Bermudian-based Armour Group Ltd has acquired the run-off business of a Gibraltar-based insurer.

Elite Insurance Company Ltd and affiliate Elite Business Development Ltd had gross reserves associated with the run-off business of £250 million ($355 million), as of the end of March 2017.

Armour said it led a group of investors in buying Elite, which used to distribute products including general insurance, professional liability cover and legal expenses insurance in the UK and Europe through third-party intermediaries. Elite announced it had stopped writing new business on July 5 last year.

Armour Risk Management Ltd, an affiliate of the Bermudian-based group, will take over the operational management of Elite and it will retain key members of staff with in-depth knowledge of the business.

The Gibraltar Financial Services Commission has approved the transaction.

Last month, Armour announced it had secured a $500 million equity commitment from New York-based private-equity firm Aquiline Partners.