Reinsurance News

Allianz and Marco complete P&C legacy transfer deal

23rd January 2023 - Author: Kassandra Jimenez-Sanchez

European P&C insurance run-off group Marco Capital Holdings Limited has completed its Part VII transfer of Allianz Suisse liabilities concerning the remaining risks in Allianz Suisse’s UK Branch, known as The Gibbon Pool.

handshake-bwAccording to the announcement, Marco received approval from the High Court to transfer the remaining risks in The Gibbon Pool, underwritten by R.W. Gibbon, to British Reserve Insurance Company Limited (BRIC), with effect from 23:59 on 31 January 2023.

BRIC is Marco’s UK carrier and it was advised regarding this deal agreement – which was first announced in 2021 – by Willkie Farr & Gallagher (UK).

Simon Minshall, CEO of Marco, said “I am pleased to announce that Marco has provided a risk and operational solution for Allianz regarding these Legacy liabilities and completed its first Part VII at the same time.

“Marco offers all types of solutions to P&C re/insurance carriers which may have a risk, capital and/or operational dimension – we seek to provide a valuable service to our clients to meet their targets”.

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Malta-headquartered Marco launched last year with €500 million in committed initial equity capital, led by Minshall, who is the ex-Chief Financial Officer of legacy acquirer DARAG, and Jonathan Walker, a former Merrill Lynch and Baring Brothers re/insurance M&A investment banker.

It offers reinsurance and finality solutions to re/insurance carriers and corporates to optimise balance sheet efficiency (i.e. both capital & risk); operational management; and achieve strategic objectives by acquiring loss reserve portfolios (discontinued business / long-tail / non-core) through reinsurance, portfolio transfers and M&A (acquiring entities).

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