Marco Capital closes RITC transaction for Coverys Syndicate 1975

Marco Capital Holdings Limited – European P&C insurance run-off group – today announced the completion of a Reinsurance to Close (RITC) transaction with Coverys Syndicate 1975. Underwritten by Marco’s RITC Syndicate 1254, managed by Polo Managing Agency (PMA), the RITC is effective from 1st January 2025. The RITC covers Syndicate 1975’s 2022 and prior years of account.

The transaction has received Lloyd’s approval and is closed.

Simon Minshall, Marco CEO, commented: “Marco’s unique structure at Lloyd’s combines our turnkey Managing Agency PMA with our RITC Syndicate 1254 and this has enabled a frictionless exit for Coverys from Lloyd’s on an attractive economic and operational basis. This transaction shows Marco Capital Group’s leading market role in helping clients executing their strategic plans within Lloyd’s. Marco specialises in complex situations, and we are pleased to be of assistance to Coverys in facilitating their strategic realignment. Marco is dedicated to providing a full range of run-off solutions to Lloyd’s syndicates.”