Marco Capital Holdings Restricted, the lately launched European Property & Casualty run-off participant, has introduced its first deal after reaching an settlement to buy British Reserve Insurance coverage Firm Ltd (BRIC) from Allianz.
The transaction stays topic to regulatory approval, and, offers the premise of the corporate’s regulated platform for future run-off offers within the London and broader UK market.
By buying BRIC, a UK non-life insurance coverage firm, Marco assumes an authorised UK non-life market participant appropriate for buying portfolios of non-life insurance coverage loss reserves by way of reinsurance or Half VII Switch, in the end increasing its UK run-off operation.
BRIC was incepted in 1935 and have become a part of insurer Allianz shortly after the acquisition of Cornhill Insurance coverage in 1986. BRIC hasn’t written any new enterprise since 2015 and carries a low degree of each operational and monetary danger.
Chief Government Officer (CEO) of Marco, Simon Minshall, stated: “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 introduced final week. The run-off firm launched with €500 million in dedicated preliminary fairness capital, and can pursue run-off alternatives positioned in/emanating from the Continental Europe, the UK, and Lloyd’s.