Insurance : Removal of the French market of the insurer Elite insurance limited

The insurer Elite Insurance Limited (Elite), operating in France, many of the promoters, artisans and builders of individual houses, through the intermediary FSS, a broker specializing in the insurance construction industry, announced the suspension with immediate effect of its presence in Europe, stating that it was working to ensure that its obligations to its customers and its creditors will be fully satisfied.”
The insurer Elite Insurance Limited (Elite), installed in New Zealand, and marketing in France from Gibraltar, contracts of insurance, through the broker specializing in insurance for construction SFS, announced on July 6, his withdrawal “with immediate effect” of the insurance market in the European Union. It explains in its press release that its board of directors is”working with all of the teams in order to ensure that its obligations to the holders of its policies and its creditors will be fully satisfied.”


An information confirmed by a press release by the ACPR (French prudential supervisory Authority and resolution – the “gendarme of insurance”, editor’s note) this Thursday, July 6, which recalls “that it belongs to the insurance intermediaries who have sold these contracts to respond to the questions of their clients on the possible consequences of the decision of Elite Insurance Company Ltd on the management of their contract, that is closer to the needs of the insurer”.


This decision with “immediate effect”, means the judgment of the subscriptions of new contracts “and those for renewal with a due date to September 1, 2017, “says the SFS from his side in a news release. It adds : “All the commitments made by the company to Elite pursuant to contracts entered into and renewed by the intermediary of the SFS Europe up to this day will be honored (management of contracts and claims, payment of compensation and exercise of remedies). In fact, it is the reinsurance company with an ownership interest of 80 %, which will continue to proceed to the settlement of claims and costs associated therewith, as is already the case for the past eight years.”


According to several sources, the insurer covered it, including many real estate developers, artisans and builders of individual houses.


The APCR remember about it “that every professional involved in a chain of distribution of insurance must be vigilant in the selection of its partners, strive to clearly define the roles and responsibilities of each party and ensure in particular that the necessary mechanisms for the rapid transmission of information relevant to the understanding and to the consideration of the best interests of the client are in place.”


SFS offers their customers involved the changeover of the contract Professional Liability (RCP) and Decennial Liability (RCD) with a maturity from 1 September 2017 on other companies, inviting them to get closer to their “usual contact with your Delegation SFS of proximity or Service renewal to the following address :”


What are the consequences for the insured with this company ? More information and reactions in the day…

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