The Italian Institute for Insurance Supervision (IVASS) published an update on Elite Insurance Company Limited, noting that the Gibraltar-based insurer has closed its Italian establishment in Italy and has decided to terminate all policies, including those relating to its Italian business. The notice also sets out how policyholders and other insurance creditors should prepare for a proposed reorganisation plan under Gibraltar proceedings. Elite Insurance operated in Italy in the surety sector under freedom of establishment and was placed into Administration by the Supreme Court of Gibraltar on 11 December 2019. The joint administrators reported that the Milan establishment was closed on 22 December 2025 and that, on 6 January 2026, the company resolved to cease all policies, including expired policies for which claims could still be submitted. A Practice Statement Letter was sent on 12 January 2026 to insureds and other interested parties with guidance on the procedure envisaged by the proposed Scheme of Arrangement. The Scheme of Arrangement will be submitted for approval by the Gibraltar court and then by creditors. If approved, all insurance creditors will need to resubmit their claims in line with the Practice Statement Letter from the approval date, which will be published on Elite’s website and is expected in the last quarter of 2026.
Italian Institute for Insurance Supervision (IVASS) 2026-01-27
Italian Institute for Insurance Supervision reports Elite Insurance has closed its Italian branch and terminated all policies under Gibraltar administration
The Italian Institute for Insurance Supervision (IVASS) announced that Elite Insurance Company Limited has closed its Italian establishment and terminated all policies. The Gibraltar-based insurer, placed into Administration in 2019, is preparing a reorganisation plan under Gibraltar proceedings. A Practice Statement Letter guides policyholders and creditors on the proposed Scheme of Arrangement, requiring approval from the Gibraltar court and creditors.