HAMILTON, Bermuda--(BUSINESS WIRE)--Armour Group Ltd (“Armour”) announces the completion by a group of investors led by Armour of the acquisition of Elite Insurance Company Ltd (“EIC”) and its affiliate Elite Business Development Ltd (“EBD”). Collectively EIC & EBD are hereinafter referred to as “Elite” in this document.
EIC is an insurance company domiciled and regulated in Gibraltar, which previously distributed its products through third party intermediaries located in UK and Europe. On the 5th July 2017, Elite announced that it had ceased writing new business. As of 31st March, 2017, the gross reserves associated with the run-off business of Elite were in excess of £250m.
As part of the change of control of Elite, an Armour affiliate - Armour Risk Management Limited is taking operational management of Elite and is assuming key members of staff with in depth knowledge of the business.
The Gibraltar Financial Services Commission (GFSC) has approved and was supportive of the change of control and the concurrent change in operational management from Elite to Armour. The submission for the approval of the transaction was made to the GFSC on the basis that the transfer will provide on-going professional run-off management and appropriate corporate governance for Elite. Armour and its affiliates bring professional run-off management with significant experience and operational scale, which will benefit the policyholders of Elite.
About Armour Group Ltd
Armour is a Bermuda based group of insurance and service companies which specialize in the creation and implementation of solutions and acquisitions within the run-off and other specialty sectors of the global insurance and reinsurance marketplace. Its principals, Brad Huntington and John Williams have more than 50 years combined experience in the insurance and reinsurance markets. Armour recently announced a major investment in its platform by Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services and financial technology.