Marco announces the acquisition of British Reserve Insurance Company Ltd from Allianz Insurance plc
24th August 2020
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.