European P&C insurance run-off group Marco has said that Robert Gregg will be joining as its new director of claims at the end of October.
The firm said that Gregg will be joining from RiverStone International where he was a member of the Executive Committee. Gregg was claims director at RiverStone Managing Agency with responsibility for the management and strategic oversight of the Lloyd’s claims platform comprising reserves in excess of $4bn.
Simon Minshall, CEO of Marco, said: “we are delighted to announce that Robert will join our team. He is a leader in the field of claims and brings a commercial understanding of the insurance business, rather than just being a pure ‘technician’. Robert’s experience of negotiating with and managing service contracts with third parties sits well with Marco’s outsource oriented strategy.”
This is not the only new hire reported by the firm in recent weeks. At the beginning of August, Marco said it had hired Stefan Habereder as its new group chief actuary.
The two men are joining a firm that received RITC Syndicate 1254 permission in February to write business. Back then, Marco Capital was granted ‘in principle’ approval to launch a reinsurance-to-close (RITC)/run-off syndicate at Lloyd’s in October 2021. In the same month, the firm completed a Reinsurance to Close (RITC) transaction with Verto Syndicate.
Last year, Marco expanded its headcount to more than 300 insurance specialists via the acquisition of Capita plc’s insurance businesses, Capita Commercial Insurance Services (CCIS) and Capita Managing Agency (CMA).
Launched in August of last year and headquartered in Malta, Marco is a provider of reinsurance and finality solutions to insurance and reinsurance carriers.
Since its establishment with €500m in committed initial equity capital, the company has completed a number of transactions, including the purchase of the British Reserve Insurance Company Ltd (BRIC) from Allianz, and a legacy transfer deal with the same company.