The company, which entered the insurance market in 2005, said in a short statement on its website that all policies issued to date would remain in force and existing policyholders would “not be affected”.
Chief executive Jason Smart said the decision had been made to cease writing new business from 5 July.
“The board is confident that it will be able to conduct an orderly runoff and is working with its advisers to ensure that obligations to policyholders and other creditors will be satisfied in full”, he said.
All claims should continue to be submitted to the company’s claim handling agents as stated on policy documents, the statement added.
No reason was given in the statement for its decision.
Elite has branches in London, Warrington, Paris, Milan and Madrid, with a staff totalling around 90 people.
The company sold a range of general insurance products, plus professional indemnity cover and legal expenses insurance.
