Armour Group Announces Acquisition Of EIC
Bermuda-based Armour Group announced the completion by a group of investors led by Armour of the acquisition of Elite Insurance Company Ltd [EIC] and its affiliate Elite Business Development Ltd [EBD].
“As part of the change of control of Elite, an Armour affiliate – Armour Risk Management Limited is taking operational management of Elite and is assuming key members of staff with in depth knowledge of the business,” the company said.
“The Gibraltar Financial Services Commission [GFSC] has approved and was supportive of the change of control and the concurrent change in operational management from Elite to Armour.
“The submission for the approval of the transaction was made to the GFSC on the basis that the transfer will provide on-going professional run-off management and appropriate corporate governance for Elite. Armour and its affiliates bring professional run-off management with significant experience and operational scale, which will benefit the policyholders of Elite.”
