Gibraltar-based insurer sheds its unrated status after mor than 10 years
Gibraltar-based insurer Elite has been awarded an insurance financial strength rating of BBB- by Fitch.
The insurer has operated for more than 10 years in the market without a rating.
Fitch said the rating reflects Elite’s adequate capitalisation, strong underwriting performance and conservative investment strategy. But it added that the rating is limited by Elite’s “somewhat weak” business profile.
The rating comes amid growing mistrust of unrated insurers following the collapse of Gibraltar’s Enterprise and Liechtenstein’s Gable within months of each other.
Elite chief executive Jason Smart said: “Despite the negative press often targeted at unrated insurers, as a business we have gone from strength to strength, never finding our lack of a rating a barrier to business.
“However, this reflects the true strength of our business and there is no doubt a rating at this time will give us a further competitive edge, opening up the market even more to us. I would like to express my heartfelt thanks to the brilliant team at Elite as well as our business partners who have shared in, and made possible, our successes.”
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