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Elite Insurance Company Limited (In Administration) (“Elite”) – Important information update for Elite's policyholders and intermediaries/brokers

26 Mar 26

On 13 March 2026, the Supreme Court of Gibraltar granted Elite permission to convene meetings of creditors to consider and vote on the proposed scheme of arrangement (“Scheme”). The Scheme Meetings will be held virtually on 7 May 2026.

Creditors should consider the Explanatory Statement and Scheme document which are available on the PwC Elite website here. These documents contain important information about the Scheme and its potential impact. Creditors are encouraged to read them carefully, consider their contents in full, and take independent legal advice if you consider it appropriate to do so.

The easiest way to receive updates and participate in the voting process is via a dedicated creditor portal. Creditors should register by completing the Registration Form at reg.ips-docs.com/Registration. Please enter code EliteScheme26 when prompted. Upon registration, you will receive confirmation by email, followed by your unique login details for the online portal, through which you may vote and submit claims in the Scheme.

All Scheme Creditors are encouraged to vote on the Scheme. If the Scheme becomes effective, it will be binding on all Scheme Creditors, including those who vote against the Scheme or do not vote. If the Scheme does not go ahead, the Joint Administrators are of the opinion that Elite will be liquidated.

The Joint Administrators consider that the Scheme provides a fairer and more efficient mechanism for assessing, valuing and paying claims than would be possible in a liquidation. Furthermore, compared to a liquidation, the Scheme is expected to enable an earlier distribution to creditors and reduce the costs associated with the insolvency process. If the Scheme becomes effective, it is currently anticipated that an initial distribution to creditors with admitted claims could be made by the end of the first quarter of 2027.