Marco Capital Holdings Limited, the recently launched European Property & Casualty run-off player, has announced its first deal after reaching an agreement to purchase British Reserve Insurance Company Ltd (BRIC) from Allianz.
The transaction remains subject to regulatory approval, and, provides the basis of the company’s regulated platform for future run-off deals in the London and broader UK market.
By acquiring BRIC, a UK non-life insurance company, Marco assumes an authorised UK non-life market player suitable for acquiring portfolios of non-life insurance loss reserves through reinsurance or Part VII Transfer, ultimately expanding its UK run-off operation.
BRIC was incepted in 1935 and became part of insurer Allianz shortly after the acquisition of Cornhill Insurance in 1986. BRIC hasn’t written any new business since 2015 and carries a low level of both operational and financial risk.
Chief Executive Officer (CEO) of Marco, Simon Minshall, said: “I am delighted to announce the acquisition of BRIC as Marco’s first transaction, subject to regulatory approval, as this provides Marco with an excellent underwriting platform for P&C Run-Off transactions in the UK companies market.”
The launch of Malta-headquartered Marco was announced last week. The run-off company launched with €500 million in committed initial equity capital, and will pursue run-off opportunities located in/emanating from the Continental Europe, the UK, and Lloyd’s.
