European P&C insurance run-off specialist Marco Capital has announced a Loss Portfolio Transfer (LPT) transaction regarding a portfolio of UK Motor insurance claims.
Marco will provide a cover of up to £200m in claims reserves, while its Syndicate 1254 will provide cover to reinsured business stemming from Markel.
The firm states that the portfolio comprises claims settled via periodic payment order (“PPO”) and those which are currently open and may settle as either a lump sum award or PPO.
Gallagher Re acted as the placing broker on the transaction.
Simon Minshall, Marco CEO, commented, “Marco is pleased to be working with Markel in simplifying
its legacy commitments.
“We are delighted to have been able to assist Markel in achieving its strategic objectives in regard to this portfolio.
“Marco has developed a unique approach specifically for the UK motor business to assess exposure for both settled and unsettled claims, We look forward to working on similar opportunities in the future.”
Andy Davies, Markel International CFO, said, “This transaction significantly reduces our exposure from discontinued lines of business allowing us to successfully grow our ongoing business.”
In other news, at the start of the year, Marco announced the acquisition of UK-based Navigators International Insurance Company (NIIC) from The Hartford.
