On Wed 5th July Elite Insurance Company, with whom we are working since Oct 2016, has informed its partners that it cease writing any news business with immediate effect, and it wouldn’t renew the policies forward looking. The Company is not in liquidation, but in run off, a situation which does not impact your client’s policy, which remain in force. The endorsement will be proceed and the claims will still be managed as usual.
This came as a surprise for us since Elite was compliant with Solvency II.
Below link to Elite web site where you could find the information :
UBI Ltd continue the underwriting of your DO and TRC with Lloyd’s and of course we remain at your disposal for any information. We of course are immediately working on Elite’s replacement for the Decennial and we will also keep you informed.