In a significant step to develop its services to the financial insurance services, a trade exchange agreement in financial insurance services has been signed between Royal Chartered Insurance and Elite Capital & Co.
London, UK (AGENCIES) Jan. 13, 2015 — Mr. George Matharu, President and CEO of Elite Capital & Co. Limited (ECC) announced today that ECC Chairman, Dr. Faisal Khazaal has signed a trade exchange agreement for financial insurance with the Royal Chartered Insurance chairman, Mr. Levy Marshall, for the issue of financial insurance policies to new ECC customers.
Mr. Matharu added “the signing of this agreement is an essential part of ECC’s business strategy for 2015 and beyond. Our goal is to use best-of-breed professional service providers, such as banks, lawyers, accountants, auditors, and others, coupled with ECC’s private funding sources, to create a project funding platform that operates on a global basis. This is a unique service offering to rival anything that exists in the market today. The financial guarantee policies will be used to underpin ECC’s entire project funding platform”.
Explaining the new development, Dr. Faisal Khazaal said: “there is a severe lack of finance available for project owners through traditional funding channels, mainly due to banks raising the bar on credit scoring to extremely high levels, and private investors also becoming more risk averse. The financial guarantee policies will act as an enabler for project funding, by providing the missing middle-ground between project owners and funding sources”.
Commenting on this new development, Mr. Simon Thomas, Vice President for Finance and Board Member said: “Elite Capital & Co. is emphatically strengthening its presence in the world of project finance. We take this opportunity to thank all our strategic partners in all continents who have worked with our company since its inception. At the same time, we invite the global banks and financing partners to forge new alliances with ECC in order to further expand ECC’s service offering”.
Mr. George Matharu concluded his statement by saying “A financial guarantee is an insurance policy on a security, collateral, or other financial instrument, which pays out if the under-lying security doesn’t perform.
Financial guarantee policies can be used for qualifying projects and/or project owners, to minimise the risk of loss due to project delays, unforeseen costs, or entire project failure.
These insurance policies, the cost of which will be paid by the customer, will be issued when a customer applies for project financing. The policies will be tailored to meet the requirements of each customer and/or project, which will benefit both the customer and ECC”.
It is worth mentioning that Elite Capital & Co. won 3rd place in the 2014 award for the “Top 10 Most Influential Companies & Business Destinations” List of 2014.
— Elite Capital & Co. Limited – Contact Details —
THE UK HEAD OFFICE
Elite Capital & Co. Limited
14 Basil Street
London, SW3 1AJ
Telephone: +44 (0) 203 7555 327
Facsimile: +44 (0) 203 725 9922