Armour buys Elite Insurance

A consortium of investors led by legacy carrier Armour has
acquired Gibraltar-based insurer Elite Insurance Company and
affiliate Elite Business Development, both of which ceased writing
business in July 2017.
Elite specialised in general insurance, legal expenses insurance
and warranty and special risks, and distributed its products
through third-party intermediaries in the UK and Europe.
As of 31 March 2017, the gross reserves associated with the
run-off business of Elite were in excess of &po