Marco Capital Holdings Limited, the European P&C insurance run-off group, has 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 €500 million 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.
Earlier this year, Marco was granted ‘in principle’ approval to launch a Reinsurance To Close (RITC)/run-off syndicate, which was followed closely by the acquisition of Humboldt Re Limited, a Guernsey based reinsurance company.
Now, the firm has announced the transformational acquisition of CCIS and CMA from their parent, subject to regulatory approval.
CCIS has more than 250 skilled employees located in Cheltenham and London. The business is a large scale, highly regarded specialist insurance services provider, offering an array of outsourcing services, including technical support services solutions across underwriting support, claims management and client finance services.
CMA is one of just two independent turnkey providers at Lloyd’s. The business provides a wide range of services with a broad offering across business planning support, underwriting, actuarial and reserving, and regulatory compliance.
Simon Minshall, Chief Executive Officer (CEO) of Marco, commented: “I am delighted to announce the acquisitions of CCIS and CMA. These two long established businesses have tremendous growth potential in their core markets and Marco Capital will provide financial and other support to achieve this potential.
“While these businesses will operate on a standalone basis independently of Marco’s core Legacy business, they will substantially increase Marco’s operational capabilities as Marco will become a client of both companies – starting with CMA which has been appointed as Managing Agent for Marco’s new syndicate to be established at Lloyd’s and later contracting with CCIS for technical support services.”
