LONDEN – (BUSINESS WIRE) – Marco Capital Holdings Limited (“Marco”) – Europa’s nieuwste P&C Run-off-groep – heeft vandaag aangekondigd dat het heeft ingestemd met de aankoop van British Reserve Insurance Company Ltd (“BRIC”), een Britse schadeverzekering bedrijf, van Allianz. De transactie is onderhevig aan goedkeuring door de regelgevende instanties.

De transactie vormt de basis van het gereguleerde platform van Marco voor toekomstige run-off transacties in de UK/London Market. De overname van BRIC zal Marco een geautoriseerde Britse schadeverzekeringsmaatschappij opleveren die geschikt is voor het verwerven van portefeuilles van schadevergoedingsreserves voor schadeverzekeringen door middel van herverzekering of Deel VII Overdracht, waardoor de Britse run-off-activiteiten worden opgebouwd.

Marco announces the acquisition of British Reserve Insurance Company Ltd from Allianz Insurance plc

LONDON–(BUSINESS WIRE)– Marco Capital Holdings Limited (“Marco”) – Europe’s newest P&C Run-off group – today announced that it has agreed to purchase British Reserve Insurance Company Ltd (“BRIC”), a UK non-life insurance company, from Allianz. The transaction is subject to regulatory approval.

The transaction provides the basis of Marco’s regulated platform for future run‐off transactions in the UK/London Market. The acquisition of BRIC will provide Marco with an authorised UK non-life insurance carrier suitable for acquiring portfolios of non-life insurance loss reserves through reinsurance or Part VII Transfer, thereby building its UK run-off business.

Established in 1935, BRIC became part of Allianz shortly after the acquisition of Cornhill Insurance in 1986. BRIC ceased writing new business in 2015 and carries a low level of operational and financial risk.

Simon Minshall, CEO of Marco, 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”.

Marco’s Europe focused P&C strategy includes Run-Off business opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.

Marco

Marco is a European P&C Run-Off solutions provider headquartered in Malta. The group offers finality solutions to carriers for discontinued business, balance sheet optimisation and other purposes by acquiring loss reserve portfolios, through reinsurance and acquisitions of entities. Supported by €500m initial committed equity capital, to be augmented with ancillary own funds, with €750m ‘dry powder equity’ Marco offers a leading proposition to carriers seeking finality solutions in the European P&C arena. Funds managed by Oaktree Capital Management, L.P. “Oaktree” are Marco’s Founding Investors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200824005682/en/

Contacts

Press Contact
Jonathan Walker

+44 777 184 4367

jwalker@marcocapital.net