Armour acquires Elite’s run-off business
Bermudian-based Armour Group Ltd has acquired the run-off business of a Gibraltar-based insurer.
Elite Insurance Company Ltd and affiliate Elite Business Development Ltd had gross reserves associated with the run-off business of £250 million ($355 million), as of the end of March 2017.
Armour said it led a group of investors in buying Elite, which used to distribute products including general insurance, professional liability cover and legal expenses insurance in the UK and Europe through third-party intermediaries. Elite announced it had stopped writing new business on July 5 last year.
Armour Risk Management Ltd, an affiliate of the Bermudian-based group, will take over the operational management of Elite and it will retain key members of staff with in-depth knowledge of the business.
The Gibraltar Financial Services Commission has approved the transaction.
Last month, Armour announced it had secured a $500 million equity commitment from New York-based private-equity firm Aquiline Partners.
‘I’m fighting for my children, not for me’
Brock battling an aggressive cancer
CEO keen to help others on career path
Surfing challenge at Front Street store
Designer Dill uses Bermuda inspiration
‘Castration’ seen as paedophile fix
Pension fund ‘will run out by 2049’
Man ‘lucky not to lose leg’ in fatal crash
Armed robbery at Oleander Cycles
Woman thwarts handbag thieves
Daycare centre warned its licence is at risk
‘Queen of Soul’ takes her final bow
Take Our Poll
- "Cup Match 2018 is in the record books. Who is your favourite for MVP?"
- Onias Bascome (StG)
- Chris Douglas (SCC)
- Terryn Fray (SCC)
- Stephen Outerbridge (SCC)
- Dion Stovell (SCC
- Total Votes: 1869
- Poll Archive