Legal expenses insurer enters administration

Gibraltar-based Elite Insurance has gone into administration, according to PwC.

The company stopped writing new business in July 2017, PwC, which is acting as administrator, said in a statement released yesterday. 

it was writing insurance-backed warranties for white goods products, after the event legal expenses insurance, latent defect construction insurance, alloy wheel warranty cover, and GAP insurance.

In a statement, the FCA said: “If you are an Elite policyholder, you should note that your policy remains in force and is currently still valid, however you should contact your broker in the first instance to seek advice on what you should do, and the options available for arranging alternative cover.

”It may be considered prudent to take out alternative cover with another insurer.”

The company was set up in 2004 offering both commercial and retail products across Europe. It was authorised to carry out business in Belgium, France, Germany, Greece, Ireland, Luxembourg, Malta, Netherlands, Norway, Portugal, Romania, Spain and the UK.

A similar fate befell fellow Gibraltar insurer LAMP earlier this year, with thousands of customers left without cover.