Over the last eight years, through a few key underwriting agents, Elite has built a meaningful portfolio of construction industry insurance in France, concentrated on Dommages Ouvrage (‘’DO’’), Construction Bonds and decennial insurance for contractors (‘’RCD’’).
Since entering the French Market in 2009 through license under Freedom of Services and subsequently working through a Branch in Paris since the beginning of 2015, in that time, Elite has written more than 40,000 policies in France for a GWPI of more than Euros 250,000,000. France has been the second most important market for Elite for many years behind the UK, where the Company is also a market leader in Legal Expenses Insurance.
As part of its commitment to the French Market, and as part of its effort to improve its service to clients and beneficiaries alike, Elite made the decision early last year to join the Convention de Règlement de l’Assurance Construction (‘’CRAC’’). Following application toward the end of last year, it was recently announced that Elite was accepted as a member of CRAC effective January 1, 2017.
As a member of CRAC, introduced in 1987 as a continuation of the Spinetta Act 1978, the goal of all members is to reduce costs in claims management and recoveries and improve customer service, through the appointment of just one expert to act on behalf of both the DO and RCD insurers, resulting in an easier assessment of responsibility, reduced delays and legal expense, coupled with swifter settlement. Equally important are the financial savings that can then be passed on to the insured.
Elite is proud of its association with CRAC and with the membership of the Association, which includes all of the major insurers in France transacting DO and RCD business. The announcement of the Elite membership follows on from a further announcement in December regarding the investment grade rating of BBB- for Elite by the Fitch rating agency, both further promoting Elite’s activities in the French Insurance Market.