Gibraltar-based Elite stops writing new business

Gibraltar-based insurer Elite has stopped writing new business and has entered run-off.

The company said that all policies issued to date will remain in force and policyholders would not be affected.

It added that all claims should continue to be submitted to the company’s claim handling agents.

Elite chief executive Jason Smart said: “Elite has today taken the decision to cease writing new business. The board is confident that it will be able to conduct an orderly run-off and is working with its advisors to ensure that obligations to policyholders and other creditors will be satisfied in full.”