Marco Capital Holdings Limited, the European P&C insurance run-off group, has announced the acquisition of Kelvin Re Limited. Terms of the sale were not disclosed.
Kelvin Re is a Guernsey based reinsurance company, authorised by the Guernsey Financial Services Commission. Humboldt Re, Marco’s 100% owned Guernsey subsidiary – acquired in 2021 -, is the acquiring entity.
According to the announcement, both Humboldt Re and Kelvin Re were formed under the stewardship of Credit Suisse’s ILS team on behalf of third party investors and there is substantial similarity in the books of business.
Simon Minshall, Marco Capital CEO, commented: “From Marco’s perspective, this transaction makes absolute sense as it encompasses a portfolio most of which overlaps with Humboldt Re, our existing Guernsey carrier, with consequential reduced risk for Marco due to familiarity as well as economies deriving from ownership of two highly similar entities.”
Marco Capital has also recently announced the acquisition of Navigators International Insurance Company Limited (NIIC) from The Hartford.
NIIC is a UK insurance company, authorised by the Prudential Regulation Authority and the Financial Conduct Authority, and was established by The Navigators Group, Inc. which was acquired by The Hartford in 2019.
