Insurance Run-Off Specialist Marco Capital Acquires British Reserve from Allianz

Newly-launched insurance run-off specialist Marco Capital Holdings said it has agreed to purchase British Reserve Insurance Co. Ltd., a UK non-life insurance company, from Allianz. The transaction, Marco’s first, is subject to regulatory approval.

Marco said 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.

Marco launched earlier this week with€500m initial committed equity capital and Oaktree Capital Management as its lead investor. Its Europe-focused property/casualty insurance strategy includes run-off business opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.

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, according to Marco. carries a low level of operational and financial risk.