Marco Capital acquires Guernsey based Kelvin Re
10th July 2023
Marco Capital Holdings Limited – European P&C insurance run-off group – today announced the acquisition of Kelvin Re Limited.
Kelvin Re is a Guernsey based reinsurance company, authorised by the Guernsey Financial Services Commission. Humboldt Re, Marco’s 100% owned Guernsey subsidiary, is the acquiring entity.
Both Humboldt Re and Kelvin Re were formed under the stewardship of Credit Suisse’s ILS team on behalf of third party investors and there is substantial similarity in the books of business.
Simon Minshall, Marco CEO, commented: “From Marco’s perspective, this transaction makes absolute sense as it encompasses a portfolio most of which overlaps with Humboldt Re, our existing Guernsey carrier, with consequential reduced risk for Marco due to familiarity as well as economies deriving from ownership of two highly similar entities.”
Terms of the sale are not being disclosed.
Marco is a European P&C Legacy solutions and insurance services business group comprising more than 375 insurance professionals. Headquartered in Malta, Marco’s carriers are Marco Insurance PCC Limited (Malta/EU), Humboldt Re (Guernsey), British Reserve Insurance Company Limited (UK), and Lloyd’s RITC Syndicate 1254. Marco owns Polo, the leading Lloyd’s and London Market insurance outsourced services business which includes Polo Managing Agency.
Marco offers reinsurance and finality solutions to re/insurance carriers and corporates to optimise balance sheet efficiency (i.e. both capital & risk); operational management; and achieve strategic objectives by acquiring loss reserve portfolios (discontinued business / long-tail / non-core) through reinsurance, portfolio transfers and M&A (acquiring entities). Marco is Europe focused and the P&C strategy encompasses Legacy business opportunities written worldwide by European counterparties, otherwise risks located in Lloyd’s of London, the UK and Continental Europe.
Marco is supported by €500m committed equity capital and offers a leading proposition to carriers seeking finality and balance sheet optimisation solutions in the European P&C arena. Polo provides market leading outsourced insurance services for new entrants into Lloyd’s, MGAs and established insurance clients. Funds managed and/or advised by Oaktree Capital Management, L.P. – a leader in alternative asset management with $172bn AuM – are Marco’s majority investors.