European P&C insurance run-off group, Marco Capital Holdings has announced the launch of Marco Re as the new brand of its recently merged Guernsey subsidiaries Humboldt Re and Kelvin Re.
Marco Capital announced the acquisition of Humboldt Re in October 2021 and Kelvin Re’s in July 2023. Both reinsurance firms were formed under the stewardship of Credit Suisse’s ILS team on behalf of third party investors.
The merger of Kelvin Re into Humboldt Re was approved by the Guernsey Financial Services Commission in December 2023.
Following the merger, Marco Re has become the largest carrier in the Marco Capital Group with substantial financial strength.
It benefits from economies of scale derived from its merger as its two component carriers had very similar books of business, Marco Capital explained.
Mark Elliott will lead the management of Marco Re as CEO, and will be supported by a senior team in Guernsey and Marco’s specialist insurance services company Polo Commercial Insurance Services (PCIS).
He commented: “We are delighted to have efficiently brought together two ‘sister’ reinsurance companies in run-off and are excited that Marco Re offers its clients competitive reinsurance solutions for international P&C Legacy situations.”
The reinsurer team, Marco claims, has valuable and relevant insights and capabilities for the benefit of ILS managers and their investors seeking Legacy solutions.
Simon Minshall, Marco Capital Group CEO, said: “Marco Re has a substantial capital base, which can be supplemented for Legacy transactions as required, and is managed conservatively benefiting from internal economies of scale derived from its recent merger and services provided by PCIS. Marco Re is a powerful tool available to our clients seeking international P&C Legacy solutions.”
