The Malta Financial Services Authority (MFSA) has granted a licence to Marco Insurance PCC Limited to operate as a property & casualty (P&C) insurance and reinsurance company in the country.
Marco Insurance PCC is a subsidiary of Marco Capital Holdings Limited, the European P&C insurance run-off group.
The business was been established as a Protected Cell Company (PCC) and is now licensed in Malta for all 18 classes of non-life insurance and reinsurance.
It’s expected that Marco Insurance PCC will act as its parent company’s lead carrier for EU business under EU Freedom of Services Regulations.
“I am delighted to announce that the Malta Financial Services Authority has authorised and approved Marco Insurance PCC Limited,” said Simon Minshall, CEO of Marco.
“This essential step in Marco’s development comes at a time of substantial change in the European P&C Legacy sector,” he continued.
“Marco is well placed to offer attractive and competitive solutions to facilitate greater risk, capital and operational efficiency within European P&C, enabling insurance groups to place even more emphasis on new business opportunities.”