Court and creditors, creditors will have six months from when the Scheme becomes effective to submit their claim. This is known as the Claims Submission Deadline.

The Joint Administrators have explored in detail various options to resolve Elite’s affairs and having carefully considered possible alternatives, they have concluded that the Scheme is in the best interests of Scheme Creditors as a whole. 

This is because, if it is implemented, the Scheme would:

1. allow for an earlier distribution of money from Elite;
2. provide for the assessment, valuation and payment of claims against Elite in a way that is efficient and fair as between the Scheme Creditors; and
3. avoid additional costs involved in keeping Elite’s insolvency process open.

If the Court gives Elite permission to convene the Scheme Meetings, creditors will be invited to consider, and vote on, the Scheme.  
 
The Scheme will bind the company and all the creditors affected if:

1) it is approved by: 

• a majority in number, that means more than 50% of the creditors who vote on the Scheme; and
• those creditors which when combined, represent 75% or more in value of the claims of creditors who vote in favour of the Scheme; and

2) the Court approves the Scheme at a Court hearing.

If the Court agrees that a meeting of creditors should be held all known affected creditors will receive more information regarding the scheme proposals. All creditors affected by the Scheme will be invited to vote on and submit a claim in the Scheme in due course. The first Court hearing is called a Convening Hearing and is expected to be held in Gibraltar in January 2026. All Scheme Creditors are entitled to attend this hearing in person. If you would like to do so, please let us know using the contact details below.

If the Scheme is approved by the Court and creditors, it will apply to all Scheme Creditors. If the Court approves the Scheme, the Scheme will be binding on the company and all relevant creditors whether they vote or not. 

Yes, this is still relevant to you if you:

1. have a claim against Elite that arose before your policy expired; or
2. your rights to bring a claim are still within the relevant notification period under your insurance policy or statute of limitation.

February 2026: There will be a Court hearing at which Elite will ask the Court to convene the Scheme Meetings for the purposes of voting on the Scheme. This is called the Convening Hearing. All Scheme Creditors are entitled to attend this Court hearing in Gibraltar. If you would like to do so, please let us know.

Q2 2026: If the Court gives Elite permission, Elite will send more detailed information about what it proposes under the Scheme and how to vote in a document called the Explanatory Statement. The two Scheme Meetings are expected to be held in Q2 2026. The date will be confirmed in future correspondence issued to you. 

Q2 2026: If the required majorities of Scheme Creditors vote in favour of the Scheme, Elite will ask the Court to approve the Scheme. If approved, this is called the Scheme Effective Date. 

Q4 2026: The Claims Submission Deadline for Other Direct Insurance Creditors to submit Claim Forms into the Scheme will be six months after the Scheme Effective Date. Failure to submit a claim before the deadline means Scheme Creditors will not be entitled to receive any payment from Elite.

2027: Payments to Scheme Creditors with valid Scheme claims are currently expected to be made before the end of 2027.

Once the Court gives Elite permission to convene the Scheme Meetings of the relevant creditors, you will be invited to vote on the Scheme.

At this point, further documents will be made available to you, including the Scheme Document and the Explanatory Statement, which will include details on how to value and submit your vote and claim, and attend the Scheme Meetings.

The easiest way to vote and make a claim in the Scheme will be via the Creditor Portal which we will share further details on in due course. 

Creditors who register using the Registration Form here will be emailed with a unique portal ID to access the portal. This will only be once the Scheme Meetings have been arranged.

If the Scheme is not approved, the most likely alternative scenario is that Elite would enter into liquidation. This could result in: 

• a significant delay in a distribution to creditors; and
• additional costs (of the liquidation) being incurred resulting in a lower return for creditors. 

In a liquidation, FSCS Protected Creditors’ policies would likely be disclaimed as soon as possible. This is likely to result in the FSCS declining to provide continuing protection for claims arising after a disclaimer. It is understood that FSCS Protected Creditors, would therefore only receive a prorated return of premium based on the unexpired portion of their policies from the FSCS, rather than any payment of claims.

The Joint Administrators and the Creditors’ Committee therefore believe that it is in the Scheme Creditors’ best interests to vote in favour of the Scheme.

This is the deadline by which Other Direct Insurance Creditors must submit a claim and provide supporting information in order for it to be assessed, valued and paid in the Scheme.

If an Other Direct Insurance Creditor fails to submit a claim before the Claims Submission Deadline they will not be entitled to receive any payment from (or have any further rights against) Elite.

The Claims Submission Deadline will be 5pm (Central European Time) on the first working day falling 180 calendar days after (and not including) the date on which the Scheme becomes effective. We currently estimate this will fall in Q4 2026. 

Yes, you need to read the correspondence carefully and follow the instructions on how to access the Scheme documents, including the PSL, on the website www.pwc.co.uk/elite-insurance. You should consider the contents of the PSL carefully and if appropriate to do so, take legal advice. If the Court agrees that a meeting of creditors should be held, all known affected creditors will receive more information regarding the proposed Scheme.

We kindly request that you register for the Scheme using the Registration Form linked here. 

This is the most effective way to keep up to date and monitor progress of the Scheme and ultimately any claim. It is also the most secure way to share information with us that may be required.

The Practice Statement Letter is a letter that explains the proposed Scheme of Arrangement between Elite and its direct insurance creditors, and how it will affect your legal rights and claims against Elite. The Practice Statement Letter also provides information on how you can vote on the Scheme in due course, and how you can access further information and guidance.

1. Click on the link here, this is the same URL as in your cover letter. 
2. Click on the lock button or Register at the top of the page. 
3. Enter code EliteScheme26 which will take you to the Elite Registration Form.  
4. Add your contact details and policy details. 
5. Click submit at the bottom of the page.  

You will receive an email confirming your registration within 48 hours. No further action is required at this stage, and we will be in touch with next steps in due course.

The Explanatory Statement is a document that provides more detailed information on the Scheme, its background, its effects, and its alternatives. 

The Explanatory Statement will be made available on the Website if the Court agrees for Elite to convene the Scheme Meetings. You will be notified accordingly.

We sent a letter and/or email to all known Elite creditors who we believe may be affected by the Scheme. If you believe you are entitled to make a claim against Elite, you should contact Quest at elite-insurance.scheme@quest-group.co.uk or the contact details available in Section D, question 1 below as soon as possible.

We kindly request that you also register for the Scheme using the Registration Form linked here. 

They are responsible for handling, assessing, and valuing claims on behalf of Elite as well as dealing with any queries or complaints

The Scheme will apply to all direct ​ ​​ ​insurance creditors or another party who may have a valid insurance claim affected by the Scheme Creditors if it is implemented. 

Where a Scheme affects the legal rights of creditors differently, they are required to be split into different groups, also known as classes. 

The Joint Administrators propose that there are two classes of Scheme Creditors:

1. FSCS Protected Creditors
2. Other Direct Insurance Creditors

FSCS Protected Creditors. These are direct insurance creditors who have an insurance claim against Elite that is eligible for protection by the UK FSCS and whose policies are not being disclaimed, and whose claims are not being crystallised as part of the Scheme.

Other Direct Insurance Creditors. These are direct insurance creditors who have an insurance claim against Elite or a claim under a policy which has been disclaimed and are not eligible for FSCS protection.  This includes those with disclaimer damages claims.

In a small number of circumstances, a Scheme Creditor may have claims in both classes.

If the Scheme is approved, all Other Direct Insurance Creditors will be required to submit a claim into the Scheme to be eligible for a distribution from Elite. 

More information on the classes of creditors and how you are affected can be found in section 7 of the Practice Statement Letter.

You may be a direct insurance creditor if you:

• are or were a policyholder of an Elite contract of direct insurance; or 

• have a direct insurance claim under or pursuant to a contract of direct insurance brought directly from Elite or from a third-party intermediary called a coverholder.

You are not a direct insurance creditor if your claim does not fall within the scope of an Elite contract of direct insurance (e.g. reinsurance cover provided by Elite to another insurer or trade supplier invoices).

You will be required to decide which voting class is applicable to you.

FSCS Protected Creditors are those who may have an insurance claim against Elite and are eligible for protection by FSCS.

To understand whether you may be a FSCS Protected Creditor please read the guidance provided here. Generally, claimants who are individuals or small corporates are likely to be eligible for compensation for claims arising from an Elite insurance policy that insures risks originating in the UK. 

Firms with an annual turnover of £1m or more are typically not eligible. For general contracts of insurance that are compulsory, usually all firms are eligible, regardless of size or authorisation status. Please see further details on the FSCS website here. 

If you are not an FSCS Protected Creditor, then you are an Other Direct Insurance Creditor.

If you are unsure if you will be protected, you should consider taking legal advice.

Elite’s policyholders may benefit from the following compensation schemes:

UK: The FSCS is the UK’s compensation scheme for customers of authorised financial services firms. The FSCS can pay compensation to claimants or policyholders of an insolvent insurance company if they meet the eligibility criteria under the FSCS Rules.

The FSCS is expected to protect all UK policyholders who meet eligibility rules, subject to the Scheme’s own terms and conditions.

For UK compulsory insurance (classes include third party motor and employers’ liability) and professional indemnity insurance, the FSCS will meet Elite’s liability for claims in full.

For all other insurance, with certain exceptions, cover will be at 90% of Elite’s liability for claims. 

France: The FGAO is France’s statutory compensation fund covering DO insurance policies. Beneficiaries of French DO policies in effect on or after 1 July 2018 whose claims arose before the end of the validity of the insurance policy may benefit from the compensation scheme fund for compulsory damage insurance. The FGAO pays 90% of the claim presented, subject to their own terms and conditions and eligibility criteria.

Greece: The GAF provides compensation to injured parties in respect of bodily injury and/or material damage caused fully or partially by Elite’s motor policyholders. The GAF pays 100% of the claim presented, subject to their own terms and conditions and eligibility criteria.

Ireland: The SCA has concluded that Elite’s creditors do not qualify to apply for payments from the ICF. As a result, there is no compensation available from the ICF for policyholders whose policies insured risks located in Ireland. Compensation may be available to eligible Irish creditors once Elite enters liquidation following the Scheme.

Policyholders whose policies insured risks located in all other jurisdictions are not covered by a relevant compensation fund.

FSCS Protected Creditors are entitled to vote on the Scheme but are not required to submit a claim into the Scheme. 

FSCS Protected Creditors will continue to be entitled to make claims, which will be paid by FSCS, subject to FSCS’ rules. FSCS Protected Creditors should continue to submit claims in the ordinary course, and as detailed within the relevant Elite policy. Any issues in respect of making a claim should be directed to Quest. 

 Any FSCS Protected Policies which have not expired by the Cut-Off Date, currently estimated to be 31 December 2027, will be treated as if they had been disclaimed on the Cut-Off Date. FSCS Protected Creditors will lose any entitlement to make further claims under their FSCS Protected Policies in the ordinary course. FSCS Protected Creditors with unexpired policies will be entitled to claim a part of the premium reflecting the time left on the policy directly from FSCS. 

If you have a legal objection to the Scheme or you do not agree that Scheme Creditors should consider, and vote on, the Scheme in the two classes described, please send details of your objection to: 

Elite Insurance Company Limited (in Administration) 
c/o PricewaterhouseCoopers LLP, FAO Louis Isaacson 
7 More London Riverside, 
London, SE1 2RT, England 
Email: uk_elite2@pwc.com 

and Elite will bring your objection to the Court’s attention at the Convening Hearing. 

All Scheme Creditors are also entitled to attend the Convening Hearing and present any objection to the Court in Gibraltar in person. If you would like to do so, please let us know as soon as possible using the above details. 

While you will still be able to object to the Scheme at the Sanction Hearing, the Court will expect you to show good reason why you did not do so before or at the Convening Hearing.

Under Section 209(2) of the Gibraltar Insolvency Act 2011, administrators are entitled to “disclaim onerous property of the company”.

A disclaimer terminates the insurance policy held by a policyholder. This means that the policy no longer exists. 

However, creditors impacted by a disclaimer do have a right to bring a claim against the insurer, in this case Elite, under Gibraltar law for any loss or damage sustained as a result of the disclaimer. Any creditor submitting a claim for losses or damages arising from a policy being disclaimed is required to make attempts to mitigate their losses. For example, this could be seeking alternative insurance cover for the remaining period of the contract of insurance which has been disclaimed.

Further information on how to value and submit Scheme Claims will be shared once the Scheme Meetings have been arranged. 

In the first instance any creditor whose policy has been disclaimed should make attempts to mitigate their losses. An example of this is seeking alternative insurance cover for the remaining period of your original policy. 

Once the Scheme is effective, if you have suffered damages due to the disclaimer, you may submit a claim into the Scheme for such losses. All claims must be submitted before the Claims Submission Deadline. 

Further information on how to value and submit Scheme Claims will be shared once the Scheme Meetings have been arranged.

The Joint Administrators have negotiated a separate agreement with FSCS and, as a result, insurance policies held by FSCS Protected Creditors have not been disclaimed. This agreement with FSCS has been formulated to ensure it does not unfairly prejudice Elite’s Other Direct Insurance Creditors and, in particular, FSCS will continue to pay the costs associated with the run-off of FSCS Protected Policies. The agreement is conditional on the Scheme being implemented.

The Joint Administrators have explored the availability of compensation for all Scheme Creditors. The three countries, other than the UK, in which compensation may be available to Scheme Creditors are France, Greece and Ireland.

France – All French construction policies were disclaimed in September 2020. The French Construction Disclaimer was prior to new legislation being enacted and therefore there is no protection available for policyholders under the compensation scheme in France where claims arose or were submitted after the French Construction Disclaimer. However, the Joint Administrators have agreed with the FGAO that eligible claims which arose prior to the French Construction Disclaimer and are submitted into the Scheme with the appropriate expert reports will be submitted to the FGAO for consideration and payment.  

Greece – All Greek policies, including the relevant notification periods for bringing a claim, have expired. There is therefore no further protection available for policyholders under the Greek compensation scheme. However, claims submitted during the period in which compensation was available are in the process of being agreed and paid by the GAF. 

Ireland – The SCA concluded that Elite’s creditors do not currently qualify for payments to be made from the Insurance Compensation Fund. Compensation may be available to eligible Irish creditors once Elite enters into a liquidation process following the Scheme.

​​​Please first read these FAQs if you have any questions.

For any queries or questions regarding Elite or the Scheme which are not answered, please contact Quest directly using the contact details below.

Preferred Contact Method: 

Email – elite-insurance.scheme@quest-group.co.uk

Telephone Enquiries: 

From the UK:

Calls should be directed to 0800 327 7278. This is a Freephone number.

From France:

Calls should be directed to +33 8 05 98 54 71. This is a Freephone number.

From the rest of the EU:

Calls should be directed to +33 8 05 98 54 71. These will be charged at the standard international rate applicable from your location.

The Scheme documents have been uploaded to the Website in English, French, Italian and Spanish. If you would like a copy of any of the Scheme documents in any other language, please contact Quest.

Yes, you can request a hard copy or large print version of the documents by contacting Quest at elite-insurance.scheme@quest-group.co.uk

You should notify Quest as soon as possible with your updated contact details. 

5pm (CET) on the first working day 180 days after the Scheme Effective Date

Court hearing to seek permission to convene the Scheme Meetings

A legal institution that resolves disputes and makes decisions based on the law

Online portal for voting and submitting claims

Date on which remaining FSCS Protected Policies are disclaimed

Dommage Ouvrage

Elite Insurance Company Limited

Document providing detailed information on the Scheme

Le Fonds de Garantie des Assurances Obligatoires de Dommages (France)

Disclaimer of all French construction policies in September 2020

Financial Services Compensation Scheme (UK)

Direct insurance creditors eligible for FSCS protection

Insurance policies held by FSCS Protected Creditors

Greek Auxiliary Fund

Gibraltar Financial Services Commission

Irish Insurance Compensation Fund

Edgar Lavarello (PwC Gibraltar) and Dan Schwarzmann (PwC UK)

Direct insurance creditors not eligible for FSCS protection

Practice Statement Letter

Online form to register for the Scheme

Irish State Claims Agency

The proposed scheme of arrangement between Elite and its creditors

All direct insurance creditors and other parties who may have valid claims affected by the Scheme

Date on which the Scheme becomes effective

Meetings of Scheme Creditors to consider and vote on the Scheme

www.pwc.co.uk/elite-insurance