Bermuda-based Armour leads investors in buyout of run-off Gibraltar insurer
Armour Group said it has led a group of investors to acquire moribund Gibraltar insurer Elite Insurance and its sister company Elite Business Development.
Elite announced announced last July that it had ceased writing new business.
Armour said that, as of March last year, the gross reserves associated with the run-off business of Elite were in excess of £250m.
Armour affiliate Armour Risk Management will take over operational management of Elite, retaining key members of staff.
It said the Gibraltar Financial Services Commission (GFSC) has approved and was supportive of the change of control and the change in operational management from Elite to Armour. The deal was approved on the basis that it will provide on-going professional run-off management and appropriate corporate governance for Elite.
Bermuda-based Armour said it specializes in the run-off and other specialty sectors of the global insurance and reinsurance marketplace. Its principals, Brad Huntington and John Williams have more than 50 years combined experience in the insurance and reinsurance markets. Armour recently announced an investment in its platform by Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services and financial technology.