Marco Capital Holdings, a European P&C insurance run-off group, has completed a Reinsurance to Close (RITC) transaction with Verto Syndicate.
The transaction became effective at the beginning of this year, and was underwritten by Marco’s recently established Syndicate 1254, and managed by Capita Managing Agency, which Marco has agreed to acquire.
The RITC covers Syndicate 2689’s 2019 and prior years of account, having received Lloyd’s approval.
Chris Sharp, Active Underwriter of Verto 2689, said: “This mutually beneficial transaction allows Verto to achieve the best available result for its 2019 and prior capital providers and allows the syndicate to look forward in executing its multi-consortia follow syndicate strategy.”
Simon Minshall, CEO of Marco, added: “We are delighted to have been chosen to take over the 2019 and prior years of account via an RITC from Verto Syndicate.
“This transaction is an excellent start for Marco’s recently approved syndicate and reflects Marco’s commitment to serve Lloyd’s syndicates with professional and competitive solutions.
“Lloyd’s is currently the most active venue for P&C Legacy carriers to transact and Marco is dedicated to providing a full range of run-off solutions to Lloyd’s syndicates.”