Fitch puts Elite on negative rating watch as it prepares for run-off
The insurer announced it would close to new business as insurers describe legal expenses ATE as a difficult market.
Legal expenses insurer Elite has been placed on a negative rating watch by Fitch.
The announcement followed the news that Elite has closed to new business and will go into run-off.
Elite received a BBB- rating in December last year.
The rating agency noted in a statement: “Fitch will resolve the RWN [rating watch negative] after a review of the company’s run-off plan and additional financial information, including discussions with Elite’s senior management.
“The review will assess the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Review of the Year 2024: Ageas’ Middle, Linklater, Clarke and Beckett
The senior Ageas team wish the term ghost broking is never uttered again, hope for a sustainable ecosystem for the repair and re-use of electric vehicle batteries, and consider what an insurance brokers showstopper might look like on Great British Bake Off.
Drazen Jaksic named Zurich UK CEO as Bailey moves to global life role
Drazen Jaksic has been appointed Zurich UK CEO, moving across from being CEO of Zurich Benelux, as Tim Bailey switches to become CEO of the group’s new global life protection business.
Review of the Year 2024: Pen Underwriting’s Nick Wright
Nick Wright, chief development officer at Pen Underwriting, questions the market’s short memory with regards boom-and-bust; is interested in the future of PIB and pan-European consolidation; and offers a pitch to take part in Bear Grylls’s The Island.
Axa Commercial boss Walker targets turnaround time for brokers
Axa Commercial is two thirds of the way through a technology transformation programme, and Commercial CEO Jon Walker is looking to shorten turnaround times in terms of risk appetite.
Aviva promotes Mark Skillern to head of broker strategic accounts
Aviva has promoted Mark Skillern to head of broker strategic accounts, Insurance Age can reveal, with the provider labelling his promotion as “the final piece in the strategic accounts senior leadership team”, which is led by broker distribution director Michelle Taylor.
Review of the Year 2024: Allianz Commercial’s Nick Hobbs
Allianz Commercial chief distribution officer Nick Hobbs is intrigued by Aviva’s Probitas deal, bemoans the continued presence of underinsurance and hopes that the term ‘insurer service’ is consigned to the clickbait dustbin.
Coles leads MBO of Ardonagh retail MGA Uris Group
Uris Group, the Ardonagh-owned specialist personal lines MGA and services provider, has been sold to a new vehicle backed by its leader Derek Coles, Insurance Age can reveal.
Aviva has hit ‘strategic jackpot’ with £3.6bn DLG deal agreement, claims analyst
An analyst at investment firm Hargreaves Lansdown has described Aviva’s £3.6bn bid as a “golden ticket” for Direct Line Group shareholders.