A group of investors led by Armour Group Ltd has completed the acquisition of Elite Insurance Company Ltd and its affiliate Elite Business Development Ltd.
Elite Insurance, an insurance company domiciled and regulated in Gibraltar, previously distributed its products through third party intermediaries located in the United Kingdom and Europe. On July 5, 2017, Elite announced that it had ceased writing new business. As of March 31, 2017, the gross reserves associated with the run-off business of Elite were in excess of £250 million.
As part of the change of control of Elite, an Armour affiliate – Armour Risk Management Limited – took operational management of Elite and assumed key members of its staff.
The Gibraltar Financial Services Commission ("GFSC") approved 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 would provide ongoing professional run-off management and appropriate corporate governance for Elite.
Armour is a Bermuda based group of insurance and service companies that 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 are Brad Huntington and John Williams. 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.