Elite Insurance, one of the participating insurers in the professional indemnity insurance market for solicitors for the 2016/2017 indemnity period, announced on 5 July 2017 that it would be ceasing to write new business effective immediately.

This includes the renewal of existing business and all business underwritten by way of delegated underwriting facilities. Elite have stated that the run-off will be solvent.

• Read the news item: Elite Insurance ceases writing new business

Update on Elite run-off arrangements

Since that date there have been a series of court proceedings in Gibraltar between Elite and the Gibraltar Financial Services Commission (GFSC). The GFSC took regulatory actions to protect Elite’s policy holders including issuing directions for Elite to inject capital. Elite’s directors have provided the GFSC with declarations of solvency and a run-off plan for approval, which are currently under review by the GFSC.

• View the declaration from the GFSC

The Society will continue to monitor the situation and any queries should be directed to the Society’s PII Helpline at 01 879 8707 or piihelpline@lawsociety.ie. The helpline is available Monday to Friday 10am to 4pm to assist with queries.