The FCA has announced that Elite Insurance Company has been placed into administration.
Elite, which is an insurance firm authorised and regulated by the Gibraltar Financial Services Commission (GFSC), operates in the UK on a freedom of services basis – meaning that some UK customers may have a policy with the firm.
On 11 December and following an application to the Courts in Gibraltar, the FCA announced that Elite was placed into administration, and that Edgar Lavarello of PwC Gibraltar and Dan Schwarzmann of PwC UK were appointed as joint administrators.
The regulator said that Elite ceased writing any new business in July 2017, and that the firm had provided a range of insurance policies in the UK – including insurance-backed warranties for white goods products, ‘After the Event’ legal expenses insurance, latent defect construction insurance, alloy wheel warranty cover, as well as Guaranteed Asset Protection (GAP) insurance.
The FCA stated that any Elite policyholders should note their policy will remain in force and is currently still valid, but that they should also contact their broker in the first instance and seek advice.
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