European P&C run-off group Marco Capital has been granted ‘in principle’ approval to launch a Reinsurance To Close (RITC)/run-off syndicate.
Formal approval of the syndicate is subject to completion of a review phase by the Lloyd’s Council.
The Council’s approval would allow Marco to participate in and quote on RITC and other run-off opportunities coming to market during this season.
“I am delighted to announce this important milestone in Marco’s development which completes our strategic set-up,” said Simon Minshall, Chief Executive Officer of Marco.
“Lloyd’s represents a major market place for P&C run-off transactions – comprising RITC (which is unique to Lloyd’s) and other Legacy solutions for business written by Lloyd’s syndicates.
“We are very pleased to have reached this stage early in Marco’s history. Receiving Lloyd’s approval validates Marco’s professional approach and its excellent reputation. This is a significant step forward in the development of our franchise”.
