Marco Capital Holdings Limited, an European P&C insurance run-off group, has completed the acquisition of Navigators International Insurance Company Limited (NIIC) from The Hartford.
Originally announced on February 17, 2023, the transaction received regulatory approval and has now closed.
Simon Minshall, Marco CEO, commented: “We are delighted to have closed another transaction which delivers a useful solution to our clients.”
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.
It has a small amount of legacy business in run-off, comprising Property & Casualty, Marine and Professional Liability insurance business predominantly in Continental Europe (Belgium, France, Italy, the Netherlands and Spain) and in the UK.
According to the announcement, the transaction completes The Hartford’s exit from Continental Europe. It continues to serve the international market through its NIC UK Branch and Hartford Syndicate 1221 at Lloyd’s.
