European P&C Legacy specialist Marco has completed its acquisition of Allianz-owned UK non-life insurer British Reserve Insurance Company (BRIC).
The transaction has received all required regulatory approvals.
BRIC is an authorised UK non-life insurance carrier and has been purchased to help enable Marco to provide reinsurance solutions, as well to offer finality by acquiring portfolios of non-life insurance loss reserves.
BRIC also comprises the basis of Marco’s regulated platform for future Legacy transactions in the UK and the London Market.
“BRIC, Marco’s first UK transaction, provides Marco with an excellent underwriting platform for P&C Legacy transactions in the UK and the London Market,” said Simon Minshall, CEO of Marco.
“Our growing professional team, experienced in both Legacy and Live P&C, supported by our outsourcing partners enables Marco to offer innovative and competitive solutions to our counterparties.”
Marco’s Europe focused P&C strategy includes Legacy business opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.