‘Polo’ – a fresh name in Insurance Services. Marco Capital completes acquisition of Capita insurance businesses.
3rd May 2022
Polo is the new name of the London Market and Lloyd’s insurance services businesses which Marco Capital has acquired from Capita plc. New ownership, a new brand and a shareholder dedicated to investing both financially and commercially will underpin the successful development of Polo in achieving its market potential. The businesses remain dedicated to providing existing and new clients with high quality, onshore and market leading services.
Polo Commercial Insurance Services (PCIS) serves 42 mostly Lloyd’s based clients and is market leader in its segment. Client relationships span from 20+ years to recent additions and include Lloyd’s Syndicates, London Market carriers and MGAs. PCIS employs over 250 insurance specialists at its Cheltenham and City of London offices and provides onshore outsourced services ranging from Underwriting Support, Management Accounting, Claims Management, Compliance & Regulatory and Workflow Management.
Polo Managing Agency (PMA) is one of 2 independent “Turnkey” managing agencies at Lloyd’s. Its clientele are new and existing Lloyd’s Syndicates, including Syndicate-in-a-box candidates, MGAs and InsurTechs. Marco Capital’s own RITC Syndicate 1254 is a client of PMA.
Polo comprises PCIS and PMA which are standalone subsidiaries within the Marco Capital Group. Marco, backed by €500m equity committed by investors Oaktree Capital, has the financial and commercial means to invest in Polo and to ensure it achieves its market potential.
Regulatory approval has been granted and both transactions have closed.
Polo CEO Simon Sykes, commented: “The Polo team are excited to enter this new chapter in our development. Marco Capital brings a fresh commitment to develop our businesses bringing investment and insurance expertise which will allow us to fully develop our capabilities to support our clients.
The message to the market is simple – we are a strong and stable insurer-owned business with leading turnkey and outsourcing operations. We cover the entire insurance lifecycle and are a highly capable partner to businesses across the insurance market.”
Marco Capital CEO Simon Minshall said: “We view our relationship with Polo as a partnership – on the one hand Marco is a client of Polo both at Lloyd’s (PMA) and more broadly for outsourced insurance services (PCIS); while on the other hand Marco brings capital and commercial support to Polo to enable it to achieve its market potential”.