Marco Capital Holdings Limited, a European P&C Run-off group announced the acquisition of British Reserve Insurance Company (BRIC) from Allianz, subject to regulatory approval.
The deal provides the basis of the firm’s regulated platform for future run-off transactions in the UK and London Markets.
The acquisition of BRIC will provide Marco with an authorised non-life insurance carrier suitable for acquiring portfolios of non-life insurance loss reserves through reinsurance or Part VII Transfer, thus building its UK run-off business.
Formed in 1935 BRIC became part of Allianz shortly after the acquisition of Cornhill Insurance in 1986. BRIC stop writing news business in 105 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.