Loading Results

Elite Insurance Company Ltd (“EIC” or “Elite” or “the Company”) - in administration

Edgar Lavarello and Dan Schwarzmann of PwC have been appointed as Joint Administrators of Elite Insurance Company Limited by the Supreme Court of Gibraltar on 11 December 2019.

Elite is an insurance company domiciled and regulated in Gibraltar, which was previously authorised to carry out business in the UK and Europe.*

Elite’s products include after-the-event, motor, construction, professional indemnity, pet and warranty cover for approximately 900,000 individual and corporate policyholders.
A significant majority of the insurance business underwritten by Elite was reinsured by CBL Insurance Limited (“CBL”).

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

In November 2018 CBL entered liquidation. This matter - together with continued reserve deterioration experienced in a number of business lines as well as issues with the collection of some of the assets base- has led to the Company becoming balance sheet insolvent.

The Administrators are focused on achieving the best possible result for the creditors. In the meantime policyholders, brokers, intermediaries, agents and coverholders should continue to send correspondence on individual claims or other matters to the offices of Elite.

Dan Schwarzmann, joint administrator of EIC, said:

“The Administrators are in touch with compensation schemes in the UK and across Europe and will provide an update in due course. Please keep referring to our website pwc.co.uk/elite-insurance for further information.”

Compensation Schemes

UK policyholders will be eligible for compensation from the FSCS under their rules.

For employers’ liability and third party motor indemnity claims (i.e. claims against the policy) protection is at 100%. For professional indemnity claims and claims arising from the death or incapacity of the policyholder due to injury, sickness or infirmity protection is also 100%. All other indemnity claims are protected at 90%.

Protection is unlimited except to the extent of the policy cover.

FSCS compensation is applicable to policyholders who are private individuals or small businesses or partnerships.**

The Administrators cannot confirm at this stage the compensation available, if any, to non-UK policyholders. Investigations are ongoing in respect of policyholder protection for the Company’s policyholders in other European jurisdictions, particularly France, Italy, Spain and Greece where a significant proportion of the policyholders are located. Policyholders should take their own advice in this regard.

Further information

Further information on the FSCS can be found at fscs.org.uk/what-we-cover/insurance/

Information relating to Elite in Administration at pwc.co.uk/elite-insurance

Email addresses for policyholder queries
Telephone number for policyholder queries
  • UK & Other +44 (0)207 129 8147
  • France +44 (0)207 129 8661
  • Italy +44 (0)207 129 8663

Notes to editors

*Belgium, France, Germany, Greece, Ireland, Luxembourg, Malta, Netherlands, Norway, Portugal, Romania and Spain. Elite was also authorised to carry out business on a branch basis in France, Italy, Spain and the UK.

** Firms with an annual turnover of £1m or more will not be eligible. Neither will policyholders who are themselves authorised financial services firms.

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

© 2019 PwC. All rights reserved

Follow us