Failed Insurer Has Repayment Shortfall Of £69M, Report Warns
Law360, London (February 11, 2020, 3:48 PM GMT) -- The cost of claims against a failed Gibraltar-based legal expenses insurer is likely to exceed the company's assets by as much as £69 million ($89 million), according to an administrator’s report.
The report into Elite Insurance Company, by PricewaterhouseCoopers, was published on Monday ahead of a creditors' meeting in April.
Elite was ordered to stop accepting new customers three years ago after running into financial problems. But it was finally declared insolvent in December.
The PwC report says the company has assets of £245.5 million but that administrators have received claims adding up to £314.8 million, representing a shortfall of £69.3...
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