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Gibraltar-based insurer Elite Insurance Company, which was writing policies for CBL until July last year, has now reached a resolution with CBL Insurance’s interim liquidators on the back of recent events surrounding the troubled New Zealand-based insurer.
According to Elite Insurance, the next stage of the agreement is to be reviewed and approved by the necessary authorities, including the Reserve Bank of New Zealand (RBNZ) and the High Court. This will be heard by the High Court on August 30-31.
“Once approval has been received then the process of ceasing the restricted payments protocol can be commenced by Elite,” the company said.
In 2017, Elite Insurance went into run off. It now advises creditors to continue to direct any questions to Armour Group, which has taken over operational management of Elite Insurance Company and its affiliate Elite Business Development since the acquisition on February 01.
On February 23, the High Court appointed interim liquidators to CBL Insurance following a request from the RBNZ. It was later revealed that it was CBL Insurance breaching directions made by RBNZ prompted the regulator’s move against the company.
