Allianz UK Branch
23rd January 2023
Marco Capital Holdings Limited – European P&C insurance run-off group – announced that it has received approval from the High Court to transfer, with effect from 23:59 on 31 January 2023, the remaining risks in Allianz Suisse’s UK Branch (underwritten by Mr R.W. Gibbon and known as “The Gibbon Pool”) to Marco’s UK carrier, British Reserve Insurance Company Limited (“BRIC”) under Part VII of the Financial Services and Markets Act 2000. Willkie Farr & Gallagher (UK) LLP were advisers for BRIC.
Simon Minshall, CEO of Marco, said “I am pleased to announce that Marco has provided a risk and operational solution for Allianz regarding these Legacy liabilities and completed its first Part VII at the same time. Marco offers all types of solutions to P&C re/insurance carriers which may have a risk, capital and/or operational dimension – we seek to provide a valuable service to our clients to meet their targets”.