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
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