European property and casualty (P&C) run-off group, Marco Capital Holdings Limited, has reported that the specialist Lloyd’s re/insurance market has granted its RITC Syndicate 1254 permission to write business.
Marco Capital was granted ‘in principle’ approval to launch a reinsurance-to-close (RITC)/run-off syndicate at Lloyd’s in October 2021.
The formal approval process has now completed following a review phase by the Lloyd’s Council, enabling Marco to provide RITC and deliver legacy portfolio transactions of other syndicates at Lloyd’s.
Marco’s new Lloyd’s Syndicate 1254 is managed by Capita Managing Agency (CMA), an independent managing agency, supported by Capita Commercial Insurance Services (CCIS), a provider of outsource services at Lloyd’s.
As we wrote previously, Marco is in the process of acquiring CMA and CCIS from their parent Capita plc, expanding its headcount to more than 300 insurance specialists.
Simon Minshall, Chief Executive Officer (CEO) of Marco, commented: “RITC/run-off activity within Lloyd’s is currently the most active venue for P&C Legacy carriers to transact and I am delighted to announce that Marco has secured approval for Syndicate 1254, which provides the group with additional capability to provide the full range of run-off solutions to Lloyd’s syndicates.
“This completes the formation of Marco’s platform for delivering non-life Legacy solutions in the European arena. Entry into Lloyd’s with the ability to transact is a cornerstone of Marco’s valuable European platform.”
