European P&C run-off specialist Marco Capital has announced the acquisition of UK-based Navigators International Insurance Company (NIIC) from The Hartford.
NIIC is authorised by the Prudential Regulation Authority and the Financial Conduct Authority and was first established by The Navigators Group, Inc.
NIIC has a small amount of legacy business in run-off, comprising Property & Casualty, Marine and Professional Liability insurance business predominantly in Continental Europe and in the UK.
The transaction completes The Hartford’s exit from Continental Europe, though the firm continues to serve the international market through its NIC UK Branch and Hartford Syndicate 1221 at Lloyd’s.
Simon Minshall, Marco CEO, commented, “we are delighted Marco has been able to assist The Hartford in achieving its strategic objectives with regards to NIIC.”
In its Q4 2022 results, The Hartford reported a net income of $584 million, a 19% decrease compared to $724 million from the same in 2021.
According to the firm, this was primarily due to a decrease in P&C underwriting results and a decrease in net realized gains, partially offset by a reduction in excess mortality in Group Benefits and higher net investment income.
